What is digital transformation?
Process of using digital technologies for remaking a process in order to make it more effective and efficient is known as digital transformation. One thing we need to understand is that, it is not just about replicating the existing system in digital form. Rather, use the technology to transform the existing system into something way better. It can include various technologies but AI, Cloud, IoT, Big Data etc are some hottest technologies. Digital transformation is not just about technology as change in business and corporate culture are also vital to the success of digital transformation. These initiatives are often taken by large enterprises to establish effective system to help them gaining competitive advantage over other rivals.
What is the importance of digital transformation?
Every large, medium or small sized business organization is spending fair amount on digitization including software, hardware and services. It is a $1.3 Trillion industry as stated by IDC in 2017. With the immense emergence of digital transformation, it is predicted that this industry will reach $2.1 Trillion by 2021. Digital optimization makes the services even efficient and effective. Globalization is the result of digital transformation. Just over half (54 percent) said that their digital business objective is transformational, while 46 percent said the objective of the initiative is optimization. As suggested by executives, revenue of organizations are affected by 46% with it. According to a survey, CFOs are planning to increase their investment in technologies that speed business change. Four out of ten CFOs claims that they’re going to take initiative within 12 months.
What are the drawbacks of digital transformation?
As far the critics are concerned, they claim digital transformation as another opportunity for the vendors to rebrand their offerings. It is common for them to see systems and services being sold as the answer to their digital transformation. With this kind of over-selling of services and systems makes the digital transformation approach the trough of disillusionment. Tech workers also express cynicism about grand talk of digital. No technology worker spends their working day digitally transforming, rather than coding, programming, and developing. And the phrase can be applied so broadly that it becomes effectively meaningless.
What is the future of digital transformation?
The hottest trends in technology such ads big data, cloud, AI and IoT are helping entrepreneurs to develop new business models and disrupting their existing business model model and operations. Executives state that these technologies are making them able to see tangible value coming out of it by improving their optimization and productivity. They are now more confident while tackling business challenges and addresses them even efficiently. Start ups are also approaching the innovative ideas in order to thrive through their new ways of work. Traditional organizations and industries are also trying hard to get their head around digitization with integrated approach to advanced technologies.
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