Digital Transformation A New Era

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- Mansi Priya, Marketing, Trivone Digital

In the race of technology worldwide, economies are growing at a fast rate. To stay in the competition, one important thing to keep in mind is Digital Transformation. The world is getting increasingly digital everyday in all the aspects of society. It affects both individual businesses and segments of society such as government, medicine, communication etc. But do we know exactly what is this transformation all about? 

According to a market research report by MarketsandMarkets, the global digital transformation market is expected to grow from $150.7 billion to $369.2 billion, at a Compound Annual Growth Rate (CAGR) of 19.6%. Big giants such as Microsoft, Google, IBM, Apple, Oracle etc. have become the major vendors for the Digital Transformation market. It has become the primary objective of every organisation to know that how is the digital transformation happening in their industry and its effects on their business. 

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Companies vary in their digital maturity, and the ones who are more mature outperform the ones who are not. The leading digital changes require the leadership teams to have a vision of transforming their company to the digital world.

"What we find with digital transformation work is that it’s not really a technology problem, it’s a leadership problem" – George Westerman, Research Scientist, MIT’s initiative on Digital Economy

The initial step for any organisation is to evaluate key characteristics of their business that should go digital instead of manual. An example of such a scenario could be outdated technology. Revamp it, make your current workforce undergo innovation workshops to enable them brainstorm and collaborate with leaders to identify opportunities for digital transformation.

Redesigning a website every few years will not help to compete in digital economy. Organisations need to make more fundamental changes. Digital has raised customer expectations, the speeds of work has increased, patience levels of people have dropped and the list is endless. So it has become essential for organisations to incorporate the necessary changes. 

Tomorrow’s people will have immediate access to much more information as compared with today. Digital enterprises should be able to deliver their services to customers, using their preferred mode of access. The organisations should leverage social, mobile, analytics and cloud as their enabling technologies. Making use of these upcoming new tools to enhance the business process, organisations transform their business models. 

By transforming the business practises to digital organisations can work and perform better. They save alot of cost, time and gain customer satisfaction more than before. Digital transformation has validated to impact the bottom line and stimulates productivity. Businesses that incorporate digital transformation, according to Gartner, will be able to find opportunities and work in seconds. Some of great successes in digital transformation are Nespresso, Marriott, T-Mobile USA. Organisations who invest in new technologies, people and processes, gain great outcomes which include greater profits and market share as well as talent and better brand loyalty by their customers. 

A recently conducted survey by Altimeter group, a specialist research company based in California, stated increased customer engagement, improved customer satisfaction, higher digital traffic, increased lead generation and greater conversion as the top benefits of digital transformation of a business.

So if you are still thinking about whether to make your business process digital, gear up and embrace yourself, because the world is at a very fast pace. Increase your pace to stay in the competition.

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