Digital technology has always created an impact on business and overall world communication. But in the recent years, the changes are taking place at rapid speed and there is hardly any doubt that digital development are making its way and the influence is prominent. And this true for almost every kind of business, especially that has completion and does not have a monopoly in the market.
Digital business transformation process has already caused an enormous amount of changes for many industries at an alarming rate and soon the remaining will feel the obvious change. Consider retail, e-commerce, hospitality, telecom, entertainment, restaurant business, financial services, etc. have taken up the helping hand of digital business transformation and taken their business to a next level. The reach is more, the options are more, and so is the profit. There are risks, no doubt, but the rewards are more tempting.
However, there are actions that organizations can take to increase their rewards and reduce their risks. This article will describe the digital business transformation process and drawn the journey that businesses must undertake to avoid disruption, realize the benefits of transformation, and extract the most worth from digital technologies and business models.
Digital business transformation process is definitely built on the foundation of digital technology. The reasons that push for this transformation are political, socio-cultural, and occasionally economic moves. You should know that the technologies and business models that support digital transformation are never fixed in nature. They keep varying from time to time depending on which sector and location your business belongs.
At present, these following technologies are playing very crucial roles and transforming business significantly.
The list is as follows:
- Analytics tools and applications
- Mobile tools and applications
- Platforms like cloud solutions and app marketplaces
- Social media tools and applications
- The Internet of Things including ‘smart’ networks
When all these factors are combined, it is referred as the Internet of Everything (IoE). And it is having a clear effect on how the organizations and industries are running and transforming their business.
The result has shown improved performance, which is definitely the combination of organizational change and digital technologies. The future holds many more areas to be improved.
Performance improvements can be checked and achieved in the following areas:
- Enlarged revenues
- Enhanced efficiency and reduced expenditures
- Faster and more successful innovation
- More efficient knowledge collection
- Sharing and exercise
- Improved consumer engagement and customer service
- Sustained protection against digital disruption
These performance improvements can be measured in number and reported thereafter. The quantifiable nature of various digital technologies that includes connected devices, big data, and social media are the major reasons for digital business transformation. At Infinity Intellectuals, we realize the entire mechanism of it apply correctly for your business.