Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.
It transcends traditional roles like sales, marketing, and customer service. Instead, digital transformation begins and ends with how you think about, and engage with, customers. As we move from paper to spreadsheets to smart applications for managing our business, we have the chance to reimagine how we do business — how we engage our customers — with digital technology on our side.
Some digital transformation examples include implementing tangible, customer-centric digital tools like mobile applications or websites that improve the customer journey. And others involve machine learning algorithms that transform a traditional business into a digital business.
India and the $20 trillion innovation opportunity in the 12 disruptive technologies. McKinsey recently identified 12 digital technologies that could lead to a $20 trillion to $30 trillion economic impact on the world in 2025. ET outlines these 12 technologies and unpacks the role they could play in India.
The Economic Times Bureau
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IDC study provides IDC's predictions for digital transformation for 2022
“Direct digital transformation (DX) investment growth rates are accelerating, up to 16.5% CAGR for 2022-2024. This is an increase of one full percentage point from the 15.5% CAGR we saw for the 2020-2023 time frame. Investment levels for 2022-2024 are expected to be $6.3 trillion and are 55% of all ICT investment by the end of 2024. This is a $0.9 trillion increase from the 2020-2023 time frame where we forecast direct investment at $5.4 trillion. For the first time ever, we see that the majority of enterprise organizations (at 53%) have an enterprisewide digital transformation strategy, a 42% increase from just two years ago,” states Shawn Fitzgerald, research director, Worldwide Digital Transformation Strategies.
New technologies like cloud computing, social networks, and mobile applications are changing the way companies do business. Today’s enterprises can reach more people and deliver superior performance faster than ever before. No matter what product or service you provide, the digital revolution is transforming your industry. As a CIO, your challenge will be to leverage digital technology to streamline your business model and enhance your customers’ experience.
- What is Digital Business & Digital Transformation
- Digital Transformation Technologies
- Cloud Computing
- Mobility & Mobile Technologies
- Internet of Things
- Big Data
- Business Analytics
- Artificial Intelligence
- Machine learning
- Blockchains & Cryptocurrencies
- E – Business & E – Commerce
- Agile Business Processes
- Lean Organization
- Customer Relationship Management
- Customer Journey Mapping
- Customer Experience
- Digital Transformation Strategies
- Maximize Sales and Profits
- Digital Transformation Case Studies
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