Digital transformation has become a buzzword in today’s world. The implications, on the other side, about the overall use of these omnipresent technologies backing it are broad. And, to add to the anarchy, they are not yet fully understood. There are numerous research streams where scholars investigate the antecedents, contingencies, and consequences of these disruptive technologies and of digitization more generally.
However, looking at the colossal span of technologies and their possible applications, they favour a decentralized form of research across which a holistic view is missing. Spread across the entire globe, contrasting disciplines of business research have taken up this affair at different times and with different speed.
The term digital transformation subjugates the modern world today. We can define digital transformation as the use of new, state-of-the-art, modern digitally-enhanced technologies like social media, mobile, analytics or embedded devices, to bring in drastic business improvements by enhancing the customer experience, streamlining operations or creating new business models. These technologies are simply a combination of information, computing, communication, and connectivity. And, these changes brought in by the new winds of digitalization affect people, affect society, and the way of communications and business
Companies now majorly rely on information technology, including process, knowledge, and communication technologies, which helps them enhance their agility. Digital transformation today is carried out by some major innovations like Cloud Computing, Big Data, Internet of Things, and smart communication. These are some of the buzzwords that describe the current influence of the technology.
The positive effect of digitization can be seen across every nook and cranny of this globe. Businesses can easily sense the manifold benefits fostering a boost in overall sales and productivity that have been triggered by innovative forms of value creation and new ways of interaction with customers and suppliers; thanks to the rise of valuable digital transformation consulting.
Digitally interconnected machine improve the value creation process. Digital
communication opportunities have been established and virtual network changes have paved the way of doing business and gaining competitive advantage. Digital transformation has also triggered job growth, such as service occupations and robot development.
Digital transformation brings out three significant changes in a business:
- Digital supported and cross-linked processes
- Digitally enhanced communication
- Innovative approach for value generation based on digital innovations
Such changes can be found worldwide across all industries. New business areas such as e-government, e-banking, e-marketing, e-tourism and the highly innovative field of e-health were enhanced with digital transformation.
Financial organizations are feeling the need to meet external demands for cyclical information, however outside investors will want more frequent performance information. Forecasting is not a once-a-month or a quarterly activity now. It’s all happening in real-time.
In addition to that, the Enterprise Resource Planning, ERP vendors are building digital technologies like automation, blockchain, and cognitive tools into their products. Tectonic shifts are bound to come as new players enter the ERP space with specialized applications and microservices that sit on top of ERP platforms.
When we talk about marketing, one of the first places where digital transformation influences marketing is the funnel. Which is a traditional approach or concept used by marketers to map out the actions potential customers make, taking a multi-stage journey that finally results in committing to an actual purchase: Awareness>Interest>Consideration>Intent>Decision.
Another key area where digital transformation is disrupting marketing is personalization. Presenting personalized content to individual customers.
With the combination of metrics and interactivity, it has now become possible for marketers to track the actions and behavior of consumers at an individual level. This data can then be taken into account in order to provide a personalized marketing response.
Digital transformation carries the potential to disrupt a huge spectrum of business operations and their day-to-day key activities. The secret lies in understanding what is involved, learn from digital leaders across sectors and ensure that your company has the technology, processes, and talent in-house to progress and take the calculated leap of faith into the future.