Digital Transformation from a buzz word to business as usual
Digital Transformation is the reality which businesses have already accepted the relevance, now they are implementing it at various levels. Business is a success and function of different process coming together. In the digital era business transformation is the new normal. Data is the fuel.
However, it is easy saying than done practically. Impossible is nothing but it is coming together of intent and technology. Digital Transformation has different layers to it, which companies are reinventing, implementing, investing and innovating by using new world technology. Innovation is the name of the game. Innovation is not inventing something new as in a new service offering or product , but innovation of business model, revenue model, supply chain, and of course the culture of the company.
Digital Transformation is digital corporate culture in progress! (In a BCG study of 40 digital transformations, companies that focused on culture were 5x more likely to achieve breakthrough performance than companies that neglected culture.)
The different technologies that drives the value chain of Digital Transformation is below:
- IT and Infrastructure
- Digital Marketing
- Big data and Analytics
- Mobile application
- Customer Relationship
- Data and cyber Security
- Cloud computing
- Project Management
Digital Transformation changes the Business strategy, Business goals and process, strengthens the way brands market, and it creates new demand for human resource skills. Coming together of all of these is a new economy, a digital economy.
Digital Transformation requires a fully focused strategy to achieve it, without tinkering the core business vision. Startups are in better position to walk the digital road map day one. Big organization are investing on new strategies to transform the inevitable.
Market size – Global digital transformation market is expected to grow from US$ 445.4 Bn in 2017 to US$ 2,279.4 Bn by 2025 at a CAGR of 24.3% between 2018 and 2025 ( Source: pr newswire)