Digital transformation is the rapid and accelerating change of business activities, processes and models to utilise digital technologies. It is an ongoing journey that has no end in sight. This reflects the rapidly evolving nature of technology and the development of new functions.
Technologies like social media, mobile communication and more, have disrupted the marketplace and businesses are having to transform in order to find their place. Businesses do pursue different strategies when adapting to new technology but all should keep the customer as the most important factor. All transformation revolves around how it affects the customer and their experiences.
In November 2011, the MIT Centre for Digital Business and Capgemini Consulting issued a report that examined digital transformation. It found that only a third of companies globally have an effective transformation program. An effective program addressed two key factors –
This research was expanded in 2015, and found that mature businesses are integrating new digital technologies while newer companies try and find technological solutions to problems. It doesn’t matter how a company pursues digital transformation but it is an essential process for brands in the 21st century.
Social media has grown rapidly in the last ten years and there are now more than one billion people using Facebook. Brands too need to use it to transform digitally. Customers expect brands to connect with them through social media and it allows companies to share messages like never before. The unique nature of social media means brands need to develop new strategies and approaches because traditional ones don’t offer enough guidance.
In order to transform, a business needs to have the right people in place. Not only do they need to understand technology but they also need to envision how it will progress. Many companies actively pursue a digital transformation by having a dedicated team, with experienced leadership.
Intelligent investment in technology coupled with vision and new strategies is allowing businesses to not only transform but they can also actively stay ahead of the game. This means that as new technology comes out business is ready for it and can utilise it to boost company growth. Staying ahead of technology is going to be key to maintaining healthy profits in the future.
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