The phrase “Digital Transformation” has become increasingly widespread lately and is already entering into the daily speech of employees of companies of all sizes, as well as many government officials. It is likely and natural that there are numerous interpretations of the meaning of a term that is so broad, so by exploring digital transformation, you will find as many definitions of it as articles written about it.
Digital transformation is a shift or new investment in technology, business model and processes to gain new value for clients and employees and compete even more effectively in the ever-changing digital economy.
There is probably not much need to talk about the digital transformation , since it can be safely claimed that each of you reading this article has had some encounter with it. If nothing else, at least you had the opportunity to go to a company website or Twitter and “chat” with the bot; order food online or briefly be a hypermarket workforce when you have to read and pay for groceries yourself.
Digital transformation is changing all industries, from banking, to the auto and healthcare industries, to the artisans. One well-known curiosity is the power of digital transformation: Uber is the largest taxi company in the world and does not own any taxis; Facebook is the most popular owner of a variety of media content without creating its own; Airbnb has the largest accommodation offer in the world without owning any rooms. All these businesses have achieved success by leverage digital technology capabilities.
So it’s no surprise that Dell Technologies conducted a 2018 survey that says that as many as 78% of businesses are worried that startups that have been digitized since their inception will affect their business in some way. As many as 45% fear that their company will lose its significance completely because of this threat. Most of them are convinced that by 2020, half of their revenue will come from digital channels.
The reason is clear – more and more people, or about 3.2 billion at the moment, have internet access. It provides new ways to run businesses and communicate with clients and provides new opportunities for them to meet. This provides important insights that can help determine the company’s next steps and better redistribute assets.
All of this, as a consequence, has the imperative of business adaptation. If your company doesn’t do it, someone else will. And that company will take over your customers, as they will find a better customer experience with them. This is also an opportunity for “small players” who, through careful analysis of the data, can significantly improve their business, even though they do not have substantial financial resources.
At ITAF, we understand the importance of a long-term perspective and our experts can help you put in place a modern digital strategy, with company-aligned goals and achievable roadmaps for your solution, your organization, and your business approach.
Contact ITAF for a free quote.