Every industry and business is at risk of operational hazard if they fail to adapt to and keep track of the technological advancements. Think back to a decade ago: the word digital was synonymous with IT or information technology. Apple had released the very first iPhone, the features of which seem outdated today. Social media was just getting started and probably no one could foresee the need for a mobile application to hail rides, much less chatting with friends across different geographies and time zones through real time. Back then, technology investments for businesses included purchasing computers, setting up WLAN, and at best, making a simple company website.
Enter back to the present age: The words digital and IT are completely different concepts today. Apple recently released the iPhone 8. Companies are now trying to get artificial intelligence into the hands of customers. Uber, Lyft, and other ride-hailing apps are revolutionizing the way people commute. And let’s admit, you probably took a selfie this morning and put it up as your snap-story or insta-story. For companies, technology investments today mean investing in artificial intelligence, machine learning, and IoT, which all aim to significantly increase the amount of work done while decreasing the time, effort, and costs it takes to do it in.
In just a little over 10 years, technology has left very few industries untouched. Its impact has been so deep that if companies don’t keep up with the latest advancements and trends, they stand the chance of running out of business or losing business to more advanced industries or companies. This shift or impact is known as Digital Transformation.
By definition, digital transformation is the coupling of granular, real-time data (e.g., smartphones, connected devices, smart appliances, wearables, mobile commerce, and video surveillance) with modern technologies (e.g., cloud native apps, big data architectures, hyper-converged technologies, artificial intelligence, and block chain) to enhance products, processes, and business decision-making with customers, products, and operational insights.
Such a transformation begins by understanding the organization’s business initiatives and then prioritizing each initiative for enhancement through the digital environment.
In the end, digital transformation helps organizations become more effective in leveraging data and analytics to power their business models by optimizing key business processes, reducing security risks, uncovering new revenue opportunities, and creating a more compelling customer engagement experience.
Megha Shah for TechFunnel.com