Digital Transformation: The journey, the Present and What You Can Expect in The future?
Businesses have always been a prime indicator of development and growth across the society and global level. Major companies have ever had a significant influence on how countries and organizations mold their mentality and also write a story growth on the canvas of time. To make the most out of it, technology has always evolved hand-in-hand with business. Right since the days of first investor resolution, production was scaled up with factories and technology. Then came computers, which helped companies to be much more efficient. And now when there is a new dimension of competition, digital transformation is leading across all industries and classes of business.
About Digital Transformation
Digital transformation is a collective term to address a series of interlinked and logical changes in the business process because of technology. These changes include:
- All possible alterations due to technology
- Being more efficient
- Automating repetitive tasks
- Marketing your business digitally
- Keeping all records of a business process like
- Supply chain
- Production operations rightly
The most helpful part of digital transformation is building an infrastructure hosted by technology where all the businesses try to deliver the immense value created through all the means and modes of technology.
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Why Digital Transformation?
Technology as an asset
Digital transformation is needed because companies are evolving and need to be more efficient and productive. Dedicated use of technologies, in coherence with end business goals, will help businesses be much more profitable and sustain in the long run if there are significant changes in trends and technologies.
Improved customer experience & on-boarding
Technology infrastructure is undoubtedly a working asset for every business in the technology and service industry market. In today’s business, the ultimate user experience and a great welcome of all the customers on board is one of the chief indicators if a company wants to operate in the most client or customer-centric manner.
Pinnacle of Problem Solving
Digital transformation is also helping businesses solve problems more efficiently (compared to using computers and slacking communication before digital transformation.) To solve the problems related to customers and almost any other aspect of their lives, the technology business industry is working tirelessly to use different technology combinations. They aspire to build sustainable solutions that make lives more comfortable, convenient, and productive.
Higher profitability because of more productivity
The onset of digital transformation has helped the business fraternity believe that they can make their companies much more profitable if they use every second during the 24 hours of the day. It is one of the main reasons people use technology to execute their businesses, reach out to their customers, and market their products profitable. It is because they can achieve an unmatched level of productivity with excellent resources.
Reliability & Resilience
Proper use of technology makes businesses much more accountable and responsible than ever in commerce. As companies rely on robust technology platforms for providing services and delivering products across the digital or through a logistic channel, they are much more efficient and professional while executing businesses. The eCommerce industry is one of the most significant contributions to digital transformation, how Paytm, Flipkart, and Dunzo have shown signs of unprecedented growth in the decade.
Busting Myths & Misconceptions
It is important to note that simply getting into the digitization of business through Web development services and mobile application development is not the sufficient quantum of digital transformation your business deserves. To achieve 360° digital transformation, you should look to extend relevant technologies in different parts of your business process, like
- Business planning
- Enterprise resource planning
- Business Accounting
- Product delivery
- HR process
Complete Integration is a must
Different modules of your business process, as mentioned above, should be done by technology, and you must note that the overall effect of digital transformation can be insured by a business only if all these models are perfectly integrated. The use of a single technology or an instance of a combination of techniques is not what the industry ideally addresses as digital transformation. Instead, all these models should collectively work as different components of a single architecture to help you be much more profitable and, before that, highly productive and more efficient in sustainable ways.
For instance, suppose there is a leading web and mobile application development company. Let us start by considering their highly automated and precise HR management system, which is all computerized and managed over a database, identity management and other human resource management needs. This should be wholly integrated with the appraisal system and efficiently interfacing with a shared pool of company resources where people can access a database, log their progress, and communicate freely. This will help them be much more productive, and their work will be faster than a slow human process.
Role of Technologies in Digital Transformation
Mobile is one of the most potent ways to reach your customers in the era of smartphones. These days, digital transformation motivates even the smallest of businesses to execute and let people avail their products or services through smartphones and practice m-commerce or mobile-based commerce. More than 52% of e-commerce related searches take place mobile phones. It makes mobile phones an excellent opportunity for businesses to flourish and establish themselves on customers’ minds. Moreover, there are about 2.5 billion smartphone users in 2019. Every company that has plans to avail mobile application development services can enjoy the benefits of reaching a sizeable diversified consumer base.
Wearables and convenience-driven products in B2C
Digital transformation has helped wearable technologies be highly operative in the B2C domain. Nowadays, innovative start-ups and quality-driven technology service companies are using biometric parameters and also invading wireless technologies to build convenience-driven products. These include:
- Wireless sound systems,
- Gesture-based technologies
- Sensor-enabled gadgets
Automation-centric operations in B2B
Large-scale production lines and supply chains have seen a world of change because of a sensor-enabled, highly connected network of IoT devices. Nowadays, logistics and supply chains are entirely covered by a cohesive system of sensors. They can indulge in data-driven decision-making about physical parameters of the surroundings like temperature, humidity, and even weather forecasts. It is making businesses more responsible and saving resources. The use of robots to scale productivity is also accompanied by an IoT-enabled set of monitoring devices that help in the optimum utilization of robots.
One of the most exciting technologies of the 21st century is artificial intelligence. Artificial intelligence is being used to make businesses self-reliant and ever-evolving in nature. AI is helping companies provide personalized services and customizable products on mass and retail levels. It is used to automate processes with essential dynamic requirements efficiently, and artificial intelligence helps them act similarly. AI is being used in almost all industries, and here is one of the best examples of AI in the music industry.
Artificial intelligence and machine learning are often confused and used interchangeably. However, machine learning is only one of the ways to achieve artificial intelligence. Data-driven operations and preset algorithms are being modified to build machine learning-based predictive models that are helping businesses take a data-driven approach to resource planning and production operations. Machine learning is a potential opportunity for Millennials to make their careers as businesses look at it as a potential for growth in 2019.
The blockchain is a technology still suffering from information and misconception. It is a technology that practices distributed ledger and is generally confining itself for the dedicated use of foolproof transaction record management and supply chain management solutions in numerous industries. It is a technology that is helping businesses operate on a global scale because it empowers them to achieve decentralized consensus with a token of anonymous trust among parties.
Effects of Digital Transformation
Ever increased efficiency
Most technology-related companies are reporting the use technologies. They have realized that a good technology stack empowers their employees and business leaders.
Companies are more precise while providing products and services. There are fewer chances of error or spoilt customer experience. These technologies also leverage the complete security of data and users’ privacy, which makes businesses secure in the cyber-attack era.
A good subject of marketing
Digital transformation is a growing trend, and businesses are capitalizing on the opportunity. Most companies are making digital transformation, and their use of specific technology is an excellent method of publicity and building the status quo.
Highly customer-centric businesses
They have time and resources to solve customer problems and enhance their customer experience with better capabilities. Customers have a very low tolerance, and companies can counter that with peaking performances and unexpectedly high-value creation for customers.
A digital transformation trend has been growing since 2010, and it doesn’t seem to settle anywhere till 2025. Now, it is the turn of leading mobile and web technology companies to build better solutions for solving significant problems in different industries. As digital transformation matures and more people understand it, these technologies and their use will become highly focused on solving more significant problems. Now, it is just about time for the mature minds of the industry to analyze how these technology-based solutions become sustainable and grow beyond 2020.