At its most basic level, digital transformation is the use of digital technologies to change a business process to make it more efficient or effective. The idea is to use the technology to not only digitally replicate an existing service, but also transform that service into something much better.
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Sounds simple, but it can be a long, expensive, and complicated process that doesn’t always go as planned.
What are the key areas of digital transformation?
Every definition of it is different, depending on the industry and the specific project. However, key elements are likely to include revising business models, changing the underlying technology stack, innovating in customer service, and possibly even rebuilding corporate culture.
What is digital transformation?
Digital transformation can encompass many different technologies, but the hottest topics right now are cloud computing, the Internet of Things, big data and artificial intelligence. In the years to come, we can expect more attention to be paid to some of the most important technological topics, including the metaverse, blockchain, and digital currencies.
But it’s not just about technology: Equally important to the success of these initiatives is changing business processes and corporate culture. Digital transformation projects are often a way for large and established companies to compete with faster digital-only competitors. These projects tend to be large and ambitious, but not without risk.
Although it is one of the most commonly used terms in the IT industry, definitions vary. Everyone agrees that beyond hype, hype and confusion, it brings very significant changes in corporate culture.
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What is the digital transformation project?
Digitization is not, as commonly believed, simply the implementation of more technological systems and services. A true digital transformation project involves a fundamental rethinking of business models and processes, rather than changing or improving traditional methods.
This creative requirement remains a challenge for business leaders. According to a study by Cass Business School, most organizations have no problem generating new ideas, but many companies fail when it comes to implementing new business models or turning good ideas into corporate goals.
This gap between innovation and execution explains why digitization and disruption traditionally seen as the domain of agile startups. But that doesn’t have to be the case: There are also excellent examples of it in the corporate sector.
An example of digital transformation
A frequently cited example of it is the transition from legacy systems to cloud platforms. By moving legacy systems to the cloud, organizations find it easier to update and change applications in response to new user needs. Digital transformation helps here to support agile and flexible IT operations – in short, it makes the existing process significantly more effective and efficient.
