Everyday business processes are improvising and investing in smart solutions to gain a competitive advantage in their respective industries. This includes thinking ahead of the changes, keeping up with the trends, and realizing big data’s importance.
What is digital transformation?
Digital transformation or DX refers to adopting technology to differentiate how you conduct business to drive growth. It may include investing in new technology or realigning old ones to drive more value for your customers and employees. DX also helps your business compete in the globally changing digital economy.
Digital transformation is different from digitization and digitalization. While the latter two options help you convert your information from analog to digital, DX completely changes how you do your business. It requires you to revisit everything that your business does—including customer interactions and internal systems.
The pandemic has changed business operations.
We would soon be entering a post-COVID world. The year 2020 taught us that most aspects of our everyday lives could smoothly go online. Other than grocery shopping, school, work, gym classes, family networking, and dentist appointments also went online. Businesses that invested in digital solutions on time managed to stay afloat, while the rest lost out.
According to a McKinsey’s study, the pandemic largely accelerated digitization of supply chains by three to four years. Technology emerged as a tremendous strategic component for any business. This quantum leap took place on both organizational and industrial levels. Around 80% of businesses are now interacting with their customers through digital channels to stay relevant. This has also changed consumer expectations and needs. Most of these changes are in it for the long haul.
A lesson in digital
If you want to draw some inspiration from a success story in the world of digital, look no further than the company that killed retail: Amazon. A decade ago, brick and mortar ruled retail, and no one thought anything could threaten its bright future. At that time, Amazon was only a bookstore that sold a modest number of books every year. Fast forward to 2020, its total worth exceeds most US brick and mortar stores combined. At a time when most retail stores lost their revenue, Amazon sales were booming. This happened because the brick and mortar failed to see the warning signs coming their way.
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