Why it is Important and What will Bold Impact Look Like
Digital transformation is the use of technology to radically improve performance or reach of enterprises using digital advances such as analytics, mobility, social media and smart embedded devices (Internet of Things or IoT) as well as improving their use of traditional technologies such as ERP to change customer relationships, internal processes and value propositions. Digital technology (DT) disrupts industries in fundamental ways. Hence the concern some executives have over being “Uberized.” DT fundamentally changes the value proposition for the end user allowing commerce to function quicker and more often less expensively.
Digital technologies have a pervasive influence on all areas of a corporation, from impact on customer experience to enhanced productivity in operations and improvement in the way people collaborate within an organization.
The best companies combine digital activity with strong leadership to turn technology into transformation. Bold Business Leaders in digital transformation not only impact their industries but have a bold impact on the world:
- Digital transformation has become a defining trend in business today but the term itself means different things to different people.
- Many organizations continue to wrestle with balance of technology and organizational priorities to define a collaborative productive path toward change.
- IT remains influential in driving digital transformation.
- In 2016, companies are making progress, but customer-centricity still appears to be more about words than actions.
- Customer experience remains top driver of digital transformation, but only half of the companies have mapped or are mapping the customer journey.
- Digital transformation is pushing businesses, across departments and functions, to collaborate, innovate, and design new business models and processes.
- Innovation has become a key priority in digital transformation efforts.
The Bold impact for Digital Transformation:
The principal impact for DT will be both personal and in business. Fundamentally it will change the way people work and interact with one another. For business it will doom many traditionak business models and turns others upside down. Using digital technologies startups will remap the customer journey by accelerating innovation and modernizing IT infrastructure with increased agility, flexibility, and security. DT will not only transform operational agility it will bring bold, rapid change to people and markets.