The future of industry offers tremendous potential if leveraged efficiently with Cutting-edge technologies for both discrete and process industries to fulfill their customer’s individual needs. This is where the Need for Digital Transformation got developed and the industries started taking a closer look to minimize the fine line between ideal and real business models.
What makes Digital transformation so special or the Need for Digital Transformation by industries along with the latest trends in digital transformation are some of the fundamental questions we are going to talk about.
Decoding Digital Transformation
Digital transformation is defined as anything from IT modernization, to digital optimization, to the invention of new digital business models.
Simply put, Digital transformation can be referred to as evolving one’s business by experimenting with new technology and rethinking one’s current approach to common issues.
It is the process of using digital technologies to create new or modify existing business processes, and customer experiences to meet changing business and market requirements. This retransforming of business in the digital age is called digital transformation.
Need for Digital Transformation transcends traditional roles like sales, and customer service and instead, focus on how we begin and end how we think about, and engage with, our customers. Shifting towards new methods like from paper to spreadsheets, to smart applications for managing our business, we have the chance to reshape how we do business or how we can engage our customers utilizing digital technology to the fullest.
Need for Digital Transformation
Digitalization of companies started decades ago, so why is transformation still a buzzword in 2021? Around two or three decades ago, companies had the luxury of taking things slowly but with the cut throat competition in this modern world, that’s no longer the case. Since technology is rapidly transforming with the development and research of many types, companies need to be agile enough to adapt.
Need for Digital Transformation arises since it is not a once-and-done deal i.e., it’s an ever-changing continuous process and mindset for enterprises.
So, the Need for Digital Transformation in industries becomes vital because it allows industries to adapt to an ever-changing market and continually improve how they operate.
Perks of Digital Transformation
Though the Need for Digital Transformation depends on several factors, the right technology can greatly improve how one’s business functions efficiently and how customers can engage with it.
Increases productivity while reducing labor costs
Using technology to work more efficiently is one of the most significant ways to transform one’s business. Like, for organizations, the time and money they spend training new employees and updating digital resources can be tiresome tasks that can lead to errors. Handling such tasks with proper tools, can keep the costs down and productivity up.
Improves Customer experience
Tech-savvy customers require a great experience through either mobile apps, social media, email, live chat, among others. Need for Digital Transformation has become a driving force in these cases that will help in improving customer experiences.
Makes one business more competitive in the industry
Since the Need for Digital Transformation is spreading like a wildfire in every type of industry so if we have to stay in competition as well as become a game-changer in one’s industry, we have to adopt digital transformation practices to get better results.
Top Trends Influencing Digital Transformation
The impact of the pandemic is still hovering over various industries and the enterprises that survived this ordeal were employing digital transformation practices that enabled them to weather this harsh environment.
Sensing this shift in the current market scenario the Need for Digital Transformation has reached an all-time high as many industries still untouched in this area have started focusing on driving digital transformation in their businesses. Some of the key trends influencing digital transformation includes:
5G: With its introduction last year, 5G had already gained more prominence with its high data speed and connectivity. Once going mainstream in every part of the world, 5G will enable better IoT connectivity and will enhance user experience thus, accelerating the Need for Digital Transformation.
Blockchain: While not being preferred at a large scale, blockchain is slowly getting adopted in different industries, especially in financial institutions. Soon, blockchain will play a key role in cybersecurity and will mature with increased adoption in organizations.
Cybersecurity: Relevance of cybersecurity was seen during the lockdown period when continuous attacks on several companies were witnessed at a large scale. As most of the companies switched to remote working, the need for better and vigilant security measures was seen as the biggest hurdle. Robust cybersecurity practices have now become the top priorities of businesses going through digital transformation.
Customer Data Platforms: Data serves as fuel in today’s customer-centric business models. With the introduction of CDPs that collect data from all sources, and organize them to make them usable, businesses have now started utilizing this data to maximum benefit.