Enabling Growth through Digital Transformation
Digital transformation. Do you know what it’s all about? Digital transformation has been referred to as the modern version of the Industrial Revolution. Today’s most competitive businesses are enabling growth through digital transformation. Digital transformation is about increasing efficiencies in everyday business processes using the latest available technologies. Digital transformation is not only a new way of doing business, but also a new way of thinking, changing both how employees think and how those doing business with us think. Digital transformation is changing what today’s customers, vendors, and suppliers expect from those they choose to do business with.
Choice is key here because thanks to technology, and the Internet of Things, everyone has an abundance of choices unlike any other time in history. If your company is not meeting current expectations, then your customers may choose to purchase elsewhere which can quickly put your business at risk for being left behind. The impact of digital transformation should not be taken lightly.
Technology Bell Curve
If you’re familiar with the technology bell curve, there comes a point when the initial uncertainty of new technologies is overcome by majority acceptance and that ‘new technology’ becomes mainstream. According to IDC, worldwide spending on digital transformation technologies is expected to top $2.1 trillion by 2021. According to a Forrester report, executives predict that 47% of their revenue will be influenced by digital by 2020.
High-growth manufacturers are looking to pave their path with digital transformation. Some of the technologies that are in digital transformation projects include IoT, ERP, cloud computing, advanced analytics, AI, machine learning and more. Digital transformation enables organizations to achieve growth by addressing key challenges.
Digital transformation is not a one size fits all. To succeed, a digital transformation must be strategic and well planned, starting with a clear definition of business goals. Once business goals are defined, then you’ll know which digital tools to incorporate for business success and growth enablement. Want to learn more? Contact MIS.
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Source: Digital transformation: A cheat sheet