Digital transformation has remained a buzzword in the corporate corridors for almost two decades. As a disruptive technology and a critical strategic initiative, digital transformation solutions have gained prominence worldwide in recent years. The recent pandemic has made digital transformation inevitable to survive and thrive amidst the recessionary economy and global shutdowns.
Industry experts say:
– 70% of enterprises have either adopted a digital transformation strategy or are working on it
– Operational efficiency, quicker TTM (Time to Market), and the ability to meet customer expectations are considered as the top benefits by 40%, 36%, and 35% respectively
– 60% of the companies have created new business models based on digital transformation
– With 95%, the services sector tops the chart of industries that have adopted digital-first strategies
The future of digital transformation solutions will pave the way for industry 4.0 as per a recent report from IDC, which has predicted that worldwide spending on digital transformation technologies will reach $2.3 trillion in the year 2023.
In this article, we are going to see how digital transformation can be a game-changer for modern enterprises in the year 2021 and beyond. Let’s start from scratch and go through the explanation of digital transformation (DX).
What is Digital Transformation (DX)?
Broadly speaking, digital transformation is the process of automating and modifying current business processes with the help of modern technologies. Digital Transformation is often used by several industries to attain operational efficiencies and achieve optimized productivity. In terms of industry 4.0, it represents a more agile and technologically advanced way to add value to the business. At present, several technologies like AR, VR, IoT, sensors, beacons, data analytics, machine learning, and a lot more are being used by large corporations to enhance their business processes.
Original Source: Why Digital Transformation is a Must-Have Strategy for Enterprises in 2021
The everyday use for Digital Technology is always seen to be on the exponential raise that in 2019 it is even going to progress further and trending.
The significance of this digital transformation is that it would create synergy and thus follow only selective technologies for the enterprise transition to happen.
Predominantly it is the stability in digital transformation that results to the instant success of any enterprise’s digital journey.
Enterprises can include these accelerated digital strategies and then become more influential towards running their business.
The observed interest levels for Robotic Process Automation is overall high within traditional enterprises like shared services and administrative organizations who have their earnest contributions already.
In the beginning there were a number of start-ups preferring Internet of Things Apps Development and now a lot of billion-dollar enterprises are showing keen interest and have started their investments.
However, for every industry, digital transformation solutions affects differently.
In this article, we take a closer look at the top 4 industries that are doing real good with digital transformation and taking charge of this transformation to lead business success and also consider what challenges and opportunities the longer term holds for each.1.
According to McKinsey, almost 40% of pharma companies are unsure about aligning digital strategy with their customers’ pathway while only 10% based strategic decisions on a detailed understanding of how digital affects their business sector and competitive environment compared with 22% across all industries.
Mobile check-ins, biometrics identification, automated kiosk machines, and many more advancements are becoming increasingly common within this industry.
It is imminent that in the coming years, more and more companies will choose a digital transformation solutions, especially in the hospitality industry, to better the customer experience and boost retention rates.2.
There is no place for human error nowadays as machine learning and robots take over.Also Read : 4 Things to Keep in Mind while Driving Digital Transformation in An EnterpriseMobile banking apps and smart ATMs to virtual assistants and chatbots on websites, the future of finance is quickly taking shape already.
In the post-covid digital transformation world, many CEOs spend the majority of their days in meetings, discussing post covid back to work projects such as office sanitizing, plexiglass workspace dividers, on site vaccinations, and hybrid work timing.
