Digitization is the latest talk of the town, while its implications are being debated across the businesses, old and new. So what’s all the buzz about? Digital transformation has taken the world by storm, most notably during the pandemics. Business experienced ups and downs, with few being flushed out while others crossed the billion-dollar mark. When new startups aggressively entered markets with digital strategies as the foundation, incumbents were completely out of their depth and struggled to keep up. Take, for instance, newspapers that suffered huge losses with the fall in print subscriptions and classified ads. Eventually, rerouting their revenue model with digital subscriptions to resume earnings. The dynamics of the markets changed dramatically with the digital age, and reinventing the business models to remain competitive was no longer an option. This, right here, is the beginning of a new story on how digital transformation opened new doors for traditional businesses, where companies must be bold enough to push through these doors.
Now that we understand, digital makeover is the only way to stick around, the next step is to figure out how to master it. In an attempt to imbibe this transformation, companies have been trying out different approaches. The most common mix of strategies includes setting up independently functioning units, testing out some digital experiments, or employing new technologies to economize. Even if this may work just fine, it’s impact on the core business is short lived. But such initiatives do not prevent the companies from fizzling out wit their temperate gains. Ergo, in order to have a significant and long-term impact across the business value chain, it is prudent to employ a methodical integration of digital apparatus into the core business composition.
Digital evolution requires roping in many factors, starting with designing the whole digitization journey, stringing in data analytics into the mix, and defining the online platforms on which to rest your digital infrastructure. The whole carnival involves multiple capabilities, from creating data pools, integrating digital systems and artificial intelligence into operations, a cloud based safe house for the infrastructure and a talent pool to run everything smoothly.
Although, it is important to know that for a successful digital transformation, companies need not throw everything out of the window. For ease of understanding, there exists a defined framework that can direct businesses towards existing opportunities within their business makeup and explore newer, more scalable means for future growth. The framework is based on four fundamental elements:
Thus, digital transformation demands businesses to adopt, learn, and reinvent themselves to not only to remain in the game but to flourish and future proof themselvesMore Info
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