A digital transformation strategy is key for entrepreneurs and business owners who want to succeed. Here’s what you should know.
Digital transformation is rapidly changing the world and the way we operate in it. Technology that used to be a choice for businesses and entrepreneurs is now a necessity. Digital strategy is at the top of every business leader’s mind, and it’s ingrained in the way most businesses operate. Businesses have adopted technology from e-commerce platforms, communication tools and planning software. To keep pace with the evolving marketplace, companies are looking at digital transformation to help them achieve their business goals.
Digital transformation continues to be a priority in business. 47% of CEOs are challenged by their boards to move forward in their digital strategy. 56% of CEOs indicate improved profits as a result of digital changes.
New technology is disrupting the way we all do business—it’s a good thing. Digital transformation is about developing and implementing a modern digital strategy. It’s not about stand-alone technology. It’s about incorporating a robust digital strategy throughout all processes in an organization. Companies that do this, enable positive employee outcomes. They receive data insights, experience seamless partner collaboration, and deliver desirable customer experiences.
Business owners and entrepreneurs want to know what digital transformation is, and how it’s different from using stand-alone technology as part of their workflow. We’ve created this article to help you learn what it is, and why a digital transformation strategy is important for your business.
What is Digital Transformation?
Digital transformation is about changing the way a business operates. Digital transformation is a way a company can adapt their current practices with a wide array of technical solutions. Digital transformation optimizes all areas of the business, from the tools the workforce uses to company culture and customer experience. The process requires a review of the current operating process, a strategy, and action towards change.
There’s a lot of language when it comes to business technology that seems similar, but they have different meanings. It helps to get familiar with the vocabulary.
Here are some key words and phrases you’ll want to know:
Digitization: Converting physical documents and procedures to digital. (Analog to digital).
Digitalization: Utilizing digital information and practices for efficiency.
Digital transformation: Optimizing all areas of the business with digital solutions such as software and technology.
Digital transformation strategy: The step-by-step approach to digital transformation.
Why Digital Transformation, Why Now?
Over the last couple of years, businesses were shown how important their digital strategies are. It was a bit of a crash course for many. There was a swift migration to digitalization as a result of the pandemic. All of a sudden, everything was contactless and businesses without notice shifted towards digital interfaces and technology. Ready or not, business was being done online.
In 2023, every business in some way incorporates technology in their day-to-day operations, they’ve done this for centuries one could argue. What is new is that some companies have transformed their business using technology. They know that a digital transformation strategy drives their business growth in new and existing markets.
As a result of digital transformation across all industries, technology has become the core of modern business strategy. By implementing a digital transformation strategy, operating expenses and inefficiencies can be reduced. Digital transformation enables businesses to compete in a challenging marketplace. Competition is a driving force behind transformation at a large scale.
Why is digital transformation leading the way in 2023?
With the pandemic behind us, businesses face new challenges. Looming recession, supply chain issues, and inflation are among some of the troubles. Regardless of what they’re up against, business leaders know they still have strategic growth to achieve, and now is the time to focus on a digital transformation strategy.
According to recent Gartner insights, by 2027, more than 50% of enterprises will use industry cloud platforms to accelerate their business initiatives.
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