The digital transformation that drives the company of the new age is about automating operations, facilitating collaboration between people, creating new business models, and harnessing a variety of new technologies. This has an impact on the way companies work and add value to their customers. It requires the adoption of agile business principles and the use of state-of-the-art technologies to improve the efficiency and effectiveness of the company and the customer experience. Sources: 7
Machine learning, artificial intelligence, and the integration of digital transformation into the customer experience strategy are integral to the rapidly changing dynamics of the business, which is rapidly warming, embracing, and thriving. This has presented companies with major challenges, where they must use all three elements of their business to provide a fulfilling and holistic experience for their consumers. While digital transformations take place in three primary aspects of an organization, including operations, sales, marketing, and customer service, the focus must remain on improving the consumer experience. Sources: 4Some companies have equipped their companies with technology to revolutionize their industry, and have essentially become technology companies themselves. Others buried early digital leaders who saw digital as a way to generate new revenue streams, improve the customer experience, and increase operational efficiency. We have seen traditional companies build a business that disrupts their industry while maintaining a high level of security. There are established players trying to keep up with fast-growing competitors, and we are seeing young companies determined to take on the slow, 200-year-old businesses. Sources: 0While the demand for change will continue to grow, I believe that the most important part of the digital transformation – the transformation of the company itself – has already been completed. Digital transformation remains a slippery concept that involves a lot of hard work and high risk, but it is one that many people are working on. Sources: 2CIOs are seizing the opportunity to pave the way to success by putting their organizations on the path to digital transformation. IT executives should be leaders who help drive their companies forward. Adapting to the expectations of the app generation also provides a great opportunity to launch a broader strategy for digital transformation. The right technologies and tools that enable such strategies enable people to work effectively and efficiently anywhere. Sources: 8In today’s world, it is vital to have advanced technologies for an integrated digital strategy. Fortunately, companies understand the need to integrate flexible systems, and 86% of companies see cloud-based technologies as a driving force for digital transformation. Cloud technologies enable companies to work faster and more flexibly, offering scope for evaluating new projects that are low-risk and cost-effective. Sources: 4Cloud computing is rapidly becoming a game-changer – a turning point. To remain competitive, companies need to focus on how they can leverage the cloud to enable digital transformation, transform business processes, and disrupt the market. Digital transformation is an important part of achieving a competitive advantage. When companies approach the cloud with the ultimate goal of the cloud, they should use it to stay relevant. During this transition, a company will experience the benefits of relieving the organization in myriad areas. Sources: 5While digital transformation originally meant the use of ageing and obsolete business process platforms, AI represents the rise of digital intelligence and automation. As the technology matures, it will become an artificially intelligent engine that enables different platforms and processes to be networked. This is becoming a key factor in improving efficiency, creating new value and staying ahead of consumers. In addition to artificial intelligence, machine learning will also facilitate the creation of more powerful algorithms that analyze data, learn from it, and then apply what they have learned to make more informed decisions at market speed. Sources: 1IoT and AI help entrepreneurs develop new business models and disrupt established forms of operation. Digital transformation is a big deal, but many executives in traditional companies still struggle to keep up. According to Gartner, two-thirds of business leaders believe that their companies need to accelerate the pace of digitalization in order to remain competitive. While startups thrive in their ability to launch their integrated approach to advanced technologies, some are stuck in legacy mode. Sources: 2Today, only one in five organizations is associated with a traditional IT strategy and business model. Much more is at stake today, as there is an era of a technological upheaval that makes it almost impossible for traditional IT strategies and business models to achieve targeted goals. Digital disruption refers to changes made possible by digital technologies that take place outside established business methods. Sources: 3When it comes to switching to digital, appointing the right person (or persons) for the job is crucial. In order to ensure that digital transformation strategies are successful, sustainable and have maximum impact, it is essential to clarify who is responsible for the process. CDO or CMO should work with their CIO to accelerate the digital transformation process by adopting a collaborative approach and leveraging their expertise and experience to help companies succeed in this age of customers. Although many experts say that the rise of mobile, cloud, artificial intelligence and other digital technologies will make the CDO’s role obsolete, the outlook is somewhat linear. About NetConnect NetConnect Pvt. Ltd. (NetConnect) is a Technology Solutions & Services organization that is in the business of helping customers in extracting greater value from their Operations. From helping our clients run their Technology to using our Technology to help them run their business, we are at the cusp of a significant transformation in creating value. 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