The last year or so has thrown digital transformation in a better state. An organization which has adopted a digital transformation platform would be in a better position to make the necessary changes. But the companies who lag in adoption of digital initiatives, would be struggling to adopt as per the dynamic needs of a business. As per estimates a digital module transformation would mean you need to alter the business model of an organization.
The utility of digital transformation
A company may work in a faster way to be competing at the workplace. The concept of automation would be speeding up the process and reduce errors. It forces a change in mind- set shift of the workers as they can perform certain actions which the machines will not be able to do. The artificial intelligence, would allow an organization to be dealing with problems and learning from the methods of analysis. It is going to figure out new opportunities leading to a rise in the stakes of revenue.
A major chunk of the organizations are already into the era of transformations. In fact based on the digital transformation modules there are standards in place streamlining things. A better piece of news is that only 65 % went on lag in the assessment phase. An organization that relies on digital transformation takes into account business metrics as a yardstick when it comes to business initiatives. Though the ROI would vary from one program to another program or it can be from an enterprise to another, experts are of the opinion there might be a series of over -reaching digital transformations as all of them turn out to be independent or interrelated.
Faster time to reach the market
One of the major benefits of digital transformation is a shortened time to reach the market according to experts. This would be of real importance in industries where development costs work out to be high. An example would be around $ 1 million to tape out a new semi- conductor. It is going to be on the higher side before the product makes a movement into the field of production. If all this things can be done virtually then the time for reaching the market would be shortened on what it is today. What it means is that the economics of the entire industry would be reshaped in the years to come.
Customer engagements improves
The process of digital transformation gives a fair idea on how you know your customers. it has an impact in the manner by which you develop relationships with your existing customers. It means that you may make them a bit intimate. By the process of digital transformation you tend to know more about the customers so that you would learn more about the customers.
Digitalization is bound to create new opportunities for developing services or products which otherwise they would not have developed previously. The tool companies would be providing online services for matching with the contractors. A digital module is going to allow the customers for innovation and developing new niches. It is not only Amazon or Google that is adopting such a practice, as legacy systems would be developing new business which is forming the core,
An organization which relies on digital resilience embraces change. It is going to adopt as per the changing trends of a business as social and economic upheavals are common in this volatile climate. The concept of resiliency was not a major deal before but now it has gone on to emerge as a major one.
To sum up things any organization that has adopted digital transformation has reported an increase in revenue. This is going to be the case with 80 % of the organizations. The efforts which they have gone on to take has resulted in digital transformations at a higher level. Hence it may provide a new module of business functionality that is not only going to allow you to grow the business, but the revenue would be moving forward. This is also going to provide an agility to adopt to changes in a business environment.