I wrote an article about how things are becoming more digital and how our lives will change a few years ago, when I was in my adolescence. I had no idea that I would have to rewrite the article, and that it would make more sense this time. We're all aware that our world is becoming more digital, but what does "digital" mean to us? Is it the proliferation of OTT platforms or the accessibility of services? In this article, we'll go over everything.
Digital Transformation
"Digital transformation" – or "going digital" – used to mean nothing to anyone and had no communicative intent, but people loved to throw these phrases around just to make people think they meant something. "Oh yes, my company is going through a huge digital transformation exercise as we speak," he said to a friend while discussing his business. Do you have any idea what he's talking about or what's going on in his business?
When the term "digital transformation" was coined in 2014, it had a simple definition. It was SMAC who did it (Social, Mobile, Analytics, Cloud). These four elements are now given a lot of attention. The term "social" refers to the concept of social networking, which is now an integral part of our daily interactions.
Going Digital!
Today, every business is becoming more digital, with various definitions. It's technology for some. Others see it as a way to interact with customers. For the rest of us, it's a completely new way of doing business. None of these definitions are inherently wrong. Such divergent viewpoints, on the other hand, frequently cause leadership teams to fail because they reflect a lack of alignment and a shared vision for where the company needs to go. It frequently leads to haphazard or misguided initiatives, resulting in missed opportunities, slow performance, or false starts.
Even as CEOs push their digital agendas forward, it's worth pausing to sharpen language and clarify vocabulary. Corporate executives must have a common understanding of what digital means to them and, by extension, to their company.
It's fascinating to look for simple interpretations, but we believe that digital should be viewed less as a thing and more as a way of doing things in order to be relevant and sustainable. We've divided this definition into three attributes to help make it more concrete: creating value at the business world's new frontiers, creating value in the processes that execute a vision of customer experiences, and building foundational functionality that supports the entire structure.
Value creation at New Frontiers
Understanding the consequences of market developments and assessing how they may present opportunities and challenges are required to unlock the value of emerging growth sectors. For example, the Internet of Things is beginning to open up opportunities for disruptors to identify weak points in existing value chains using unprecedented levels of data precision. Cars that are connected to the outside world have pushed the automotive industry's boundaries in terms of self-navigation and in-car entertainment. In the logistics industry, the use of sensors, big data, and analytics has enabled companies to improve the efficiency of their supply-chain operations.
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going digital, Digital Transformation in Business, digital transformation
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