Due to the COVID-19 outbreak, businesses have been under intense pressure to adopt digital transformation fully. What was once a reaction to a crisis is now the standard, and this has significant ramifications for how companies see their operations, workflows, and services.
The reality is that the corporate world has been swept away by a tidal wave of technical revolution brought on by digital transformation (DT). There is a 23% increase in profits for digitally advanced or equipped businesses compared to their less tech-mature peers.
Integrating digital technology into every aspect of a company’s operation to completely rethink the way business operates and provide value to customers is called digital transformation.
The term “digital transformation” describes a company’s effort to significantly rethink its approach to technology, people, and procedures to improve its bottom line.
Adapting a company to thrive in the digital market is more complex. It calls for creative thinking, strong leadership, cutting-edge tools, and a clear vision of tech implementation. Businesses that have made the digital transition have a leg up on the competition and may serve as models of success.
Digital Transformation Sustainable Goals
Digital technology is only sometimes effective by itself. Instead, how we create and implement technology is what counts. The United Nations’ Sustainable Development Goals (SDGs) for the ICT sector are achievable by 2030 if digital technology implementation is proper.
To achieve long-term success in the digital realm, developing effective and sustainable solutions is essential. Always consider the end product and the process used to make it. As a socially conscious technology company, we understand the need to monitor the concrete results of our digital initiatives using appropriate platforms and methods.
A sustainable digital transformation roadmap relies on five pillars to assist businesses in meeting their ESG (ecosystem, society, and governance) objectives while also realizing the full potential of their digital investments over time.
Prioritize Measurement
Extensive knowledge is needed when false information is popular and measurements become essential. According to reports, 60% of IT decision-makers can’t believe in their company’s data to make informed, timely decisions.
Data integrity development is critical because it enables businesses to build, explain, and visualize the change. It is evidence of a company’s beneficial influence and aids in understanding the tech ecosystem.
Build Infrastructure
The most pressing issue for companies of all sizes and industries is dispersion, which causes architectural complications due to the integration of legacy and corporate systems. A centralized digital tool is required to reduce time, money, resources, and effort.
More people should be using digital technologies that can extract value from data and propel more environmentally friendly solutions. The best example is the AI implementation by 2030 to prevent food waste and save $127 billion annually.
Reduce Impact
Because of revolutionary technologies like artificial intelligence (AI), machine learning (ML), cloud computing, and real-time data, we must strike a fair and equitable balance between technological development’s environmental benefits and costs.
One strategy is to design a tech ecosystem keeping the digital economy in mind. It is possible to delay the onset of hardware and software obsolescence by adopting a mindset of regeneration, embracing circular flows, and maintaining constant development cycles.
By prioritizing interoperability, compatibility, and flexibility, a flexible architecture may help firms respond to the dynamic nature of today’s marketplaces without draining precious resources.
Democratize Responsibility
A long-term, sustainable transition requires both top-down and bottom-up leadership. While the C-suites draw up plans, it’s up to the rest of the team to rally behind them to make real progress toward shared responsibility and decentralized leadership.
This mental shift is welcome, but for this movement to succeed, support from governments, institutions, and corporations behind the individuals leading the charge is still essential.
As a result of the accessibility of digital resources, more people in an organization will have a voice and be able to contribute to making a positive change.
Mindful Use
There’s no avoiding technology usage, but limiting when and how much you use it may mitigate any adverse effects on your health. Technology may enhance people’s daily lives by facilitating improved decision-making, enhanced behavior, and adapted living and working conditions.
Many applications assess and advise on health programs to track physical and mental health data. Empathy for workers and consumers is crucial when creating new systems and interfaces, as it will increase adoption rates and distinguish companies and their offerings from the competition.
Digital Transformation Examples in Businesses
Online retailers such as Amazon have transformed our shopping by providing a convenient and personalized online shopping experience. Ride-sharing companies such as Uber and Lyft have changed the transportation industry by using digital technologies to connect riders with drivers through smartphone apps.
There are many other examples from various industries and contexts. Here are five case studies of enterprise digital transformation:
- Netflix: A well-known example of a company that has successfully undergone digital transformation. The company started as a DVD rental service but became more popular as it pivoted to become a streaming service. This required significant investments in technology, content, and a shift in the business model. Today, Netflix is one of the most popular streaming services in the world and a popular OTT (over-the-top) platform.
- Zara: Zara is a fashion retailer that has embraced digital technologies to improve efficiency and the customer experience. The company has implemented RFID tags to track inventory and a mobile app that allows customers to browse and purchase products. Zara has also invested in automation and data analytics to optimize its supply chain and improve decision-making.
- GE Healthcare: GE Healthcare is a business unit of General Electric that focuses on healthcare solutions. As part of its digital transformation efforts, the company has implemented an IoT platform that allows it to monitor and optimize the performance of its equipment. This has permitted GE Healthcare to improve maintenance, reduce downtime, and offer better customer service.
- John Deere: John Deere is a manufacturer of agricultural and construction equipment. The company has implemented an IoT platform that allows it to monitor and diagnose the performance of its equipment remotely. This has allowed John Deere to improve the efficiency and reliability of its products as well as offer new services such as predictive maintenance.
- H&M: H&M is a fashion retailer implementing many digital technologies to improve efficiency and sustainability. These include RFID tags to track inventory, data analytics to optimize the supply chain, and a mobile app that allows customers to shop online and in-store. H&M has also implemented automation in its distribution centers to improve efficiency.
- IKEA: The Swedish furniture behemoth used humorous branding in its online presence to better relate to its consumers. It employed augmented reality to create a more exciting and engaging buying experience. Customers may use the software to virtually place products in their homes or their cellphones to scan products in-store to bypass checkout lines. These companies are only a sampling of those who have transitioned to digital without any noticeable setbacks.
These are just a few examples of how businesses undergo digital transformation. Across industries, organizations are accelerating digital transformation for long-term growth and profitability. IT service, Banking, Finance & Fintech, Healthcare, and Commerce & Retail are the top industries adopting digital transformation services at a fast scale.
In the Age of Digital Business Transformation
The use of data analytics has made it simpler to get individualized insights and arrive at sound judgments. However, to successfully conduct a digital transformation, it is essential to have a solid understanding of business goals. You may design instances of digital transformation based on these aims, which will allow you to simplify activities, processes, tools, and technology.
In addition, when it comes to tools, you should always place the utmost importance on anything that improves the consumer’s overall experience. You can quickly join businesses that harness the digital transformation power by using their technology and processes with the right tools and mindset.
Check out how Softobiz can help you in your digital transformation journey!
