The process of using technologies digitally as so to create new or modify existing business processes, culture, and experiences of customers to meet the requirement of businesses and markets. The four main areas of digital transformation are, Technology, data, process, and organizational change.
Digital Transformation can benefit core company departments, like finance and HR, and automating some of the crucial areas like payroll, allowing leaders to focus on larger business prospects.
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Top 10 digitalization trends are:
- Artificial Intelligence
- Digital Currency
- Digital Health
- Smart home
- Augmented Reality
- Industry 4.0
Some of digital Transformation myths are as follows:
Myth 1: Digital Transformation is expensive
As consultants, we frequently hear “cost” identified as the largest obstacle to digital transformation. Successfully transforming business operations and increasing efficiency, on
the other hand, is the first step toward strategic cost optimization and may help an organisation better align its IT budget with business goals. In the long run, shifting funds from maintaining an inefficient and unproductive environment to developing enabling technologies can save significant IT waste and debt.
Myth 2: Digital transformation needs to be driven by the IT team
The majority of digital transformation initiatives fail due to a lack of leadership support. Rethinking the business, how products and services are delivered, and how customers are engaged and retained is too much for the IT department to handle on its own. Digital transformation is the responsibility of the management team and decision makers. Without their commitment, employees at the ground level will be unable to drive and adapt to the cultural and functional changes required for the programme to succeed. It’s a technology and business paradigm that necessitates buy-in at all levels of the company.
Myth 3: Digital transformation is only about technology
The majority of conversation about Digital transformation centre on technology. While technology is necessary, it is not everything, and what companies want is “value.”
In terms of ecommerce support service, for example, the company would strive to give the highest quality service at the lowest possible cost to its customers. Technology would be necessary to provide a distinct output. Technology, on the other hand, is a tool, not a finished object. Successful digital transformation involves strategic strategy, organisational adoption, and IT investment.
Myth 4: Digital transformation means reducing workforce
Digital Transformation does not reduce manpower or workforce. Digital transportation also creates more significant opportunities for employees. Employees may live, grow, and realise their authentic capability and contribution with enhanced automation, tighter mergers, greater insight, and transparency into vital processes and systems. Digital technology enhances rather than replaces the talents of the worker.
Myth 5: Digital transformation is quick
Digital transformation is not a one-time project to which you devote a few resources and expect to complete in a few months. Digital transformation is a never-ending process that necessitates dedication, concentration, and team measurement. Furthermore, the magnitude of change, as well as its speed, need a programmatic strategy to effectively manage on a long term basis. While some outcomes might be seen right away, appreciating the material, tangible value of digital transformation activities can take up to a year.
Myth 6: Digital transformation can wait
While the COVID-19 pandemic has destroyed this myth, many businesses still believe they can delay change and the adoption of modern and digital capabilities. A shift in thinking or mindset is required in this type of businesses. What got you here isn’t going to get you where you want to go as businesses can no longer afford to put off digital transformation. The environment as a whole isn’t waiting. The characteristics and expectations of customers are constantly been changing. Business partners are modernising, and they expect the same from those with whom they will do business in the future as well.
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Some of digital Transformation trends are as follows:
Digital Transformation ways required post pandemic era
Remote and hybrid employment, as forecasted for 2021, is still thriving. Businesses will use digital transformation technologies to manage work and coordinate with globally dispersed teams and stakeholders.
The increasing importance of AI for customer satisfaction
In 2022 and beyond, new technologies, processes, and the advancement and benefits of AI will continue to have a favorable impact on the customer experience. Companies can now legally acquire detailed information of their customers. Those with an eye on the future are beefing up their data and analytics skills and leveraging predictive insights to interact with
their customers more closely. Given the increasing power of AI technology, AI will become increasingly pervasive in customers’ daily lives in 2022 and beyond, especially in retail and hospitality.
Digitalization of Supply Chain
The fragile supply systems of the world are under enormous strain, contributing to higher consumer prices and a delayed global economic recovery. In 2022, supply chain digitization and 4.0 will be critical components in reducing the complexity of global supply chain concerns.
Acceleration of Digital Transformation
The speed with which digital transformation trends are expected to accelerate in 2022 and beyond may appear overwhelming. Big changes, on the other hand, will be seamless for you and your company if you have the correct technology on your side.
Software vendor consolidation
We are seeing private equity buying up huge corporations – mixed with developing technology – which has resulted in a consolidation of software vendors. The volume of worldwide mergers and acquisitions activity involving technology providers is expected to surpass prior highs set in 2018 by 2022.
The advantages of digital transformation are apparent.
Modern digital solutions that work smoothly together – and alongside your workers – are the only way to streamline internal operations and create a fantastic customer experience. The foundation of digital transformation is synchronization.
The way a company runs changes as a result of digital transformation. This process includes systems, processes, workflow, and culture. This transformation affects every level of a business and brings data from many departments together so that they may collaborate more efficiently.
Ronak Meghani is a serial entrepreneur & eCommerce Consultant who has worked with small-medium large companies. He is a co-founder of Magneto IT Solutions and has been closely working with eCommerce ventures since 2010. He has helped 200-plus international brands for building/improve their online ventures in the area of UI/UX, development, launching, revenue enhancement, marketing strategy, magento development, eCommerce support, and much more, and 90% of ventures are generating very good revenue. He’s enthusiastic about start-ups, entrepreneurship, sports, home decor eCommerce, automotive eCommerce, gems & jewelry web development, electronics eCommerce and all things marketing.