As technology adapts at a rapid pace, it is a necessity for organizations to adapt along with it. The metamorphosis of a business into a digital enterprise is referred to as Digital Transformation. It involves everything from the digitization of the workplace to tools and strategies such as cloud computing, social media management, etc to better fit into the digital marketplace. As change is a given, it is important to explore what is the best way to transition.
Importance and Benefits of Digital Transformation:
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Helps adaptability of operations.
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Increases productivity.
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Labor costs are reduced.
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Provides a competitive edge.
Drivers of Digital Transformation:
It is recommended that businesses looking to digitally transform their business target these areas and focus on them for maximizing growth. Five areas to enable successful digital transformations in their organizations:
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Digital Twin
A digital twin is a digitized copy of the business which operates in a similar way to the business. This helps in collecting important data as its performance in the marketplace is an indicator of the value of the business and hence can serve as a guide for making better decisions.
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Privacy
A secure, safe, and sound user experience is a key factor for attracting and maintaining customers as well as employees. A digitization strategy that puts enough emphasis on the privacy of the users is a vital driver of digital transformation.
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Culture
Along with keeping up with the trends of technology, it is also crucial for a business to stay updated about the cultural and socio-economic trends of its surroundings so that it may make informed decisions.
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Augmented Intelligence
Augmented Intelligence is separate from Artificial Intelligence (AI) as it does not mean the complete replacement of humans with AI. Rather, it refers to the coordination between humans and AI, combining computing power with creative thinking
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Digital Product Management
Traditional ways of selling, marketing, and advertising products may seem obsolete when being delivered through digital means. Thus, it is important to focus on customizing and adapting the products in a way that maximizes their chances of success in a digital marketplace.
The 6 Stages of Digital Transformation:
1. Usual Business
2. Active Presence
3. Formalizing
4. Strategizing
5. Converging
6. Innovating and Adapting
Digital Transformation Technologies that are frequently used:
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Mobile phones and apps
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Digital twins
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Internet of Things (IoT)
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Cloud computing
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Artificial intelligence/machine learning
Conclusion:
Any budding business would surely have to digitize to stay ahead of its competition. With the tools and strategies mentioned above, organizations can grow in a much more efficient manner than the traditional way.
Stonebridge is experienced enough in the industry to face such challenges efficiently. Have an appointment for cloud computing services.
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