With new advent of technology, digital transformation is the new buzzword in the industry that is creating all the change efforts companies need. Digital transformation is a process that offers businesses significant opportunities. The process includes digital technologies to redesign existing or create new business processes and customer experience to walk along with the frequently changing market requirements. The reimagining of business models with digital transformation is enhancing the way the business is done by creating an entirely new class of business.
Digital transformation is no longer news, it has become a necessity. With this, the companies are revisiting and tracking day-to-day work from internal systems to customer interactions both online and offline. As it is quite obvious that the customer is king, in the present digital world, businesses expect better customer experience with more personalization. The digitalization makes the flow of information swift. For businesses, apart from just storing the information, they can make these details available with the customer relationship departments. By understanding various technology, the representatives can design customized services and maintain long-lasting relationships with the customers. The 340 large global organizations recently conducted a survey, in which 73% of the companies admitted that digital transformation is a priority. On the other hand, 70% claimed to have a formalized digital transformation strategy. In countries like Japan, the main objective of digital transformation is to impact all aspects of life with the country’s Society 5.0 initiative, which goes far beyond the limited Industry 4.0 vision in other countries.
Digital transformation is not about how fast we complete things. Instead, it’s all about how capable are the businesses to adapt and make the most of these technology investments. Netflix is a standard example. It began with a mail-order service and disrupted the brick-and-mortar video rental business. Then digital innovations made the wide-scale streaming video possible. At present, Netflix has replaced the old cable television networks, traditional broadcast, and production studios in unison by offering a growing library of on-demand content at ultra-competitive prices. Digitalization offered Netflix the potential not only to stream video content directly to the audience but also gain exceptional insight by laying eyes on their habits and preferences. It uses the data to enlighten everything from the development of the first-run shows to the design of its user experience and movies at in-house studios.
Besides Netflix, Myntra which is India’s fashion and lifestyle destination is now in partnership with Microsoft to promote its digital transformation and offer the best experience to its customers. With the use of Microsoft Azure, Myntra claims to focus on speed, innovation, and agility to nourish its leadership position even further.
Overall, in the coming years, digital transformation will be ubiquitous. Whether it is marketing, operations, security, research, each and every industry are highly benefitted. Always ensure that the journey of digital transformation is smooth and that the implementation is carried out in phases with the help of a solid strategy. So buckle up, create a game plan and make your business digital starting today.