We have reached a stage where digital technologies have become a part of our day-to-day life. Over 2 billion people are connected digitally through the internet and almost 2/3 of businesses around the world have a web/digital presence. The internet is the biggest contributor toward the digital age and has become a bridge, making the world look flat. It has offered a platform for companies, societies and governments to adapt a more digital and real-time presence.
In a more basic theory, digital transformation is more of a concept of “going paperless”.
It is the third and the final stage of embracing digital technologies:
Digital competence → digital literacy → digital transformation
The last stage means when digital usage enables innovation and creativity and not just acts as a support to traditional methods. The other point to note is that successful digital transformation does not happen from bottom up. It must be driven from the top i.e. by the top decision makers and executives.
Major digital transformation initiatives in a business context are centered on re-envisioning business models, customer experience and operational processes. Companies and governments are changing how functions work, redefining how functions interact, and even evolving the traditional boundaries.
Digital globalization
Business and governments are increasingly transforming from multi-national to truly global operations. Digital technology coupled with integrated information is allowing firms to gain global synergies while remaining locally accessible. Managers and business owners of digitally transformed companies feel more empowered to make decisions autonomously, and have gained a broader view of the business through centralized data.
Businesses, societies and governments from around the world are experimenting and benefiting from the practice of digital transformation. Whether it is in the way individuals work and collaborate, the way business processes are executed within and across organizational structures, or in the way the businesses understands and services customers, digital technology provides a wealth of opportunity.
A three-year study conducted by the MIT Center for Digital Business and Capgemini Consulting concluded that around one-third of companies globally have an effective digital transformation program in place, and the number is rapidly increasing. So what are you waiting for? Ask yourself this question – Are you digitally transformed yet?