Digital Transformation Strategy

Effective Digital Transformation for Progressive Economies

Digital Transformation has reshaped the global economy in the past few years. It has played a major role in bringing individuals and business together to the same level, even if it is large or small scale business.

The fast, flexible and adaptive business is taking the lead as they promote entrepreneurship and collaborate to create sustainable business models. In a modern and economically progressive society like today, consumers are leaning towards a fast-paced personalized service or products at a reduced cost. Everyone wish to have such technologies at their fingertips which provides them easy access to various products and services.

Table of Contents

  1. A Walk-through into Digital Transformation
  2. Why companies go for Digital Transformation?
  3. Impact of Digital Transformation
    3.1 Better Communication for All
    3.2 Higher Standards for Business and Everybody Else
    3.3 Better-Optimized Supply Chains Throughout the World
  4. Summary

1. A Walk-through into Digital Transformation

As already discussed, digital transformation deals with the application of digital technologies to fundamentally impact all aspects of business and society. There is no denying that digital transformation is revolutionizing every industry, business, customers and workforce. Owing to this, the business environment is increasingly becoming competitive and businesses are expected to transform themselves in order to stay relevant and profitable.

Every once in a while, a new technology, an old problem, and a big idea turn into an innovation. — Dean Kamen, Inventor of the Segway and Founder of FIRST

2. Why Companies go for Digital Transformation?

There are many companies which promote a shared economy like Uber and Ola. On the other hand, we have the Amazon’s, MakeMyTrip’s, and grocers online creating sustainable business solutions around retail. The common factor around all of these economies is Technology, Consumer & Experience, which creates a digital platform for the consumers.

Similarly, there were many major setbacks in business economies around the world. The Dotcom business model incepted in 1993 flourished for some and failed for many. The major reasons attributed to the Dotcom bubble bust in 2000–2001 are inconsistent infrastructure and limited knowledge of the business model.

But now there new and bigger challenges added to the Dotcom issue. Progressive economies blur the boundaries between business and consumer, creating huge opportunities for businesses and their IT service providers to co-in

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3. Impact of Digital Transformation

With the introduction of social platforms, the regional and cultural divide has been lessened, creating awareness and connections that promote individual and collective experience sharing, even before the product or service is bought.

As the physical boundaries of the world dissolve, global citizenship evolves as never seen before, coming up with new challenges and new solutions every day. Co-creation, partnerships, and co-innovation between business and IT service industries have become a revolutionary model for business success.

The large and small business communities have an interesting relationship with technology. Innovation that begins here in the name of efficiency and product throughout has a tendency to flow through the rest of the economy and society.

Let’s take a closer look at the opportunities and some of the consequences of digital transformation for industry and society alike.

3.1 Better Communication for All

After the introduction of digital transformation, it made the company-customer relationship worse before they got better. As new technologies offered ways for them to add complexity to their products and services, it got harder and harder to get in touch with these companies. Few companies had the resources for world-class customer support and world-class quality control in equal measures.

But these days, digital communications offer a number of ways to provide nearly constant interaction between customers and brands for marketing purposes. Chatbots, plus higher-quality audio and video streaming protocols for live chats over the internet, social media and forums have completely changed the game when it comes to customer service.

3.2 Higher Standards for Business and Everybody Else

It’s tempting to think of technology as something that dehumanizes us, but does it, really? In fact, the easy availability of an internet connection and therefore a mouthpiece has, if anything, encouraged us to act more humanlike.

In the business community, thanks to digital technologies, the increasing visibility of the human faces behind the company curtain have raised standards for things like workplace conditions and conduct, hiring and advancement standards.

To put it another way, consumers have too much information and too many choices to put up with morally questionable brands, products, and companies any longer, and they still have the freedom to choose a competitor.

3.3 Better-Optimized Supply Chains throughout the World

Supply chain management is a deep topic that actually has interesting and far-reaching consequences when things go right or wrong. The supply chain is not just one but many, and they bring food, water, medicine, household, and consumer products, building materials and everything else that makes civilized life possible to our countries, states, and nations. It’s a business that’s always lived and died according to its efficiency and how well it insulates itself against foreseen and unforeseeable events.

Businesses involved in supply chain management, whether they’re the suppliers of unfinished materials or completed products or a shipping company, or a warehousing operation were some of the first to recognize the benefits of digital transformation.

Enterprise resource planning (ERP) and customer relationship management (CRM) software, especially when coupled with cloud technology and the selective automation of assembly, allow all kinds of manufacturing, transportation and logistics companies to operate with slimmer margins and clearer goals than ever before.

4. Summary

Digital transformation has been causing major disruption in the business world. As technology evolves and physical boundaries merge, many intangible challenges come up, new business for the new era deeply relies on trust between the business and the IT service provider to collaborate and co-innovate.

With the advancement of technology, companies are able to undergo digital transformation and cause major development in their progressive economies. After the introduction of social platforms, the regional and cultural divide has been lessened which creates awareness and connections that promote an individual as well as collective experience sharing.

Reference: Effective Digital Transformation for Progressive Economies, Dr. Satish Pai and Ms. Anuja Sharma

2 thoughts on “Effective Digital Transformation for Progressive Economies”

  1. Very crisp and lucid presentation which could be understood by common man. Amazons and flipkarts are predatory on retail business. Affordable and understandable products should be developed to make retailers competitive as retail business is the second largest employment creating sector in India, next to farming.

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