Business processes and technology are constantly changing. This is especially true in the digital age. Customer expectations are higher than ever before, and if your business can’t offer new possibilities, customers will move to your competitor that can. That’s why it is important for businesses to stay up-to-date on the latest tech and evolve as business needs change. This is known as digital transformation.
Digital transformation is essentially a way for businesses to make their existing systems, products, and processes work better by adopting new technologies or implementing software that automates old manual tasks. It can also be a way to adapt business models to take advantage of new opportunities like customer data. For example, some companies use digital transformation to make call centers and in-store service desks run more efficiently by using automation and computer software. However, a more significant form of digital transformation is to adapt a business model altogether to fit new technologies. This is the kind of transformation Netflix went through when it moved from physical DVD delivery to streaming online content.
Developing digital transformation capabilities in your company is a great way to future-proof your business and keep up with evolving technology. There are many different ways to get started with this process, and it often starts with conducting a thorough business assessment and risk assessment, including the development of measurable key performance indicators. These indicators will help your company measure the success of your digital transformation efforts and help you see if you have succeeded in meeting your goals for cost savings, revenue growth, and more.
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