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What is Digital Transformation? Complete Guide And Case Study

Digital transformation is now becoming quite popular in the industry because of its various benefits. It is the process of incorporating technology into your company for a better version of it. The process ensures efficiency and better outcomes for your company and brings out the best in it. Today, a lot of companies are increasingly opting for digital transformation for this very reason.

In this blog, we will tell you everything that you need to know about digital transformation.

What is Digital Transformation?

Digital transformation refers to the procedure by which any company incorporates technology in its various spheres, fundamentally changing how it operates and delivers value to customers. Such a step involves changing the very workings of the company and digitizing it. The process guarantees increased efficiency, faster delivery of services, and happy customers!

Digital transformation involves two concepts: digitization and digitalization. While digitization refers to converting the current data into its digital form, digitalization is employing digital technology to change the basic workings of a business. The goal of digital transformation is to create a more agile, customer-focused organization that is better equipped to compete in an increasingly digital world.

In the coming paragraph, to clear your doubts, we have explained the goals of digital transformation to have a strategic vision.

Goals of Digital Transformation

If you want your digital transformation to be successful, you need to set some realistic goals for it. This process helps you serve the key stakeholders and cater to their needs. We have listed some major goals of digital transformation for your help:

Elevating Customer Experience

Improving the customer experience is crucial for a successful business since a happy customer is the key. Digital transformation can help to improve the customer experience, customer care, and satisfaction significantly. By implementing efficient software or services, companies can boost customer satisfaction and loyalty while supporting employees in serving customers.

Increased Agility

Companies must adopt agile change management to keep up with constantly shifting customer expectations and technology trends. Digital transformation can help break away from complex legacy systems and introduce new technologies to enable agility. An agile business structure empowers connected teams, embodies strategic direction among employees, allows for rapid decision and learning cycles, fosters a passionate and cohesive community, and leverages next-gen enabling technology.

Upscale process efficiency

Systematized and efficient processes are crucial for maintaining happy customers. A digital transformation journey can streamline processes by automating different phases and tasks to remove data silos. This boosts employee productivity, minimizes manual errors, and enables the delivery of superior products and services.

Business process improvement

Digital transformation helps companies implement new and improved business processes, expand their offerings, and enhance team skills. This augments and elevates the company, making teams more competitive, employees more fulfilled, and increasing customer satisfaction.

Cost Reduction

Digital transformation helps reduce costs and increase revenue by improving productivity, creating stronger customer relationships, and opening new revenue streams.
For example, WalkMe’s Digital Adoption Platform is an example of a digital tool that saves enterprises money.

Competitive Advantage

Every company needs to stand out, which can be achieved only by staying up-to-date with technology. Digital transformation helps to automate the different processes and reconfigure the business. Digital transformation through process optimization and AI integration provides a competitive advantage for companies, both in customer satisfaction and talent acquisition.

Improve Employee Performance

Digital transformation enhances the productivity of employees and also empowers them to focus on important tasks. It helps them foster personal and professional growth. Through digital transformation, administrative workloads get reduced, which leads to improved job satisfaction and retention rates, leading to a more engaged and motivated workforce.

Enhance governance and compliance

Digital transformation can simplify compliance improve efficiency and reduce risk by incorporating regulations into tools and introducing new documentation processes. It also reduces pressure from your team and ensures that you have the necessary information to prove compliance.

Improve Collaboration

Digital transformation improves the productivity and efficiency of employees, so it becomes easier for team members to collaborate. Also, it helps to generate new ideas faster and support customers more efficiently.

What are Digital Transformation Technologies?

Technology is an important part of anything that is digital, and its prime aim is to improve the overall experience of the people using it. There are a bunch of technologies that are responsible for digital transformation:

  1. Cloud computing: This helps you access all your data quickly and use the best of all functionalities and updates. It works well when it comes to data storage, which can be accessed from anywhere in the world at any time.
  2. Commercialized IT: This feature will help your business focus all the investment and human resources on the crucial thing called “customized IT.”. This way, you will have a system that is distinct from the others available on the market.
  3. Adaptable platforms are quite useful if you want to work from anywhere else and at any time of the day.
  4. Machine learning: This feature, along with AI, will help you make quick and accurate decisions about sales, marketing, and product development, among others.
  5. Automation: This can help you handle all the boring and irksome tasks of the business that you would otherwise ignore. This is made faster and more accurate, without any issues.
  6. Better transformational technologies: This helps you work more efficiently and produce new products and services quickly. It also brings along the following features:
  • Blockchain
  • Augmented reality (AR) and virtual reality (VR)
  • Social media
  • Investment on technology
  • Edge computing

Why does Digital Transformation matter?

One major question that a lot of times crops up in our minds is about the need for digital transformation. You might wonder, “If my business is working well, why do I need to change its functioning and make it digital?” Digital transformation is quite important because it helps your business become more efficient and innovative.

The current situation is such that the industry is becoming more and more dynamic, which can be an opportunity for you to expand your business. Digital transformation helps you take advantage of things like AI and cloud technologies, which puts you ahead of your competitors!

Digital Transformation Skills and Roles

It is very important for you to define roles strictly and only employ those who actually possess the right skills. When it comes to digital transformation, it is considered wise to hire software engineers, cloud computing experts, and managers. A lot of companies also hire data specialists, who keep track of the entire transformation for you.

Others who must be a part of your team are digital experts, UX designers, and, of course, good leadership. If you have a good leader in the position, the process of digital transformation will get the direction that it requires. This will help it sail through most difficulties.

Understanding Possibilities

When you begin with digital transformation, you must understand its future also. You should try to identify the strengths of the technology that you are using and also, try to incorporate it into everyday business processes. This will result in positive outcomes for your company. The basic idea is to ensure the optimum utilization of this transformation.

Let us understand this with an example. Currently, you can watch all your favourite shows and movies from the comfort of your home but, was it always possible? Before the entertainment reached you digitally, you were surrounded by videotapes. Digital technology in this field has helped the entertainment industry earn huge profits. You may incorporate the same idea too.

Digital Transformation Framework

It is crucial for you to understand what a digital transformation framework looks like. While it may differ from company to company, there are certain common elements that must be considered. Generally, most frameworks have the following elements:

  1. Customer experience
  2. Operational activeness
  3. Culture and leadership
  4. Workforce enablement
  5. Integration of digital technology

Benefits of Digital Transformation

A practical outlook for choosing anything new demands a better knowledge of its benefits. The same is true of digital transformation. We have listed out four benefits of digital transformation that will give you some clarity:

  1. Betters efficiency and effectiveness: When you transform your business, it involves the implementation of technologies like AI, which enhances productivity and reduces errors. This also increases the general speed of working. In this way, the overall performance of your business becomes better, and you are placed in a better position to compete with your competitors.
  2. Improves engagement with stakeholders: Better processing of data helps you make smarter and quicker decisions. This in turn helps you predict the needs of major stakeholders like your customers, employees, and business partners. When you know what these people desire, you will be able to make improved decisions, which will have a positive outcome for your company.
  3. Enhances activeness and responsiveness: With this transformation, the basic capabilities of your business are directed towards supporting change. This improves responsiveness to dynamic markets and makes the overall work more active. It is essential to respond to the changing demands of the market as well as the stakeholders, and most importantly, be active with them.
  4. Ability to innovate: The process will also provide you with the ability to innovate through experiments and updated technology, with reduced chances of risk. You can experiment with newer ways of doing things and, in the process, innovate newer techniques. This will result in better performance for the company.

Most Important Aspects of Digital Transformation

No matter how hard you try to digitally transform your company, it can all go in vain if you do not focus on some key aspects. Therefore, if you want your process of transformation to be successful, you must focus on the following aspects:

  1. Digital Twins: These are essential for digital transformation because they make the possibility of experimentation a reality. They are responsible for the collection of all the data that makes the overall functioning of your project better. With the ability to experiment, you will be able to innovate newer ways of doing things and ensure better results for the company as well. Also, it can help to improve collaboration and communication across different departments and stakeholders enabling teams to work more effectively together, share insights, and make better decisions.
  2. Privacy: It is important to prioritize security and privacy of your key stakeholders as well as your firm. To be sure, no employee or consumer will be in favour of such a process at the behest of their privacy. Therefore, you need to take into account this aspect and establish a set of rules to adhere to.
  3. Culture: While the initial stage of digital transformation might involve resistance to change, you must address this problem. A change of culture becomes easier with a change in leadership. Try to find a better leader for the project, who will guide it efficiently. It is important to keep expertise above seniority.
  4. Augmented Intelligence: This is a step ahead of artificial intelligence, as it does not involve replacing humans. It merely works in consonance with AI. It will guarantee better results for the overall performance of the company and help you achieve your goals quite easily.
  5. Digital Product Management: It is crucial to design products which serve the needs of the customers. Your main aim is to prioritize the people involved and therefore, you should have knowledge about your business and cater to the needs of its consumers.

The 3 Key Areas of Enterprise Digital Transformation

Just like aspects, there are three areas that are instrumental in making the enterprise digital transformation a success. Here is the list of the key areas, as defined by MIT Sloan Management Review, that you should attend to:

  1. Customer Experience: You must prioritize your customers and serve their interests. For this, you can try to understand their needs.
  2. Operational Processes: You can automate the internal processes of your business to ensure better results and efficiency.
  3. Business Models: A transformation must always encompass business models, which can be made digital instruments of change.

Digital Transformation Drivers

Digital transformation is mainly driven by technology, or to be more precise, it involves the use of updated technology. The process requires innovation through experimentation at large. It is important to understand that constantly using outdated technology restricts the overall functioning of your business.

When you enable newer technology, it makes the working of your business faster, less time-consuming and more efficient. It becomes crucial to understand the relevance of technology. Old and outdated technology remains rigid and does not provide enough elbow room for you to transform yourself. Therefore, you must begin with the transformation for a better version of your business.

COVID-19 pandemic and Digital Transformation

The COVID-19 pandemic escalated many facets of digital transformation. Around the world, during the pandemic, many organisations were forced to limit employees, partners & customers. According to a survey in October 2020 by McKinsey & Co, a management consulting firm, there was an increase in remote work and collaboration, cloud computing and advanced technology in operations.
According to a technology export Paul Kirvan pandemic has had an impact on digital transformation in many other ways. Some of the examples cited below ;

  1. More use of customer-friendly apps during lockdowns.
  2. Expeditious use of the e-commerce platforms.
  3. Shift in the supply chain.
  4. Use of AI in data analysis.

How to Enable Digital Transformation?

Enabling digital transformation is not a very difficult task but, many companies get confused about where they should be starting from. You may want to refer to the following points to clarify your doubts:

  1. Consider it a transformation: You must begin by identifying the problems faced by your customers and try to find solutions for them. This is just a transformation, where you are climbing up the ladder. It will guarantee better results and improve the functioning of your business.
  2. Strategy for organizational change: You should have a clear roadmap in mind about how you will be going about the entire process. Develop a strategy and start working! If you do not have a strategy, your project is bound to fail. So, it is considered ideal to first strategize, and then invest.
  3. Remove obstacles: To enable change you need to know the obstacles that your customers are facing and then, resolve those issues for smooth functioning. The moment you remove these obstacles, you will experience a change in the performance of the company, and a rise in customer satisfaction.
  4. Understand your partner’s demands: Most business partners want new sources of growth and to make their operations efficient. This is what you must keep into account. Ask your partners what they expect out of this project, collaborate with them for better results and communicate efficiently.
  5. Choose an active method: If you want your transformation to succeed, you must choose an approach that is active and allows experimenting and innovating. There is no point in adhering to a dull or lazy approach, guaranteeing nothing much in return. An agile method will ensure better results.
  6. Consider it an investment: You should think of this process as an investment and then, fund accordingly. When you do this, you will be able to innovate more and more and transform your business. With better investment, you will also be able to spend judiciously on things that matter.
digital transformation is required to add value to the business

Digital Transformation Strategy

When you are going to start with something new, it is always considered wise to prepare a strategy. This not only makes your work easier but, also reduces the possibility of major risks. As a company, you must focus on the following:

Business Strategy

Digital transformation makes technology the centrepiece of your everyday functioning. In this manner, you can reduce the possibility of risks and inefficiency. This further unifies your business and helps you focus on the future course of action for your business. Therefore, it is important to choose the correct technology for it.

Realigning Operations

If you want to succeed in digital transformation, you must adopt newer ways of carrying out the processes of your business. It is crucial to keep the needs of your customers into account and try to improve customer service. This is because happy customers lead to better business outcomes.

Being Active and Innovative

The major idea is to be active and innovative in whatever you do and therefore, it is crucial to incorporate practices which make this easy. The use of technology through digital transformation can really be a saviour along with the understanding that change is necessary for the smooth functioning of your business.

Flexibility

It is important to also be flexible in your approach. Do not just refer to one idea or technology; rather, keep your options open. A flexible approach will help you decide and innovate accordingly, thereby guaranteeing better results.

Change Management Plan

Digital transformation is a process that will require changes at almost all levels of the organization. Therefore, you need to be prepared for it, as it will demand massive changes at the level of the workforce as well. This will enable your business to become more efficient and speedier.

Examples of Digital Transformation

We have tried to illustrate the importance of digital transformation with the help of examples from different industries. We hope this helps you in situating yourself:

Marketing

Digital transformation works in order to find more customers when it comes to marketing. It tries to be as light on your wallet as possible. In the marketing industry, digital transformation proves to be beneficial in two major ways:

  1. Less expensive materials can be used for marketing, as everything becomes digital.
  2. It automates marketing and helps communicate with customers quite efficiently.

You can connect with your customers personally and solve their problems with the least amount of effort. It makes your task of popularizing your business or company much easier!

Sales

When it comes to sales, digital transformation saves the day by making data collection easier. This is an opportunity for you to explore new avenues to improve sales by dealing with your consumers on a one-to-one basis. To be sure, when each sales representative at your firm is well-equipped with data, their performance is bound to increase.

Moreover, digital transformation can introduce AI-driven techniques for sales. These systems can unravel information about the market from all sources and make sales increase. It makes innovation a reality

Service

In the service sector, digital transformation helps you prioritize your customers by catering to their demands. Their experience becomes fruitful when all your services are available on demand. It also acts as your service desk, which can be approached by the customers whenever necessary.

With digital transformation, you can employ self-service portals to make the environment more user-friendly and interactive. Moreover, the use of AI can facilitate the entire process and open new doors for the future of your firm.

Banking

Digital technologies make banking an easier task through which customers can access their money easily. It makes online transactions a reality, such that customers can transfer and receive money from practically anywhere. It facilitates the use of ATMs and cashless transactions. Moreover, senior citizens can also sit at home and access information related to their bank accounts easily.

Retail

The retail sector has also been impacted by the digital wave, through which customers can make use of e-coupons and ‘loyalty cards’ to save more with every purchase. Special discounts through vouchers have helped retail chains attract a large number of people as well.

Digital transformation helps these consumers access all offers and coupons digitally without fearing their losses. Moreover, the use of AI and IoT makes things easier in the long run.

Insurance

Through digital transformation, insurance companies can spread the word about their new offers and policies by SMS or email. It has made the task of popularizing new schemes easier. Also, customers can now access all their data and enjoy the benefits of their chosen policy with just one click. It has also made the buying and selling of policies digital.

We have elaborated on the 7 key trends in digital transformation that are driving the industry. You may refer to these and choose the one that suits you.

Digital Adoption Platforms

This can simplify your process of digital transformation. These platforms help your customers access training and guidance, which is practically available on demand. It is a modern way of learning how to do things efficiently. Digital adoption platforms guarantee the following benefits:

  1. Speed up the hiring of new employees.
  2. Reduce training costs

To be sure, a lot of digital adoption platforms provide you with a convenient way to learn the updated technology with the help of one-on-one videos and other user-guided stuff. This is the best way to help your employees understand the functioning of the new technology without wasting time and money on offline training sessions.

AI Assistants and Data

Another trend is the growing use of AI assistants, which can help increase your sales drastically. These help you keep track of all your data by filtering out the repetitive and unnecessary ones. In short, you only access data that is relevant and fruitful. A lot of companies equip themselves with AI assistants, which provide detailed insights about trends in sales and also monitor customer behaviour.

Currently, online sales are becoming quite popular with a large portion of consumers opting for buying whatever they desire. This is why digital transformation becomes important. The growing market is an opportunity for businesses to introduce visual search, which helps customers scan stores from the comfort of their homes.

Visual search has some key benefits, which have been listed below:

  1. It lets customers upload photos and explore similar products.
  2. It helps users identify several items in a single photo.
  3. It reduces the need for specific search terms, making their experience better.
  4. It provides personalized recommendations.

Robotic Process Automation (RPA)

RPA tends to copy the actions of humans, like robots, and carry out all your work with practically fewer mistakes. The software helps you in the following ways as well:

  1. It processes data across systems.
  2. It reduces errors caused by the manual entry of data.
  3. It reduces labour costs associated with low-value work.

If you want to reduce errors and free your employees from repetitive and burdensome work, you must opt for RPA. This will help your company become more efficient and deliver quality work for its progress.

Mobile Healthcare Apps

This technology can help you improve the patient experience drastically. A lot of patients require 24×7 assistance or maybe, the ability to discuss their problems with the doctor, even when they are not physically present with them. This is where mobile healthcare apps help you out. These apps help you with:

  1. HIPAA-compliant secure messaging.
  2. Better communication, medical records and billing records among others.
  3. Tele-medicine services.

Self-service Banking

With this trend, online banking and services are becoming a reality. This is being facilitated by the use of online portals and applications. These prioritize the customers and provide them with details about their bank accounts, much like an online passbook carrying details of all savings and spending.

This is more self-service banking, through which customers can navigate through the app in order to access information without relying on a bank representative. To be precise, it reduces their effort and works on improving their experience.

Personalized Training with AI

With the help of AI, each employee gets personalized training, which is suited to their needs. In this way, they can learn how to use newer technology at their own speed, through one-on-one training sessions and videos. The basic idea is to personalize the learning material, to suit the different learning patterns of employees.

Challenges and Mitigation

The process of digital transformation involves a few challenges, which can be taken care of by using a little wit. We have elaborated on these challenges in the subsequent sections.

Digital Transformation Challenge

Some major challenges for digital transformation, resulting in its failure, are a lack of leadership, a communication gap between the stakeholders, and not prioritizing people. Another major reason is over-expecting. If you are expecting this process to completely transform your business and result in massive change, you are definitely leading yourself nowhere.

It is also important to understand that always trying to reduce costs, which a lot of people consider to be a driver of the process, is completely vague. Try to identify the loopholes in your business to mitigate such challenges.

Reasons for Digital Transformation Failures

Digital transformation can often fail to give out the expected results because of certain shortcomings. We have mentioned three main reasons why such projects fail:

  1. People: You must prioritize people, one of the six pillars of digital transformation. It is essential to keep their expectations in mind during the entire process.
  2. Poor communication: Communication is key when it comes to any project. Ensure that your team is not hesitant in discussing its issues and that there is proper dialogue.
  3. Lack of assessment: : It is important to define the end goal to assess the success of your project. If you know what you expect out of the project, the assessment will become easier.

Mitigating Hidden Risks

Four areas in digital transformation involve risks, and we have listed them down for your help. We have also elaborated on how these hidden risks can be mitigated.

Multi-cloud/Hybrid Infrastructure

When you store your data in some cloud-based system or even a hybrid system, you unlock the risk of its leak. It might also result in data loss and disrupt the privacy policy of your business. Such technology can therefore be risky as well as stressful for your company. It is considered wise to have a backup of IT as well as legal experts who can mitigate the risks involved.

Online Supply Chains

In order to increase productivity as well as sales, one is bound to make use of technology in the form of digital supply chains. While this can really help reduce time and make your work efficient, it can also lead to data losses. To mitigate this risk, you can develop an elaborate contract with your partner, thereby securing a legal backing. Cybersecurity is also a good measure.

Internet of Things

A lot of companies are increasingly using IoT technology to keep a track of whatever goes on in their business. It helps you monitor the performance of your business and guarantees efficiency. However, this increases the risk of hacking and lets third-party devices use your data in the wrong way. This can be solved by coordinating with the device manufacturers and keeping the same up-to-date.

Automation

While automation promises to reduce the effort and time you would be putting in otherwise, it carries with itself a few risks as well. Major risks involve hacking, data losses and even the inability to meet expectations! These can be resolved by setting realistic expectations, coordinating with the providers and drafting an agreement that gives you a legal backing.

Criticism

Everything has certain merits as well as demerits, and the same is true of digital transformation. It has been criticized by experts for a variety of reasons. While it is true that digital transformation has become the talk of the town and is gaining popularity; however its usage as a term is rather broad. This is the reason why its meaning and usage are becoming vague nowadays.

It is considered a huge part of the IT sector. But the truth remains that it is not the only part of it. Most IT experts are indulged in stuff like programming and coding, and not digital transformation. Also, digital transformation is considered by critics, to be merely the means of making one’s business more efficient and not something that plays a decisive factor.

The 5 Key Areas for Digital Transformation

While digital transformation is quite important as a whole, there are 5 major areas you need to focus on. These can be beneficial for the entire company, if taken care of.

  1. Determine a strategy: If you want the overall performance of your1. company to improve, you need to draft a strategy. This strategy will be a roadmap for the entire process, which you will be following. When you have a strategy in mind, things will become relatively easy.
  2. Support insiders: Rather than bringing people from outside to lead the process, you can rely on the insiders. These people know your business better than anyone else, and therefore, they are always a better option.
  3. Customer experience: You must prioritize your customers in the entire process and ensure that they are involved in the process. You can collaborate with your customers and ask for their input.
  4. Fear of being replaced: Adoption of newer technology brings the threat of being replaced in the minds of the employees. You must recognize this fear and help them understand that their apprehension is not true. Help them understand that you are with them and that this change is not a threat.
  5. Silicon Valley start-up culture: This means that the work culture at your company must become more active, speedier and efficient. You must begin with the decision-making aspect.

Future of Digital Transformation

The future of digital transformation is incredibly promising. Digital technology is becoming increasingly valuable for businesses as they gain greater access to data and more powerful analytical tools. This is allowing them to improve their operations and discover new growth opportunities.

It is also important to understand the next step in digital transformation. However, before you begin, you should know the five truths about digital transformation:

  1. It is not digitalization.
  2. It is not a strategy.
  3. It lacks a fixed duration.
  4. It is difficult yet important for your business.
  5. It is more about upgrading the way you strategize.

To ensure that the future is fruitful, you must focus on lessening the communication gap within the company. It is crucial to construct an environment that lacks hesitancy! Moreover, there are four ways to lead your digital transformation:

  1. Spend a lot of time strategizing: You may strategize about what you want the process to do for your company. As per the Center for Management and Organization Effectiveness, a good leader spends 25 minutes everyday on drafting a strategy.
  2. Do not prioritize compliance: A lot of companies try to prioritize compliance with regulations over strategizing. You must understand that this approach leads you nowhere. Therefore, avoid falling into this trap as strategy is intrinsic to such a project.
  3. Avoid worrying about uncertainties: The beauty of any project is its uncertainty. You should acknowledge this rather than ignoring it, or worrying about it.
  4. Personalize messages: When you personalize your messages and order, the employees and customers feel a form of connection with the project. This can be beneficial in the long run.

Case Studies

Here are few inspiring digital transformation case studies to consider when undertaking transformation projects in 2023

Amazon

Amazon, an online retail giant, is an example of a transition with a vision to embrace B2B by creating a holistic market. This was done with the aim of improving and enhancing the customer experience. By leveraging digital technologies, Amazon could tap the B2B wholesale market valued between $7.2 and $8.2 trillion in the U.S. Also, Amazon was able to optimize and automate the different processes and offer personalised products and customer experiences.

Netflix

The company transformed & revolutionized itself from a DVD rental-by-mail service to the most popular digital video content provider. By investing heavily in technology and data analytics, Netflix was able to personalize its content recommendations, deliver high-quality video streaming, and scale its service globally. As per records, Netflix added a record 36 million subscribers directly after the start of the COVID-19 pandemic and is currently number one in the US.

Domino’s Pizza

Domino’s Pizza’s popular pizza chain has transformed its business model by intervening with digital technologies. By investing in online ordering, mobile apps, and delivery tracking, it becomes easier for customers to order and receive their pizzas. This enhanced the customer experience and also helped to increase sales and make their operations more efficient.

Starbucks

Domino’s Pizza’s popular pizza chain has transformed its business model by intervening with digital technologies. By investing in online ordering, mobile apps, and delivery tracking, it becomes easier for customers to order and receive their pizzas. This enhanced the customer experience and also helped to increase sales and make their operations more efficient.

Frequently Asked Questions

What is the cost of digital transformation?

To be honest, digital transformation is costly; however, that is just a one-time investment. Once you have completely employed it, you will be saving a lot. There is no specific cost, as it varies from company to company. As per trends, businesses are expected to spend over $2.3 trillion by 2023.

How can I measure the ROI of digital transformation?

It is important to assess the ROI of your project, which can be done in three easy steps:
1. Begin by setting objectives and what you expect from this project.
2. Determine key performance indicators for your project.
3. Keep a check on the growth or progress every now and then.

What are the pillars of digital transformation?

Experiences: This is the experience of your customers as well as your employees. It is essential to ensure that their experience is fruitful. Therefore, you should prioritize the two.
People: It is important to keep the people who are going to use this technology into account. You must serve their interests by keeping in mind their demands.
Change: All transformations result in change, and therefore you should look forward to it. You can make use of the change management plan that you have always been using and keep the important parts of it.
Innovation: Under this, you will be innovating new stuff through technology and experiments. This will lead to a more efficient setup for your business.
Leadership: You need an active leader who acts as the guiding light for the entire team and provides it with the direction that it needs. A good leader will make things easier throughout the process.
Culture: You must always go for a people-first approach and prioritize your customers and employees for a successful transformation.

What are the stages of digital transformation?

Generally, there are six stages of digital transformation:
Status quo: This is the present condition of your company.
Active: It is the time of active experimentation and trials. Here, you are required to be as creative as possible.
Formalized: This is the formal stage of the transformation when everything is official.
Strategic: Here, all the departments in your company will be collaborating and working on a strategy for the future course of action.
Converged: In this stage, you should bring together a team that will work out the entire process and ensure its success in the long run.
Innovative and flexible: This is when the digital transformation has become a part of the functioning of your business completely.

Conclusion

In this blog, we have discussed the process of digital transformation. We have tried to include every single detail about it, ranging from what drives it to the key trends in 2023. Digital transformation is a process that requires time, patience, and investment, but it ensures that your business becomes faster and more efficient once it is incorporated into it. We hope this information helps you with your future projects!

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