What is Digital Transformation?

Simply put, digital transformation (DX) is all about using technology to reposition a business in today’s digital economy, drive value and make it future-proof.

DX often differs from one organization to other, because every business is unique in its own ways and thus, it’s no ‘one-size-fits-all’ concept. The meaning of digital transformation is specific to every organization.

Yes, digital transformation can appear very different to a business depending on the industry it operates. Though there is no standard blueprint, the most common denominator is addressing a problem with digital technologies. For a good number of businesses, building a website is the most common first DX project. But then again, some websites just serve the purpose of displaying a company’s information, and there are websites that besides offering company info provide a personalized experience to the users.

For example having a website with a built-in AI powered chatbot to respond to some of the most common concerns/queries of visitors simply make that website stand out from the rest. This is digital transformation wherein you automate and digitize an existing manual process to save time and drive user experience using a cutting-edge technology.

The word ‘Digital’ infers the pace of change that we see in today’s business landscape driven by rapid adoption of novel technologies. Whereas the word ‘Transformation’ infers an organization ability to change, reinvent and innovate.

Transformation is the byproduct of innovation i.e. creating new business models, services and products. And these innovations are favored by the end users and/or customers that have a direct impact on a business.

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A capable engine with multiple milestones


Consider a business implementing a new online ticketing customer support system to replace manual admin task aimed at speeding the entire process whilst driving customer experience.

Now imagine a scenario wherein we removed the need for having a support query process entirely, because an AI-powered bot identified and fixed the problem before it actually occurred. Now that’s innovation and a game-changer!

Such a smart and intelligent solution would not only transform the business, but will also delight its customers and contribute right away to the bottom-line. Imagine a business model that churns out guaranteed uptime rather than rapid response to downtime. That’s innovation, that’s digital transformation!

Benefits of Digital Transformation

Benefits of Digital Transformation

  • Improved operational efficiency
  • Improved business continuity
  • Digital Front Door
  • Advanced threat intelligence and cybersecurity
  • Process automation and paperless administration
  • Data-driven and intelligent insights (business intelligence)
  • Improved asset monitoring and management
  • Reduced production costs
  • Faster time to market
  • Improved and personalized customer experience
  • Improved product/service delivery quality
  • Create new revenue streams
  • Tame compliance and regulatory costs
  • Agile and Connected business

Do I need digital transformation?

Do you have questions such as:

  • Where do I get started?
  • How do I engage all the stakeholders in my DX project?
  • What are the current challenges/pain areas that you want DX to address?
  • Can I start taking orders from my website?
  • Can I link my inventory system to my order system?
  • Can I improve my organizations collaboration with better office tools?
  • Can I go paperless by automating my paper-based processes?
  • Can I offer uber-personalized experiences to my customers?
  • How can I make sure my business stays operational in case of emergencies/crises?
  • How do I do a better job of tracking my assets or truck fleet?
  • Can I align my DX strategy with my business priorities for rapid ROI?
  • What are the areas or operations that would start creating value immediately?
  • How do I measure or assess the risk factors?
  • How do I measure the ROI from my DX investments?
  • Do I have the right technology skills and resources to start my DX initiative?
  • How do I provide more relevance and meaning into the lives of my customers/partners?

Digital Transformation vs. Digitization vs. Digitalization

You might have come across the terms digital transformation, digitalization, and digitization quite often. Well, we tell you they’re not the same as they sound, as each one has a different meaning and purpose.


Digital Transformation (DX)

DX is transforming the way you do business. It’s about transforming everything that you do from internal/existing systems to customer interactions and much more. One of the key elements of DX is to leverage the true potential of a technology or capability.

Digitization

Often mistaken as digital transformation, digitization is the process of converting the data stored or locked in physical documents i.e. from analog to digital.

Digitalization

Digitalization on the other hand is the process to use digitized data in order to work more efficiently.

Digital Transformation Examples

Wondering about some cool digital transformation examples and scenarios? Here are few handpicked ones:

1. Porsche puts Customer Experience (CX) at the heart of everything they do Porsche positions its customers first. The auto firm invested in technologies to understand their customers. They’ve adopted a digital approach wherein they collect customer information into a powerful AI-based CRM system and document every single customer interaction. Now, this data helps in real-time segmentation as well as predictive intelligence. Result – they contact only those customers that are actually interested to purchase a Porsche leading to significant boost in sales conversion.
2. DBS goes mobile-first DBS rolled-out a mobile-only bank application called DigiBank. The solution uses cloud technology that is built atop the AWS servers (Amazon Web Services). This not only empowers their customers, but also helps them offer personalized offers and services.
3. Virtual Assistants or Chatbots/Bots MedWhat is an intelligent chatbot that helps in faster medical diagnoses for both caregivers as well as patients. Think of this chatbot as your personal WebMD that you can actually talk to. Powered by advanced machine learning algorithms, MedWhat offers accurate responses to questions of its users based on their behaviors that it learns over time by interacting with them.

Did you know?

According to Gartner, 20% of all patient interactions will include some form of AI or chatbot technology within nonclinical as well as clinical processes.

Can’t see your industry? Click the tab below to check out all the industries


Industries BFSI to Healthcare - Transforming Multiple Enterprises
Across the Multiverse of Industries

Here’s what a digital transformation framework looks like:



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Getting started with DX on the right foot!


No matter how well-informed, simply jumping into a DX project won’t yield the benefits you are looking for. To improve your odds of success, Futurism recommends you to kick start your DX journey in small steps, which are prioritized on the basis of business needs and the ones that can yield rapid ROI. This systematic and approach paves way for an iterative and self-funding digital transformation experience leading to long-term success and better results. The digital transformation roadmap is specific to every business. It depends on various pain points and challenges that a business is enduring from. This is why we recommend asking these questions to yourself:


Top DX trends shaping DX in 2021 and beyond


Macro technology
Digital experience, business intelligence, cloud, virtualization, cognitive, blockchain, etc.
Digital twins: Bridging the physical and digital gaps
IoT and IIoT
Multi-Cloud
Artificial Intelligence & Automation
Microservices
Cybersecurity

Futurism has more than two decades of DX experience.


We can help you get aboard a meaningful DX journey for your business and customers. We are not just another IT services company around the block. We at Futurism take great pride in our expertise to collaborate with our clients and provide a meaning to their digital journey. Whether your journey is an evolution or a revolution, we can help you stand out. 

Wondering how to kick start your digital transformation journey? Get in touch with us now.




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