BusinessHABDigital business transformation examples: Digital transformation is not just another buzzword.
It’s a strategy that is now essential for organizations that want to stay in business.
In fact, digital transformation has become so important that Gartner recently named it one of the top 10 strategic trends that will impact organizations this year.
Think about how much your company has changed in the last 10 years as technology has become more accessible and widespread.
The Internet, smartphones, social media and other modern technologies have transformed many industries forever.
Businesses that don’t keep up with the pace of change risk going out of business — or being snapped up by a competitor who is quicker to adopt new technologies.
To compete in today’s market, businesses must change faster than ever before to remain competitive and avoid getting left behind.
Here are five examples of how companies are using digital transformation to their advantage:
5 Examples of Digital Transformation in Business
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Digital transformation is changing the way businesses operate by shifting the focus from operational efficiency to unlocking new opportunities and drive long-term growth. These digital transformations are happening across industries, and they’re having an impact on how businesses operate and grow. The pace of technological change has increased significantly in recent years, with the internet remaining a key driver of digital transformation. The widespread adoption of AI, blockchain, virtual reality (VR), and other emerging technologies is enabling businesses to streamline operations, increase efficiency, cut costs, and drive new revenue streams. These instances of digital transformation represent some of the most common ways in which businesses are leveraging technology to remain relevant in a rapidly changing world. Let’s take a look at five examples that you might not have known about:
Blockchain in business
A blockchain is a type of distributed ledger that is used to maintain a continuously growing list of records (blocks). It is an encrypted, tamper-evident, and decentralized digital ledger where transactions are recorded. Each block contains a set of transaction data, a timestamp, and a link to a previous block. The data in any given block cannot be modified retroactively without the alteration of all subsequent blocks and the consensus of the network. A blockchain can be managed by an organization or hosted in the cloud. Blockchain technology has the potential to transform business processes by reducing costs, increasing operational efficiency, and facilitating new business models. It can also be used to enhance data security, reduce risks associated with data theft or loss, and improve regulatory compliance. In fact, blockchain is one of the fastest-growing areas of technology, with annual investments reaching $1.7 billion in 2018. Blockchain is a prime example of digital transformation in business.
AI in business
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems. In the business context, AI is used to automate processes, make informed decisions, and improve customer experience. AI is designed to mimic human cognitive functions such as learning, reason, and language. The AI-enabled business transformation can be attributed to multiple factors, such as the availability of software tools and APIs, the growing adoption of cloud computing, and the abundance of open source data sets. AI is being used in a wide range of industries, including healthcare, banking, and transportation. So, AI has become an important part of digital transformation in business.
Virtual reality in business
Virtual reality (VR) is an artificial environment created by computers. It can be experienced through special headsets or other devices. The devices create a simulated environment that simulates physical presence in real or imagined worlds. VR is used to train employees and create new customer experiences. It is used in various industries including healthcare, real estate, education, and construction. VR is an important part of digital transformation in business.
Mergers and Acquisitions in business
Mergers and acquisitions (M&As) are a common strategy for firms looking to gain market share or expand their product offerings. These types of transactions can yield significant advantages for acquiring companies, including improved access to capital, internal synergies, and economies of scale. M&As are also a common way for companies to transform their operations. M&A represents a critical step in the evolution of a business from a startup to an established enterprise. M&As are an important part of digital transformation in business.
IoT in business
The Internet of Things (IoT) is the network of physical objects that have computing capabilities. The most common example is a smartphone, which includes sensors, a microprocessor, and connectivity. IoT is used to connect devices, machines, assets, and people. IoT is important for digital transformation in business because it can create new business models, revenue streams, and customer experiences.
Conclusion
Digital transformation is changing the way businesses operate by shifting the focus from operational efficiency to unlocking new opportunities and drive long-term growth. These digital transformations are happening across industries, and they’re having an impact on how businesses operate and grow. These instances of digital transformation represent some of the most common ways in which businesses are leveraging technology to remain relevant in a rapidly changing world. Let’s take a look at five examples that you might not have known about.
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