Business transformation refers to the ways that modern businesses, organizations and governments transform their businesses, organizations and products to meet evolving demands of users. It has became an essential element of connected capitalism since as early as 2015, when Robert Bosch and Gerardo Izquierdo launched the connected business research report.
In our view, the main goals of digital transformation strategic planning have moved from (hardware) technological transformation (the implementation of new technologies in an internal – and, increasingly, external – context) to the transformation of the very business model and stakeholders in partnerships, connected ecosystems and ‘the broader ecosystem of innovation’. In other words, the focus has moved from ‘a people-centric service delivery and sustainably managed ecosystem of value’ to ‘a human, connected and autonomous business ecosystem’.
Digital transformation is a path to enhance and improve business processes and functionality in different areas of the organization. Enterprise-wide digital transformation efforts focus on the creation of new business opportunities by enablement of value across silos or the consolidation of existing business units.
Among the digital transformation industries in the pipeline of the future, digital payments will be the fastest grower over the next three years, ahead of, among others, financial technology, manufacturing technologies and healthcare, to mention a few. It’s not just digital transformation that is becoming a key opportunity for enterprises.
The main challenge that organizations need to tackle is that there are many things in business today that are never mentioned when discussing a digital transformation strategy. Here are a few areas in business that can be changed dramatically by digital technologies and the resulting changes in customer behavior. The main effects of digital technologies can be seen in the customer behavior in several departments and areas, depending on the digital transformation process.
Those are some areas where digital transformation projects can make a real and tangible difference: customer experience and perception improvement in the case of customers and consumers; market & business modeling in enterprise business financial markets; process optimization in relation to business processes; customer service in the first contact; reengineering for the customer and the worker in the context of new digital technologies; cybersecurity; the list goes on.
Another major area where digital transformation projects have an impact on business is in information and data. It is good to remember that both data and information are essential for the growth and expansion of the digital economy. The definition of data has changed, making information one.
PeacockPower Management Limited 