Okay, you’re probably thinking that digital transformation is just another flash-in-the-pan business term. That it’s the buzzword of today and will be forgotten tomorrow. I’m here to suggest that this is not the case – and that organizations of all sizes need to embrace this term.
What is Digital Transformation?
Well, let’s start with a definition. I-Scoop defines digital transformation this way:
The profound transformation of business and organizational activities, processes, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future shifts in mind.
Let me put it in simpler terms.
Digital transformation is not simply about technology—it’s a business strategy that requires leaders to re-envision existing business models, and embrace a different way of bringing together people, data, and processes to create value for customers and capture new opportunities for organizations.
Digital transformation means re-envisioning how you:
- Engage your customers
- Empower your employees
- Optimize your operations
- And Transform your products
Enabling digital transformation strategies will allow your organization to grow, evolve, and meet the changing needs of customers, as well as capture new business opportunities.
What are the market trends forcing companies to think about business transformation?
- Customer engagement is evolving: Everyone is mobile, everyone is social; people trust opinions from their friends and peers more than they trust brands. And, it’s easier than ever to switch to a competitor. It’s a whole new world where the customer has control. Having a deep understanding of customers and the ability to create a compelling experience is critical to any company’s business strategy.
- Companies have finite resources, and productivity is critical for businesses to scale. 40% of workers’ productivity time is lost when switching tasks. This costs the global economy $450B per year. Companies are looking to embed productivity tools directly into business processes to save time and get more productivity out of their employees.
- Lastly, there is a new speed of business, and companies need to adapt. New technology is enabling new business models. To be successful, companies need to enable their people and processes to respond quickly to changes in the market to capture new revenue opportunities. Organizations embracing digital transformation generate an average of $100 million (or 8 percentage points) more operating income each year than those who lag behind.
What is clear is that better connected associates, integrated communication systems, the seamless exchange of data, and a re-envisioned business model will propel business growth.
Technology has transformed our personal lives with apps and services that are simple, intuitive, and deliver helpful assistance to improve our lives.
Unfortunately, in the past, some of the apps and services we used to drive business processes were difficult to use, try, and deploy. At KTL, we imagine a better world for business users everywhere. One where you can effectively engage with your customers, collaborate with team members, have access to the data you need to do your job and work when and where you want.