Evolution of Industries through Digital Transformation
The world is moving digital; it has been for a while now. The move may have felt static for a while but not anymore. Digital transformation is permeating into our spheres of life at a much faster rate than we could have anticipated 10 years ago. It is not only in our businesses, but in our homes and even in the sustainability of healthy eco-systems. Digital Transformation is credited to the creation and development of new business designs and industries as a whole.
This begs the question, what is digital transformation? As a paraphrase, digital transformation is the actual integration of digital technologies and trends, into all spheres of business with the aim of changing how your business operates and delivers value to its customers. It seems like a grounded reason as to why any business would like to transform. However, digital transformation has not been met with a great responsiveness.
If anything, older companies seem to be more rigid to digital transformation than startups are. One would argue that, older and more established companies have nothing to lose but the society is dynamic and so are its needs. As a people change, so must systems change. As reported by IDG (International Data Group) 2018 report, the transition in more established companies tends to be more cautious and methodical.
Over time, digital transformation has become much more than improved customer service, increased efficiency and the undeniable business transformation. Embracing new digital trends often leads to better understanding of your customer preferences and better talent management within the organization. In fact, it has been noted that companies that have embraced digital transformation often receive more volumes of job applications.
Startups have taken the greater percentage across all scopes of industries to incorporate digital transformation. The service industry tops the industry list with a whopping 95% as of 2018 followed closely by the financial industry at 93% as reported by IDG. The health industry is also catching up well making it very easy for patients, health workers and caregivers to work as an organism. Digital transformation should therefore, be viewed more than just the ability to make monetary conversions but also making developmental changes within the society.
The most popular technologies applied in our workplaces during the digital transformation process are: Analytics, Mobile Tech, Private and Public Cloud. It should be noted integration of these systems is very people centric. One cannot roll out a plan without investing in the training of their staff. Most organizations are still stuck with having the brilliant idea of embracing the digital transformation but having a staff that is ill equipped to work with the systems set in place. Evolution of any business and the industry thereof will be out of the outflow of a well-equipped staff to understand what digital transformation is and how it aligns to your organization’s business’ goals.
Inevitably, industries are and will continue to be changed by digital transformation mainly because of changing business needs and the new work force that is churned out from universities. This group is already equipped with digitally transformative ideals at a very tender age. One is left to wonder what is the unexpected digital change we expect to see 10 years from now given the rate at which digital transformation has caused a shake-up in our society in barely 10 years?
Challenges and Barriers to Digital Transformation
Despite the clear benefits, there are several challenges that industries face when undergoing digital transformation. One significant barrier is the high cost of technology implementation. Small to medium-sized enterprises (SMEs) often struggle with the financial burden of adopting new technologies. Additionally, there is the issue of resistance to change among employees who may be accustomed to traditional methods and reluctant to adapt to new systems.
The Role of Leadership in Digital Transformation
Leadership plays a crucial role in the successful implementation of digital transformation. Leaders must not only champion the adoption of new technologies but also foster a culture of innovation and continuous learning within the organization. They need to provide a clear vision and strategy for digital transformation, ensuring that all employees understand and are aligned with the organizational goals.
The Future of Digital Transformation
Inevitably, industries are and will continue to be changed by digital transformation mainly because of changing business needs and the new workforce that is churned out from universities. This group is already equipped with digitally transformative ideals at a very tender age. One is left to wonder what is the unexpected digital change we expect to see 10 years from now given the rate at which digital transformation has caused a shake-up in our society in barely 10 years?
Case Studies of Successful Digital Transformation
To illustrate the impact of digital transformation, consider case studies of companies that have successfully navigated this journey. For instance, Netflix transformed from a DVD rental service to a streaming giant through digital innovation. Similarly, Domino’s Pizza leveraged digital technology to revamp its ordering process, significantly improving customer satisfaction and sales.
Digital transformation is not just a buzzword but a critical shift that is reshaping industries worldwide. It requires a comprehensive approach that includes updating technology, retraining staff, and rethinking business processes. As we look to the future, businesses that embrace digital transformation will be better positioned to thrive in an increasingly digital world. Whether you are a startup or an established company, the time to start your digital transformation journey is now.
Fiona Waithira is a content writer. You can check out her blog on allthingsprecious.wordpress.com
