The answer to what is digital transformation is simple… technologies are inserted across your business to drive fundamental change. The benefits are great:
- Increase efficiency
- Greater agility
- Higher value for employees
- Increased value of your products and services
- Greater value to shareholders
Every business’s journey to digitization is unique and there are many paths to follow. A retailer may introduce AI or enter the cloud to elevate customer experience. A logistics company might use machine learning to streamline their supply chain. A manufacturer can predict demand and make intelligent, informed decisions to shift production.
All of these are used today in every successful business across the world. However, beginning your transformation requires a new way of thinking, often starting from the ground up.
A couple definitions to know:
Digitization: Taking analog information and encoding it so that computers can store, process, and transmit such information.
Digitalization: the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.
Your digital transformation will require a shift from traditional thinking. For a CEO this isn’t always possible while running day to day operations. However, a CTO with the right experience and expertise can guide you through the digitalization of your business. They can unlock growth, generate employee innovation, and create your new digital business model. If you think your business is at the point where you need to digitize…