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Blog
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5 KEYS TO DIGITAL TRANSFORMATION
Introduction
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- As the pandemic compressed ten years of digital growth into two, every company in the digital world has become a tech business now and yearns for digital transformation. However, as happens with fast-growing trends, everybody talks about it here and there, but what precisely digital transformation (or DX) is and how it boosts business growth in the new realities, only few can tell.
To make it straight, GitMax prepared a "5Ws" guideline about DX, which will help you to delve into the topic and find the answers you are most likely searching for now within your changing business strategy.
What is digital transformation?
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There's a common belief that digital transformation implies incorporating new technologies into the everyday core business of the company. In practice, such an idea is misguiding and can lead to severe challenges for the organization. Solely using blockchains, AI or robots hardly puts your company on the digitizing path. Pieces of the digitization puzzle are technologies, but the binders of it are still people.
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The core of digital transformation lies within workflow reconsideration. In other words, how to implement modern technologies and data analysis in day-to-day employees' activities to make customer communication more efficient.
- As you can see, digital and data here are transformation tools rather than an end in themselves. The goal of the digital transformation, after all, is as simple as that - to enhance business efficiency: by spending less, earning more, and outdistancing not only competition but also themselves from yesterday. It is also important to fulfill the employees' potential to reach these goals because they are the ones who interact with the clients and use the software developed while digitizing the business and implementing transformation strategies.
Digital transformation is a revolutionizing transformation of the organizational management model.
What is this transformation for?
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To get a bigger picture, think about your clients for a second. With the technologies becoming more advanced, the clients become more and more demanding. A lot of business processes accelerate a dozen times, while some of them fade away as they are no longer required. These have become the new normal in the business world, and companies have to correspond to them. Think of the film fans who used to go to movie rentals weekly to get a film and how this process changed within a decade when you can get a new premiere in a few clicks without leaving your house.
- According to BCG, within a few years, a project-based approach coupled with using data-driven solutions, machine learning, AI (artificial intelligence), cutting-edge communication tools, and productivity tracks will become an essential attribute of any modern and reputable company in any industry.
- Even if your business is viable enough at the moment, with such a rate of technological growth, there is a possibility that it won't be next year anymore. The ability to adapt and do it fast under the ongoing digitization in the world is the key competitive advantage that should be borne in mind by any company. And the quicker you join this race, the better. Digital transformation can (and will) do a big favor for your team, your corporate culture, and productivity in general.
Spheres involved in the process
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Digital transformation covers all sectors.
- Think about it - in everyday life, we need about three clicks to order a cab, we leave the tips in a cafe via QR-code, to get an appointment to almost any place we use our smartphone and modern services. In the professional sphere, the story is the same. Workers no longer have to move weights of hundreds of kilos during their shifts due to exoskeleton assistance. Crops are fertilized via drones; almost anything can be printed on a 3D printer. Screenings of the candidates are conducted by an AI engine, saving time and effort.
As can be seen, technology development alters not only the IT sphere but also other industries like manufacturing, construction, transport, banking, e-commerce, agriculture, hospitality, and even healthcare, education, and public administration.
It is more than likely that DX affects your company as well.
Digital transformation benefits
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Let's get down to one of the most important questions about digital transformation - how would it affect your business?
Improved customer experience
Customers are one of the main digitization drivers. They conduct daily interactions with governmental and commercial companies, most of which have already started transforming their organization. In these cases, the client recognizes that technologies make the business processes run simpler, faster, and smoother, thus, they expect such improvements from other organizations they interact with.
Digital technologies enable companies to arrange the most personalized interaction with clients, which they appreciate and prefer. Digital communication channels, omnichannelling, AI, robotization - we face these technologies all the way around in our everyday life. For instance, the digital transformation of the banking sphere couldn't go without chatbots, while the pharmacy industry actively uses cutting-edge mobile apps.
What's also implied under customer experience is not only external engagement but also internal clients. Digital transformation of the internal processes optimizes the workflow of the employees, which results in the productivity growth of each team member. For example, automating routine operations grants more time for solving more complex and important tasks.
Digital technologies enable companies to arrange the most personalized interaction with clients, which they appreciate and prefer. Digital communication channels, omnichannelling, AI, robotization - we face these technologies all the way around in our everyday life. For instance, the digital transformation of the banking sphere couldn't go without chatbots, while the pharmacy industry actively uses cutting-edge mobile apps.
What's also implied under customer experience is not only external engagement but also internal clients. Digital transformation of the internal processes optimizes the workflow of the employees, which results in the productivity growth of each team member. For example, automating routine operations grants more time for solving more complex and important tasks.
Flexibility and acceleration
"Delays have dangerous ends" - a famous quote by William Shakespeare. Even though centuries have passed, It cannot be more topical during the digital economy era. If the organization does not take advantage of modern technologies and adapt to the ever-increasing pace of business and its particular operations, then the competitors will.
To become successful, you need to act fast and be flexible: be able to adjust not when there's an opportunity but when there's an urge to do so. Digital transformation of business processes is oriented to create such tools for the companies so that the decisions are made fast; the workflow can be altered in response to the current situation to meet customers' needs.
To become successful, you need to act fast and be flexible: be able to adjust not when there's an opportunity but when there's an urge to do so. Digital transformation of business processes is oriented to create such tools for the companies so that the decisions are made fast; the workflow can be altered in response to the current situation to meet customers' needs.
Innovative business opportunities
Digital transformation paves the ground for the development of organizations using innovative ways:
These and many other technologies cut the barriers to entering various economic sectors.
Launching and developing your own business became significantly easier due to multiple tools provided by digitizing industries and organizations.
- Cloud technologies allow multiple teams to work on the same project and make the most of the company's resources;
- Using the Mobile First strategy, companies receive and monetize mobile data traffic, which has already reached traffic metrics from stationery devices.
- Ready-made solutions provide time for solving other business tasks. Various apps, extensions, and connectors optimize the workflow and take minimum time for implementation and customization.
These and many other technologies cut the barriers to entering various economic sectors.
Launching and developing your own business became significantly easier due to multiple tools provided by digitizing industries and organizations.
Big data technologies
Information is the most valuable asset in the modern world. Every second, humankind generates thousands of gigabytes of digital data, which not only takes the repository place up but also assists companies in running their business. But, of course, it has to be accumulated, structured, and analyzed to make this information useful and make the most out of it.
Digital transformation advances this process through innovative technologies like Big Data or AI (Artificial Intelligence). They are dedicated to processing information data which then can be used to come to specific business decisions, adapt the offers for each client, and forecast their behavior.
Digital transformation advances this process through innovative technologies like Big Data or AI (Artificial Intelligence). They are dedicated to processing information data which then can be used to come to specific business decisions, adapt the offers for each client, and forecast their behavior.
Partnership and collaboration opportunities
It is pretty impossible to imagine modern business without partners. Another benefit of digitalization is that it broadens the cooperation horizons with other companies and blurs the various boundaries. For instance, modern technologies turn businesses global for all purposes - you can run your business and find partners from anywhere in the world. Meanwhile, an open API makes cooperation even more convenient, e.g., in the fintech industry, specifically banking, programmatic interfaces have already been used for several years.
Moreover, businesses cannot become the best or work with the best without digital transformation. Top companies have already been implementing digital strategies and are eager to cooperate with the companies which share these transformations and are on the same level.
Moreover, businesses cannot become the best or work with the best without digital transformation. Top companies have already been implementing digital strategies and are eager to cooperate with the companies which share these transformations and are on the same level.
Conclusion
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Digitalization has reached more or less every business sector, and it is still just the beginning. Those organizations aimed at fruitful development and growth have no option but to take up this challenge of the modern economy which will get them to the top. And that's what digital transformation is for.
Healthcare industry
For instance, we can observe the rapid digitization of the healthcare industry. Cloud services that store Big Medical Data (test results, lab reports, medical imaging, etc.), telehealth, remote patient health monitoring tools, and mobile apps for doctor search completely change the attitude to medical care.
Education
Another example is digital education transformation, which implies digitalizing processes and products to improve the teaching and learning experience. Every school has an interactive board and daily trackers; teachers actively use social media to stay in touch with their students, give them feedback, or assist with some tasks. A wealth of data about the students was enabled to be collected and analyzed by schools to monitor and enhance students' performance. AR/VR technologies can create interactive and virtual environments for students and help them better engage with the subject. Technologies give an opportunity to use new methods in the educational process which were not available before and foster the process.
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