June 15, 2021 | Bitscape Team, Digital Transformation
We all know that getting out of one’s comfort zone is not the easiest thing to do, and not everybody is tech-savvy. But to keep your business relevant in this rapidly digital world and to stay competitive, digital transformation seems to be a must.
Digital Transformation is the incorporation of digital media within all the elements of a business, radically altering how you function and give value to your clients. Technological advancements that happen every day are the same for both small businesses and big enterprises. Thus, you need to find the best way to adopt digital transformation for your company.
Digital transformation allows a company to stay up with changing client needs and, as a result, survive in the future. It helps enterprises to compete more effectively in the economic environment that is continually changing because of technological advancements.
Digital transformation is also a cultural shift that requires firms to constantly challenge the status quo, experiment, and learn to accept failure. Although some business leaders feel that the term “digital transformation” has been overused, you need it even if you are not fond of it. Your business needs digital transformation to: rethink outdated operating patterns, explore, and be nimbler in the ability to interact with customers and competitors.
One thing to note is that digital transformation looks different for almost every company. Yet overall, its meaning and benefits remain the same. Let us have a look at the benefits of using digital transformation:
It draws in new talent, promotes system recognition, and piques the curiosity of specialized professionals.
But switching to online ways of working has been quite challenging for companies and even to survive during the recent COVID-19 Pandemic. “According to the May 2020 International Data Corporation (IDC) Worldwide Digital Transformation Spending Guide, spending on the digital transformation (DX) of business practices, products, and organizations continues at a solid pace despite the challenges presented by the COVID-19 Pandemic. IDC forecasts that global spending on DX technologies and services will grow 10.4 percent in 2020 to $1.3 trillion. That compares to 17.9 percent growth in 2019.”
Let us talk about real-life digital transformation services that boosted a company. Seven years ago, when Amazon came into the market, everybody thought that this company would no longer survive, and it was considered dead. But soon, the electronics store was converted from a place to buy CDs to a digital leader in technology thanks to a new CEO and a fresh digital approach. Rather than simply selling items, the company wanted to use technology to improve people’s lives. Now you must be wondering what company this is; let me tell you, it is Best Buy! Now, the company has a revenue of $43 Billion.
Did you ever think that a company as huge as Best Buy was almost dead seven years ago? But see the impact that digital transformation has on a company! Let’s take a look at another example:
In 2014, when Satya Nadella became the CEO of Microsoft, the corporation initiated a transition to cloud networking solutions. It shifted the focus away from traditional software and toward a more flexible cloud system that both individuals and businesses can use. Microsoft’s public perception shifted as well, from an antiquated or stagnant firm to a forward-thinking cloud offering. In the year 2019, The amount of money earned increased from $93.5 billion to $122 billion! Falling stock prices and rising competition from Apple and Amazon prompted Microsoft to rethink its strategy and become a more forward-thinking cloud business.
Therefore, digital transformation is no longer a choice; businesses must break free from their comfort zones, try to redefine themselves, and thrive in a world dominated by technological advancements. It is not only because of the Pandemic, but for the sake of the modern, technologically advanced era that we live in, digital transformation is a requirement. Be ready to accept change with open hands and digitally transform your business!
Happy transformation 🙂