Two of the most reputable universities in America (even the world) made studies about digital transformation, as businesses thrive to survive in the world of technology. On a study conducted by the Center for Digital Business of the MIT (Massachusetts Institute of Technology) and the Harvard Business School, established the notion that only 1 out of 3 companies around the world has an effective (digital) transformation scheme.
What is it?
Digital transformation is the change that is related with the use of digital technology. It is also thought to be the third degree in taking on digital technology tools (digital competence and digital usage are the other two). Being the third and last degree, this means that before it is achieved a company or business needs to go through the other two stages to achieve it. In other words, in order to achieve a positive digital transformation, the company needs to have digital competence and the right usage of digital technology.
How will it impact my business?
Digital technology can bring your business to the next level. This is because it has a very wide coverage of fields that utilizes it. Here are some areas that you might improve on when you fully utilize digital technology to its maximum potential:
· Business activities such as operations, marketing, human resources, customer service and administration
· Business processes such as management, optimization and process automation
· Business model
· Relationship in the business ecosystem
· Assets: both tangible and intangible
What should I do to achieve it?
As stated above, in order to attain it you need to be digitally competent, and of course, you should be using digital devices correctly. In addition to that, a good digital transformation strategy must be planned ahead of time and should be executed flawlessly. The usage of machine learning algorithmsmust be studied as well to predict the market easier. On top of all that, marketing blogs and other marketing news sources should be considered and studied from because you can learn a trick or two from them.