Brief Report - (2022) Volume 13, Issue 2
Received: 06-Feb-2022, Manuscript No. bej-22-58277;
Editor assigned: 08-Feb-2022, Pre QC No. P-58277;
Reviewed: 17-Feb-2022, QC No. Q-58277;
Revised: 20-Feb-2022, Manuscript No. R-58277;
Published:
27-Feb-2022
, DOI: 10.37421/2151-6219.2022.13.370
Citation: Kraus, Sascha. Brief Note on Digital Transformation.
Bus Econ J 13 (2022): 370. DOI: 10.37421/2151-6219.2022.13.370
Copyright: © 2022 Kraus S. This is an open-access article distributed under the
terms of the Creative Commons Attribution License, which permits unrestricted
use, distribution, and reproduction in any medium, provided the original author
and source are credited.
The integration of digital technology into all elements of a business, radically changing how you operate and give value to clients, is known as digital transformation. It's also a cultural shift that necessitates firms constantly challenging the status quo, experimenting, and learning to accept failure. From tiny enterprises to large corporations, digital transformation is a must. That message comes through loud and clear in almost every lecture, panel discussion, article, or study about how firms can stay competitive and relevant in an increasingly digital world. Many corporate leaders are unsure what digital transformation entails. Is it just a fun way of saying "go to the cloud"? What concrete actions do we need to take? Do we need to create new jobs or pay a consulting firm to assist us establishes a framework for digital transformation? What aspects of our business plan should be altered? Is it truly worthwhile?
Because every company's digital transformation will be distinct, it's difficult to come up with a universal description. However, we describe digital transformation in broad terms as the integration of digital technology into all aspects of a business, resulting in profound changes in how firms function and give value to consumers. Beyond that, it's a culture shift that necessitates firms challenging the status quo on a regular basis, experimenting frequently, and becoming comfortable with failure. This can imply abandoning long-standing business processes on which organisations were founded in favour of more recent practises that are still being established.
Digital transformation entails experimenting with new technology and rethinking your present approach to common problems in order to evolve your firm. A transition does not always have a clear end point because it is an evolution. According to the MIT Sloan Management Review, a magazine that focuses on how management adapts in the digital era, "digital transformation is better understood as permanent adaptation to a constantly changing environment". For businesses, this involves looking for methods to improve the end-user experience on a regular basis. This could be accomplished through improved on-demand training, data migration to cloud services, artificial intelligence, and other methods.
While each digital transformation programme will have its unique set of objectives, the primary goal of every digital transformation is to improve existing processes. Companies must evolve to stay competitive in their business, which necessitates digital transformation. You're falling behind if you don't evolve. According to a Bain & Company report, "just 8% of worldwide organisations have been able to achieve their planned business outcomes from their digital technology investments." One strategy that distinguishes leaders is that they focus more on transforming their businesses rather than just running them.
According to Jay Ferro, CIO of Quikrete, digital transformation should start with a problem description, a clear opportunity, or an aspirational aim. "For example, the "why" of your company's digital transformation could be to improve customer experience, reduce friction, increase efficiency, or increase profitability," Ferro says. "Or, if it's an aspirational statement, it could be about being the greatest to do business with by leveraging enabling digital technologies that weren't available a few years ago." Consider what digital transformation will entail for your firm in practise, and how you will communicate it. "Digital is a heavy term that signifies a lot of different things to different individuals," says Jim Swanson, Johnson & Johnson's CIO. Before joining Johnson & Johnson in early 2020, advises unpacking what digital transformation entails [1-5].
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