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Defining Digital Transformation Digital transformation is a term frequently used today but not understood all the time. First, let’s define transformation. Transformation is an entire scale change to the foundation of a business, covering everything at the base, from operating model to infrastructure – what’s being sold, how it is sold and to whom. A transformation programme affects each function of a business, from purchasing to technology to sales and marketing. Businesses typically build and establish new products and services, tap new markets, sell to or go into mergers with competitors, or exchange components from their value chain to be more competitive, but these things are not automatically transformative.
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Transformation, which is expensive and high-risk, is not a choice that a business makes. When they have failed to evolve, that is when they must transform.
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A business that evolves with its market, keeping products and proposition up to date, attracting new customers and increasing the value of existing ones, it need not transform. A business may experience radical changes and substantial restructures, but it’s only a transformation when such changes are highly visible from the outside and were caused by external factors. Core Drivers of Transformation Three types of changes drive transformation: changes in consumer demand, changes in technology and changes in competition. These are, of course, an ecosystem, and it is when these factors converge that market changes occur. When any of them coincide to the effect that a business’ operating model no longer serves its customers, the business has come to a tipping point. Here’s what- evolving businesses don’t have tipping points because they spot the problems and nip them in the bud. Evolving businesses are always concerned about their customers’ changing needs, adapting as they come. When a business spots a tipping point too late, there is no profitable recourse but to transform. Now we define digital. In the broadest sense, it is any technology that links people and machines together via information. Hence, “digital transformation” is a noticeable wholesale restructure intended to avoid a tipping point triggered by digital technologies and downstream market impact. Various Organizations and their Roles in Digital Transformation Transformation programmes of large businesses are usually managed by global consultancy firms. Transforming a big organization takes a huge amount of time, resources and cross-functional business skills which are usually only offered by global consultancies. Creative agencies, on the other hand, help businesses steer clear of the need for digital transformation. They are experts in bringing businesses close to consumers, studying new technologies and markets, and predicting market movements. They work hand in hand with their clients to do all of these. Prototypes of new products and services are created, as well as trial products and experiences that allow them to paint clearer image of the future.