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Digital transformation and its significance

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John

Companies are modernizing the way they do business to compete in a digital world. Virtually all businesses, in all industries, are at some stage of digital transformation. At this time of change in organizations, we must understand the fundamental role that data analytics plays in digital business and the focus.

The reasons for digital transformation can range from customer experience transformation, regulatory compliance, and data-driven sales and marketing.

All this transformation, added to the large volume of data that companies can capture and structure to generate business, makes the process of change that companies undergo very deep and intense.

What is digital transformation?

Digital transformation is applying digital capabilities to processes, products, and assets to improve efficiency, improve customer value, manage risk and uncover new opportunities for income generation. Digital capabilities mean electronic, scientific, data-driven, quantified, instrumented, measured, calculated, and possibly automated.

Digital transformation is, in a nutshell, the integration of the latest digital technologies with the business. The transformation to the online platform changes the operating of the business and the value delivery to its customers. It is also a cultural shift that requires organizations to constantly challenge the status quo, experiment, and be comfortable with failure.

Digital transformation can also include recreating products, processes, and strategies of the company and making them better with the help of digital technology.

As such, digital transformation requires an examination and reinvention of most, if not all areas within an organization, of its supply chain and workflow, the skills of its employees, and board-level discussion processes, management, customer interactions, and their value to stakeholders.

Digital transformation helps an organization keep pace with emerging customer demands, keeping them going well into the future. The process of digital transformation enables organizations to better compete in an economic environment that constantly changes as technology evolves.

To that end, digital transformation is necessary for any business, non-profit organization, or institution seeking to survive in the future.

Key technologies involved in digital transformation

Technology drives the need for digital transformation and supports the digitization of an organization. In addition, there is no single application or technology that allows digital transformation, but there are multiple vital processes that an organization must generally have to face the change:

Cloud computing

Cloud computing saves space, faster access to software needs, new features and updates, data storage and enables it to be agile enough to transform.

Information technology

Enables any organization to focus its investment of talent and research and development money on customized solutions that support its requirements and the processes that differentiate it in the marketplace.

Mobile platforms

These allow work to be done wherever and whenever.

Machine learning and artificial intelligence technologies

These technologies provide organizations with insights to make more accurate decisions about sales, marketing, product development, and other strategic areas.

Others

Other technologies driving business transformation include blockchain, augmented reality and virtual reality, social media, and the internet of things.

For companies that need digital transformation, I recommend you check the official website of our Josh Team, former Keller Williams president.

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