It’s said that the best way to predict the future is to create it. So, what is the future going to look like? A futuristic infographic tells us how digitization is reshaping everything – from entertainment to education, healthcare to transportation, and even the way you buy groceries. As the hype around digital transformation continues to persist, we will look at these changes and how a business can benefit from them.
What is digitalization?
With Digitalization evolving and joining the fray, the level of hype is increasing yet adding confusion. This begs the question: What is digitalization? In Gartner’s IT glossary, “digitalization is the use of digital technologies to change the business models providing new revenue and value-producing opportunities.
The different types of digitalization:
How digitalization has influenced businesses.
We are now rapidly growing into a society extensively driven by technology- from the agriculture sector to the education sector all the way to the business ecosystems. Acclimating to technology has proved to be an advantageous factor in the graphs of businesses, allowing people to focus on the work and be less worried about peripheral factors that were prevalent earlier.
Talking about communication which is the essence of any business environment, it has now become “instant communication”. Thanks to digitalization! Have you ever noticed that the whole world is online? This is making organizations rethink and modulate their business strategies and try to incorporate technology at every given opportunity. Changing business strategies changes the business’ framework and technology redefines corporate competition taking it to another level. This competition is only compelling innovation. This has now become more cyclic than a sequential process where there is a need for constant innovation which leads to change in the business modules. And the only way to stay in the game is to innovate.
How are businesses affected by digitalization?
Digitalization is reconstructing the traditional competitive landscape of companies providing innovative ways to create and capture value, as well as revenue. Blurring the boundaries and definition of industries doesn’t just change the business strategies of an organization but also has raised the bar for smaller businesses that are in the running to achieve their greater goals and make it to the top stack. Enhancing the alteration of customers’ expectations and behavior has always been the key to a successful business and digitalization has made this smoother than ever.
With all this innovation taking over, companies are persuaded into moving to the digital realm. Failing to implement it will undermine the competitiveness of a firm. The key external digital trends include pervasive connectivity, information abundance, global supply chains, the improved price and performance of IT, the growth of cloud computing, and the emergence of big data.
Digitalization is raising more and more interest in today’s economic fabric and has been woven into our daily lives, and as such, it is important to gear ourselves up so that we can be at the front of the pack when the world is transformed by it.
If you are looking at digitalizing your business, remember that there are 6 capabilities to focus on 4 Digital & 2 Leadership as Nigel Vaz described so well in “Digital Business Transformation: How Established Companies Sustain Competitive Advantage From Now to Next”.
As a Digital Business Transformation consulting firm we have been down this challenging but exciting path with our customers having completed 9 transformation journeys in the past few years. We would be glad to look at your aspirations and help align them with measurable goals to help achieve your own transformation.
Do get in touch to see if we are a fit to partner to co-create together.