The digital transformation is happening as we speak. It’s a profound and accelerating process that will result in complete change of business models, companies use in: production, business intelligence, human resources, advertising, sales and many other departments.
These changes revolve around the idea that new technologies will enable companies and their employees to be: more agile, customer-centric, innovative and efficient. The process of digital transformation had started, decades ago. At the moment it is powered by: real time, cloud, mobile and social technologies. Of course, the integration of these advanced technologies is just a phase in the continuous optimization of the corporate work process.
Digital transformation basics
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The latest tech is constantly changing the ways people do business. This continuous process involves changes of business activities, processes, models, ecosystems and assets. The digital transformation is a holistic process at its core and it’s powered by various factors that range from simple technological innovations to changes in customer behavior and demand.
The digital transformation can also be induced by the business ecosystem itself. Economic and regulatory changes, as well as the demands business partners require entrepreneurs to adapt to, cause butterfly effect and they can change the whole market or niche in very short period.
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These are some of the most disruptive new technologies that will lead the corporate world into the digital revolution:
- Mobile apps– allow companies to target customers through their mobile phones, whenever they connect to Wi-Fi or mobile internet network.
- Big data– is the new, highly accurate business intelligence concept, which helps companies to quickly structure, analyze and draw conclusions from huge databases in real time.
- GeoLocation– can be used as a great marketing tool for location-based business. It can be used for targeting consumers, inside some specific geographic area.
- Online payment services– allow customers to pay for the goods they’ve purchased with only a few clicks.
- Wearables– are fashion and clothing accessories that incorporate smart technologies and offer great number of practical functions and features. They also have a huge marketing potential, because consumers are wearing them 24/7.
- Internet of Things– is a new concept, based on the internetworking of various devices, vehicles and appliances. It’ll allow tech companies to provide top notch support and maintenance services.
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Digital transformation affects all industries, but since all businesses are different it is much more visible in industries that strongly rely on business intelligence and customer service. These include:
- Retail– In retail industry, digital transformation includes: data optimization, supply chain digitalization and the introduction of online stores. These changes will save customers’ money and time and bridge a huge gap between store and customer location.
- Gambling industry– Because of its complicated legal status, the gambling industry was always agile, when it comes to tech innovations. In United States the digital transformation allowed businesses (from off-shore countries) to target gamblers outside their legal market boundaries, which include 20 states and Native American land. Other than bridging the regulatory gap, gambling industry also used the benefits of online payment concept in order to improve their customer service and increase their market share.
- Insurance industry– The advanced tech helps insurance companies in lowering their business risks, which allows them to offer affordable policies to more responsible clients. Modern insurance companies use telematics, Internet of Things and predictive analysis. For example, users who allow a company to attach sensors on their car, will be awarded with a lower policy price. This will drastically decrease the number of fake insurance claims.
- Logistics and transportation– New telematics makes transportation industry more transparent. Today, logistics companies can follow every delivery and use predictive analysis to leverage all risks and make their business operation smoother.
The digital transformation is an unstoppable process. At this point its focus is fixed on customer experience, cost optimization and competitive differentiation. In the future, we can expect that companies will acquire more 3rd Platform technologies and accomplish a higher integration of mobile, cloud and big data technologies within their business model.
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