What is Digital Transformation?
Bitnary.info defines digital transformation as the digital disruption caused by the application of digital technologies in the core business areas of a company. Resulting in fundamental changes to how businesses operate and how they deliver value to customers. Beyond that, it’s a cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure.
So we can say that Digital Technologies, Experiment Often & Get comfortable with failure and Change Management are the basic ingredients of the Digital Transformation, resulting on a Disruption in the core business areas of the company and Fundamental changes to how businesses operate and how they deliver value to customers.
It is clear that this kind of change need to be in the strategic plan of the company: we need to talk about the Digital Transformation Strategy.
In a broad sense we can say that Digital transformation (DT) is the change associated with the application of digital technology in all aspects of human society. The transformation stage means that digital usages inherently enable new types of innovation and creativity in a particular domain, rather than simply enhance and support traditional methods.
New Digital Transformation Ecosystem
You can read more details about “what the New Digital Transformation Ecosystem is” here.
Digital Transformation Examples
Digital Transformation Example in Entertaiment Industry
The entertainment industry has provided a lot of examples of digital transformation, as technology has been at the core of its distribution. Here are two of the most common examples, with winner and loser.
Blockbuster: Starting in 1985, Blockbuster was a powerhouse in the world of rentals. At its peak in had over 8,000 stores.
However, they failed to adapt to changing customer wants and with limited commercial data they closed operations in 2013.
Netflix: The failure of Blockbuster was made clearer by the agility of Netflix. With over $6 Bn in revenue , they have made informed decisions through data and have continually made risks to adapt to customer and technology habits.
Digital Transformation Example in Fast Food Industry
Fast Food like the other two examples sits within a larger context when it comes to transforming: Convenience.
Convenience is such a phenomenal advantages to organisation that they can actually charge a great deal for the service. These two food related organisations demonstrate different strategies of success.
McDonalds: McDonalds is one of the most recognised brands in the world due to high levels of customer happiness . They have made big steps to apply digital transformation to their experiences. Such as their new purchasing screens, to improve speed and convenience through their buying process – how quick and easily you can go and buy from that at store.
Deliveroo: Whether it be Deliveroo, UberEATS or another startup, the world of fast food is getting faster. Through utilising data, industries are being formed overnight. With continuous competition these companies are fighting for greater experiences, enabling a new platform to which a far different form for infrastructure is need.
Digital Transformation Example in Retail Industry
We have two very different but successful models in terms of becoming a remarkable example of digital transformation. They hedge bets in related industries to hold greater security.
Walmart: With 2.3 Mn employees. They appear to be prioritising the extraction of client data. They realised that in order to continue succeeding they will need to transform how and what they sell. Such a remarkable U-Turn has enabled them to maintain a thorough catalogue, while providing even more value to their customers.
Amazon: Amazon lets data dictate their choices.; whether that be through understanding additional purchases; how people read [via Kindle], in order to better sell books; or even drones.
Amazon has really enabled the core of their business to fund some incredibly impactful recent events.
The Amazon Echo has sold in vast quantities, in addition, their very recent acquisition of Whole Foods demonstrates their eagerness to own more of their supply-chain, and in doing so, have the ability to experiment, and advance their process.
A great example of this is their imminent movement in drone delivery for more people.
Digital Transformation and …
- Digital Transformation, Digitalization and Digital Change
- Digital Transformation, Digitization and Digitalization
- Digital Transformation and Innovation
- Digital Transformation and Change Management
- Digital Transformation and Enterprise Architecture
- Digital Transformation and Customer Experience
- Digital Transformation and IoT
- Digital Transformation and Analytics
- Digital Transformation and Security
- Digital Transformation and HR
- Digital Transformation and AI
- Digital Transformation and Big Data
- Digital Transformation and Culture
- Digital Transformation and Cloud
- Digital Transformation and Marketing
- Digital Transformation and Disruption
- Digital Transformation and Healthcare
- Digital Transformation and Agile
- Digital Transformation and Industry 4.0
- Digital Transformation and Leadership
- Digital Transformation Blockchain
- Digital Transformation in Fintech, Banking, Financial Services, China Fintech