What is Digital Transformation

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In recent years, Digital Transformation has been the key headlines of technology sites, particularly in the manufacturing sector. What exactly is Digital Transformation and how can business owners ride on this wave?
In this series of digital transformation articles, I will share my views on how leaders can navigate the Digital Transformation terrain and develop digital strategies for their companies in their transformation path. There are 5 phases needed in exploring this complex terrain:
  1. Understand the fundamentals of digital transformation
  2. Explore and learn the technologies driving and enabling digital transformation
  3. Leverage on digital transformation framework and identify where your company is along the digital transformation path
  4. Roadmap the steps ahead for what is needed for your company to reach your transformation goals
  5. Seek the funding available and get started with the implementation

In this first of the digital transformation article series, we will understand what is Digital Transformation.

What is Digital Transformation

Digital transformation is the change process and phases that companies undergo as they integrate digital technologies into some or all areas of their business for achieving one or more of the following objectives:

  1. create innovative business models with internet and mobile enabling technologies to leverage on the power of crowds and communities to expand their business to new markets or defend existing turf
  2. incorporate artificial intelligence and big data into their business operations to achieve beyond automation and productivity,  to deliver greater value to customers and in turn achieve greater sales and business growth
  3. exploit digital tools and cloud technologies to transform processes that were manual and perhaps even change the core business processes to bring about greater benefits to both the company and to the customers.

To succeed in Digital Transformation, companies have to recognise the fundamental needs for a a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.

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