How did the digital transformation defined in the wake of the pandemic?
The Pandemic Outbreak: The Digital Transformation Break
How many businesses are prepared for the pandemic?
Of course, no one knew COVID19 is coming. But we’re talking about the built resilience among organizations.
How did the pandemic prove business resilience?
Well, consider what IT decision-makers say.
According to the report, 59% of them admit that the pandemic has heightened the pressure of digital transformation.
They knew they needed to ‘transform’. But maybe for others, they ‘knew’ it late.
But even so, it is never yet too late to apply the digital transformation. Do you know that despite the pandemic taking its toll, DX is still taking its growth?
According to a data researcher, the global spending for DX is still forecasted to grow up to 10.4 percent in 2020 to $1.3 trillion.
This budget then refers to the cost businesses are willing to spend on digital tools. Because 21st-century leaders believe that technology can leverage business opportunities. Provide solutions to business problems. Increase customer satisfaction to the core, for instance.
Digital Transformation Defined As
How do leaders define digital transformation?
Consider what George Westerman, MIT principal research scientist and author says.
“Digital transformation marks a radical rethinking of how an organization uses technology, people, and processes to change business performance …”
Do you agree with that?
Well, most executives do.
But, why do we need such a ‘change’ in the first place?
For one thing, it is also because of ‘change’.
- Change of business systems
- Change of revenue streams
- Not to mention the change of customer experiences in both products and services
How can you meet with the change of business systems? How can you deal with the change of revenue streams? Most importantly, how can you quench customer’s thirst for better products and services?
By all means, digital transformation is truly a necessary disruption.
Real-Life Example of Digital Transformation Initiatives
Consider the following real-life example of digital transformation. This should help you better see what DX can bring to your business.
Best Buy took 7 years until they have become a company that enriches its users with technology.
For instance, Best Buy does more than the selling of CDs and the latest televisions. Because now, through DX, Best Buy boosts their delivery times. Not to mention how Best Buy is now guiding its users in making the best of their digital devices.
- Customer assistance
- Enhanced delivery time and services
- Geek Squad
- Price matching program
As a result, Best Buy transforms from snail mail to digital marketing. Best Buy has their stock price rise triple times. That is, from $23.70 in 2012 to $74 today.
Of course, Best Buy is only one of those successful DX examples. Know that you can be one of them too.
Many successful enterprises seek help from experts. Take WalkMe as an example. WalkMe is a globally renowned digital adoption platform. It seeks to assist enterprises across the globe to transform through DX.
Visit their website at www.walkme.com.