Digital transformation takes many forms and for every company its effect will be different. This makes it difficult to formulate a definition that applies to all. However, in general terms, we can define digital transformation as the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers.
Beyond that, digital transformation is a cultural change that requires organizations to continually challenge the status quo and to experiment often. Organizations should dare to fail fast and often since transformation is an iterative process.
Digital transformation implies abandoning long-standing business processes that companies were built upon in favour of relatively new practices that are still being defined.
The two main drivers for Digitization are:
The changing way companies interact with their customers (Customer Experience) and the way new business is generated.
Business models that are being remodelled or new business models being invented and developed by competitors or (ex. Uber, Google, etc.).
Depending on the sector, Digitization takes different forms:
IT & Communication: Agile and new technologies (Internet of Things, Mobile, etc.), M-commerce;
Financial Services: Omni-channel delivery;
Government: Exchange of digital information;
Health & Social: Exchange of medical data, Electronic Patient Dossier, EHealth, etc.;
Utilities: SMART technologies (SMART meters, SMART energy systems, SMART cities, SMART houses);
Industry: New technologies (Internet of Things, Mobile, etc.);
Post & Logistics: New services based on digital exchange of data;
Retail & Customer Services: Omni-channel delivery, E-commerce;
Transport: Mobile, Internet of Things and exchange of digital information.
Video: ownership of EC3