How digital transformation is changing the business landscape forever
25 March 2023
In recent years, the buzzword “digital transformation” has grown in popularity. Let’s just take a step back and answer the most fundamental question in the midst of all the global white noise about businesses investing significant time, effort, and capital into digital transformation: What exactly is meant by “digitally transforming your business?”
Is it simply a matter of keeping up with the most recent software and hardware? Or is there a more nuanced connection between the change and how customers want to interact with your brand? In this blog post, we look at what digital transformation looks like for your business and how it can help you grow and offer more options to your customers.
Digital transformation: what is it?
A species’ ability to adapt to the many changing conditions in the world is ensured by biological evolution. Digital transformation ensures that a company can survive and expand in the face of numerous technological shifts occurring globally.
To put it succinctly, digital transformation is the process of utilizing emerging digital technologies to either modify or invent new business procedures, as well as to provide customers with digital-first goods and services.
Digital transformation extends beyond conventional roles like marketing and sales. It goes beyond how businesses try to keep up with the competition and meet the changing needs of the market. Customer centricity is the one and only factor in digital transformation.
Approaching any new opportunity or strategy with the intention that the solution should be as digital as possible is known as “going digital first.” It is to imagine customers using as much of the newly developed service digitally as possible. The practice of prioritizing digital processes internally and digital offerings externally is referred to as “digital first.”
The majority of businesses of today are powered by software. Software is how customers interact with a business: to order things, ask for help, apply for credit, look at accounts, fix their problems, and more. Utilizing software as a strategy presents a new opportunity for businesses to update their business model. Businesses will be able to lower costs, increase value, and provide genuine customer centricity as a result of innovative solutions, which is crucial in times of unanticipated crises.
Digital transformation is without a doubt altering business operations. With digital technology on their side, businesses have a chance to rethink how they conduct business and interact with customers as they switch from paper and spreadsheets to smart applications for operation management.
More and more businesses are now taking a step back and reevaluating everything they do, from the internal systems they use every day to their customer interactions.
Netflix is a well-known illustration of digital transformation and customer engagement. Netflix began as a straightforward mail-order service but ended up disrupting the entire video rental industry. Netflix enabled widespread video streaming by utilizing digital innovation. By simply providing a growing library of on-demand content at extremely competitive prices, Netflix has almost completely supplanted the traditional cable and broadcast television networks.
Netflix was able to stream video content directly to their customers’ laptops and mobile phones thanks to digitalization. Additionally, they acquired unparalleled knowledge of each user’s viewing habits and preferences. Netflix was able to design a better user experience and comprehend the shows and movies that the majority of their audience is interested in thanks to the massive amount of data that was collected. In 2019, Netflix generated a net income of more than 1.86 billion US dollars by implementing digital transformation. Yes, that is correct!)
In fact, Hesus, one of our partners, reached out to us because their current systems were outdated, cumbersome, and inefficient. They needed to carefully change their business to smooth out their cycles and increment generally speaking productivity. something that a dedicated Bangalore-based team was able to accomplish with success.