Digital Transformation Strategy
Originally published: 26/02/2020 10:43
Publication number: ELQ-28963-1
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Digital Transformation Strategy

Digital Transformation is being embraced across industries, as the role of technology becomes more strategic.

Digital Transformation is being embraced by companies across most industries, as the role of technology shifts from being a business enabler to a business driver. In the Digital Age today, technology creates new opportunities and fundamentally transforms businesses in all aspects—operations, business models, strategies. It not only enables the business, but also drives its growth and can be source of Competitive Advantage.

Transformation is driven by 6 Technology Trends:
- Social Media
- Mobility
- Internet of Things (IoT)
- Cybersecurity
- Big Data
- Cloud

Contrary to some beliefs, Digital Transformation is highly relevant to most organizations. Here are 5 common myths --

1. Digital applies only to B2C companies. It matters less for B2B companies.
2. Digital business is just for online businesses. It's not for companies selling physical products.
3. The more digital we become, the less our customers are willing to pay for our products and services.
4. My customer demographic is more established. It’s only Generation X and millennials who care about having digital experiences.
5. Digital is relevant only in developed markets.

Digital Transformation leverages technology to both drive growth and improve operations. This framework discusses 8 levers to Digital Transformation. Only after we understand the levers to Digital Transformation, can we properly formulate our Digital Transformation Strategy.

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