Even before the epidemic, new and transformational technologies were quickly entering the workplace, enabling businesses to thrive in a more digital environment. Then 2020 came, and transformations that were meant to take years happened in just a few months. Every business and organization that was running manually felt the urge to shift towards digital transformation.

The disruption of work and business environments necessitated the use of digital transformation. Most organizations stepped up their efforts to address this abrupt shift. According to Dell's Digital Transformation Index 2020, which polled over 4000 top management worldwide, eight out of ten organizations accelerated their digital transformation programs in 2020. Furthermore, 89 percent of respondents felt the pandemic underlined the need for a more flexible and adaptable IT system.

Technology is clearly not a choice in this new environment but rather a core business technique that must be integrated into every aspect of an organization. Better cooperation among and across organizations, more personalized customer interaction, greater staff innovation and productivity, and more reliable data insights are all benefits of transformation, all of which help an organization expand and thrive post-pandemic.

Dr. Koenig, CEO of Allianz Health in Germany, has been quoted frequently to emphasize the need for transformative efforts for organizations. She stated, "It’s never over. There is always change and always more to do."

Until now, companies have always had to deal with shifting client needs. But, in the midst of the Covid-19 pandemic catastrophe, modern civilization shifted- and those changes are likely to persist well beyond the Covid-19 outbreak.

What is Digital Transformation?

Digital transformation involves the integration of computer-based technology into an organization's products, processes, and strategy. Businesses use digital transformation to actively involve and serve their employees and consumers, hence increasing their competitiveness. The infusion of digital technology into all parts of a business, radically changing how you operate and offer value to consumers, is also a cultural shift that necessitates businesses constantly challenging the status quo, experimenting, and learning to accept failure.

Where it is used goes beyond typical sales, marketing, and customer service responsibilities. Digital transformation, on the other hand, starts and ends with how you think about and interact with consumers. With digital technology on our side, we have the opportunity to reinvent how we conduct business, and how we connect our customers – as we go from paper to spreadsheets to advanced technologies for managing our businesses.

From small companies to large corporations, digital transformation is a must. That message comes through loud and clear in almost every speech, roundtable discussion, article, or study about how organizations can stay ahead in competition in an increasingly digital world. Many company executives are unsure what digital transformation entails. Is it just a fancy way of saying "move to the cloud"? What concrete steps do we need to take? Do we need to generate new employment or engage a consulting firm to assist us to develop a framework for digital transformation? Is it truly valuable?

Some business executives believe that the concept of "digital transformation" has become overused and meaningless. It's possible that you despise the phrase. Whether you like it or not, the term business demands – to rethink old operating patterns, experiment more, and become more flexible in your ability to adapt to consumers and competitors – aren't going away.

Why digital transformation is no longer a luxury for your business?

Our business practices are evolving. AI, machine learning, IoT, and cloud computing are examples of digital technologies that have the potential to change the way organizations structure themselves, create new products, and provide highly personalized consumer experiences. The term "digital transformation" commonly describes this potential for change, but what does it actually mean? While many business leaders have a strong sense of how they want their companies to evolve, they are less clear on the actions that will bring them there.

It's critical to maintain a sense of realism. In and of itself, digital transformation is a journey. It's not only about laying a foundation of digital technology on which to grow; it's also about business culture, structure, and working practices. In other words, altering the way the company thinks, plans, and executes.

Digital transformation isn't a luxury in today's tech-driven market; it's a necessity. There is a broad consensus that digital technologies are necessary to provide the quality of service and experiences that the next generation of customers expects, and that investing in digital technology isn’t adequate. According to Statista, the digital transformation industry in the United States will rise to total market revenue of more than $490 billion by 2025.

When utilizing new and developing digital technologies, there must be a strategic objective. Innovation for the sake of innovation will not make an organization successful against its digital-driven competitors. As a result, there are four branches, or "behaviors," of effective digital transformation that businesses should be aware of before investing: Driving mass personalization, producing exponential value, leveraging ecosystems, and embracing risk.

Summary

It should be apparent by now that digital innovation is about more than just technology and what technology allows. In a way that other organizations struggle to achieve, digitally mature organizations integrate their strategy to meet continuous digital developments. Yes, there are difficulties. It does, however, present great potential. For the first time in history, the fourth industrial revolution is making it feasible to decrease operational expenses, increase revenue, and improve customer experience all at the same time.

If you are looking forward to transforming your business towards digital innovation you have come to the right place. At Inthera, we listen to your challenges and consider your objectives and priorities whilst developing solutions to maximize your returns. Our consulting model provides flexibility to choose from a wide range of consulting services that ensure reliability, predictability, and increased coverage of services that result in value creation in every step of the engagement we undertake.