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Digital Transformation and What it Could Mean for your Business?

Digital transformation has taken businesses all over by storm. However, there are still quite a few people who are unaware of the whole concept of digital transformation. However, this key term is something that all enterprises must focus on, as early as possible.

What is Digital Transformation?

Talking in the simplest of terms, digital transformation is nothing but the changes that move an organization from the conventional to the digital realm. It means embracing the changes that technology brings about to the business models. Without undergoing a digital transformation, you can’t hold on to your section of customers for long.

Defining concisely, digital transformation refers to all the changes that are associated with the application of digital technology on all aspects, operations and methods of a business. It is important to understand what transformation means here. Transformation points to a fundamental, whole-scale change to the very foundational components of the enterprise, starting from its infrastructure to its operating processes, from what it sells to whom and how it sells. The “Digital” part of the transformation signifies harnessing the combined powers of: social media, analytics, mobile and the cloud-in order to bring about a change in the current state of business.

What is Digital Transformation aiming at?

Digital Transformation is not a choice anymore- it is a necessity. To keep a place in the competitive market, it is mandatory for the enterprises to keep pace with the technological disruption.

Businesses have to embrace new online marketing channels, bring about new digitally-evolved products to the market. It is also important to refresh the value propositions of their offerings and utilize the cloud technology to improve their business. It is only through Digital Transformation that enterprises can reach out to new sets of customers and retain their existing one.

Let us check the example of HMV. It was one of the premier sellers of CDs and DVDs. However, they chose continuing to base the business model around in-store customers. But, consumer demand monumentally shifted in favour of digital downloads and online streaming. This resulted in the shutting down of HMV. By the time they re-invented themselves, the market had already been taken by Netflix, iTunes etc.

Not only in retail, but Digital Transformation has revolutionized the way businesses perform in different sectors like financial services, telecoms, media, marketing, defence, travel and leisure, only to name a few.

So, to sum it up, Digital Transformation is trying to save all businesses from meeting their doomsday, like HMV did!

Advantages of Digital Transformation

Let us look at some of the key areas where Digital Transformation needs to be embraced by the businesses to sustain themselves in the market.

  • Automation
Automatic Control, or automation, is the use of control systems for operating various equipments like machinery, processes in factories, aircraft and other applications with minimal or reduced human intervention. The biggest advantage of automation is that it saves labor and increases precision and accuracy. Businesses are driven by efficiency and not on raw cost arbitrage structure.

  • Streamlined workflow and operations
Digital Transformation allows the use of powerful technology oiling the machinery behind internal operations, thus making it easier for teams to collaborate seamlessly across various departments. Digital structuring of operations on every level of business enables accurate sales and income forecasts that help the company to plan the future meticulously.

  • Digitized assets
You do not have to maintain heaps of papers and notebooks as your records or files. Everything is kept in record in various digital forms, right from the online platforms to your tapes. You could digitalize storage, backup, documents, servers and even the network on which your business performs.

  • Improved insight into management and marketing decisions
Digital Transformation helps to streamline management in every level of the business hierarchy. Digital tools gather, analyze and visualize data from different areas of the enterprise. Predictive models based on this could help the CXOs and managers in identifying business opportunities and risks. One can study not only the producer behaviour but also the consumer behaviour from this data.

  • Disappearance of any middle-man
Digital Transformation helped in eliminating middlemen in business such as sales co-ordinators, sales assistants and various layers in finance, procurements as it becomes easier to manage work with the help of technology. This saves labor, reduces cost and increases the speed of work.

  • Data analysis
One of the greatest contributions of Digital Transformation towards the enterprises is data analysis. It helps to keep track of huge amounts of data in a very easier and less-complicated manner. You could sort data out as per your requirements and use them to maximize business opportunities. Data analysis includes dashboards, graphs, charts that help in reading consumer behaviour efficiently.

Businesses that need Digital Transformation are those that have not kept up with the pace of market, technological and competitor evolution. Implementing modern systems and technology would aid businesses in the market research, production and subsequent sign-off of all new services, campaigns and products.
Topics: Digital Tranformation digital business transformation

Digital Commerce, holistic e-Business view for enterprises

According to industry experts, by 2018 the landscape of market will advance considering the business paradigm and therefore enterprises must be prepared for this huge evolution. Enterprises must streamline their strategies to develop a direct consumer model as the market is just not limited to retailers. Having an established strategy on a global level is mandatory for enterprises who are keen to connect with consumers personally.

With massive adoption of mobile devices, more than half of e-commerce is done on mobile and tablets. This technological acceleration is transforming consumer behavior and the mobile commerce growth is forcing enterprises to provide a multi-channel experience to consumers, be it through mobile, online, stores or by other platforms.

To reach wide-range of consumers, enterprises are looking to provide integrated e-commerce services. However, they are oblivious of the fact that reaching to consumers across the globe and infiltrating the market requires more efforts rather than just having an online presence. Market offers various opportunities for business growth but there are lot of business that are on the edge of digital commerce and skeptical about how to proceed with it.

Digital commerce is not about setting up a technology infrastructure online to sell products. Rather it is about digital transformation, where it is equally vital for enterprises to appreciate the essence of it. Enterprises will have to evaluate where they truly stand in terms of digital commerce and transform their business processes accordingly. Comprehending the short term and long term business goals can help them in providing an excellent digital commerce experience to the consumers.

Usually, enterprises rush towards using latest technology for building a digital commerce platform without knowing the customer expectations. They tend to invest into wrong functionality and ignore the long term objectives. To avoid these, enterprises can follow an agile and pragmatic deployment approach. Being open to optimization can provide them flexibility while acclimating new solutions.

As the digital commerce process is a complex one, enterprises should look for real partners to collaborate to understand the perspective of technology as well as the business. The partner with whom enterprises are planning collaboration must have technological expertise and end-to-end commerce solutions to support the enterprises long-term goals.

To sum up, as enterprises grapple in gauging the latest technologies and opportunities they must prioritize their business goals. Yes, there are lot of technologies available in the market but enterprises must not follow the crowd and make sure what is suitable for them. Enterprises must embrace digital commerce completely but success will come only when they contemplate the changing consumer requirements and how to establish a direct consumer relationship.
Topics: digital business transformation Digital Commerce

Role of digital commerce in enterprise digital transformation

Today, enterprises are experiencing huge competition and therefore, they must stop scrutinizing digital technologies and alter themselves into a digital business. They should now realize that it is high time to experiment with digital which might prevent business growth if not undertaken now.
Regardless of economic growth, digital continues to flourish and is opening new doors for digital commerce industry. To leverage benefits of this momentum, enterprises need to concentrate on how to transform their businesses to digital businesses. This change is vital because, digital is impacting every aspect of business and is driving development of enterprises by attracting rare skills and investments unlike the usual.

With dawn of internet and mobile, digital commerce is becoming widely accepted approach. Increasing customer demands are compelling enterprises to innovate their selling methods and provide a seamless buying experience. Digitization has dynamically substituted various communication channels with rise of social media platforms. Now, users prefer shopping on social media platforms such as Facebook instead of hopping to other sites. At the same time, enterprises are also leveraging these platforms to target large number of audiences in short span of time. If enterprises follow a right approach, it is extremely simple to go digital.

Digital commerce is a blessing in disguise to both enterprises as well as customers. Customers can get any item to their doorstep with a single click and enterprises can reach wide number of audiences without spending much on marketing and promotion. Earlier, the concept of digital commerce was only limited to a startup trying to set foot into the retail space. But now, online wallets, mobile wallets and QR codes have taken digital commerce to another level.

Digital commerce plays a key role in enterprise digital transformation. It holds the potential to bring in a techno-economic innovation by leveraging various business models. For enterprises, it can provide a platform to innovate business process and improve customer relationship.
Topics: digital business transformation Digital Commerce

Moving ahead with digital transformation

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Digital transformation refers to the revolution associated with the process of digital technology. The transformation in the digital technology enables innovation and creativity of a particular domain instead of simply supporting the traditional methods. Digital transformation revolutionizes people, businesses and the entire society.

Topics: digital transformation digital business transformation digitization

e-Zest Solutions is digital experience engineering company with facilities in the United States (Detroit & San Jose), Germany (Hannover), United Kingdom (London UK) and India (Pune) with global clientele. Our services include custom software development, offshore software development, UX consulting, BigData, Managed cloud Services (Azure & AWS), SharePoint consulting/Migration, Enterprise Java application development, Automated software testing services.