Digital Transformation Services Frequently Asked Questions
Digital Transformation (DX or DT) is the process of leveraging digital technologies, processes and competencies to bring a cultural, organizational and operational change to remain competitive in the modern business landscape.
Digital transformation improves processes and productivity, delivers better customer and employee experiences, manages business risk, and controls costs.
It involves many different technologies, and some of the prominent technologies right now are Cloud Computing, the Internet of Things (IoT), Artificial Intelligence (AI), and Big data.
According to a recent study, global spending on digital transformation technologies and solutions will reach almost USD 2.3 trillion in 2023.
Organizations that embrace a digital transformation can create value and new services for various customers, innovate and acquire the business capabilities to rapidly adapt to changing circumstances.
So, the organizations that can transform effectively will survive, thrive and gain a competitive edge in the present digital world.
ALSO READ: Digital Transformation: 6 Key Takeaways from Success Stories!
Digital transformation is multi-faceted and involves different types of transformation, for the whole-initiative to be organization-wide, prevalent and holistic.
The key areas of digital transformation are:
- Leadership transformation
- Customer experience transformation
- Information and data transformation
- Operating model transformation
- Employee transformation
ALSO READ: How To Achieve Successful Digital Transformation?
Adopting digital transformation initiatives has its fair share of obstacles, which can ultimately impede the adoption if unchecked. Digital transformation failure can be costly, so organizations should overcome the obstacles to ensure success.
The barriers of digital transformation adoption are:
- Skill gap
- Employee resistance
- Executive buy-in
- Poor DX strategy
- Lack of time, budget, or resources
- Limited sharing and collaboration
Adopting and adapting to digital has become a business imperative in the modern IT world. In order to stay competitive and relevant, it’s crucial for businesses to initiate and progress their transition to digital transformation.
The benefits of digital transformation to business and workforce are as follows:
- Transforms customer experience
- Drives data-based insights
- Encourages collaboration
- Improves agility and innovation
- Enhances skillsets and knowledge
- Facilitates digital culture
ALSO READ: Key Digital Transformation Trends ‘To Watch’ in 2020 and Further
No organization can claim that they have completed their digital transformation. DX is not a one-off initiative. Instead, it is a continuous cycle for as long as new digital technologies and trends emerge.
The businesses have to evolve their digital arsenal as long as they have new objectives insight, and these objectives will always evolve with the ever-changing customer expectations. Read More
As per the market estimates, the US is expected to be the largest geographic market for DX spending, delivering roughly one-third of the worldwide total during 2019-23.
Regardless of the industry, digital transformation is underway in many US organizations, as businesses leverage the benefits of digital technologies.
However, the impact of DX differs from industry to industry. The reliance on technology, the type of technology and the advancements of technology of each industry come into play when embarking upon digital transformation. The industries that are leading the way in digital transformation in the US are:
- Manufacturing and Distribution
- Financial Services
- Energy, Oil and Gas
ALSO READ: 16 Facts Showing ‘Upward Trend’ For Digital Transformation!
Digital transformation has a significant impact on small and medium businesses and offers new and prolific opportunities to participate in the global economy.
Major benefits of DX for SMEs are:
- Increased Revenue
- Accessibility to higher customer base
- Enhanced operational efficiency
- Improved customer experience
ALSO READ: 10 Factors That Make Perfect Digital Transformation (Infographic)
Veritis has been an early provider of Digital Transformation Services in the US market with a decade-long industry presence.
Our wide range of offerings under DX include:
- Business Restructuring
- Developing a Digital Strategy
- Digital Applications
- Enhanced User Experience
- IT Modernization
We have been serving clients from SMEs to large enterprises with a global presence from different industries including Automotive, IT, Government, Healthcare, Entertainment, BFSI, and Energy.
ALSO READ: Checklist Points That Promise 'Digital Transformation Success'
Digital transformation is relevant for all businesses that want to survive and prosper in the technology-driven world. Although the adoption of digital technologies is faster in some sectors such as B2B, no company should resist the digital transformation.
Any business that implements software, technology, or machinery should definitely consider digital transformation. Contact Us!