Digital transformation has emerged as the next megatrend in business and it will not let up any time soon, nor should it. According to Gartner, more than 50% of companies will be investing in digital business models by 2022, but only 35% of these companies will be successful in fully realizing the intended benefits of their digital investments. Digital transformation encompasses several trends that are already well underway, such as cloud computing, mobility, big data analytics and social media. These technologies have been around for several years now and have already had a tremendous impact on how we live and work across virtually every industry segment today.
Why digital transformation matters
You need to protect your company’s long-term viability. You can’t afford to ignore digital transformation just because it seems like future tech—and as I’ve said before, technology moves faster than ever before. If you fall behind, you’ll lose out on opportunities and revenue. And that could mean your company falling apart or even going under within a few years’ time. That’s not hyperbole; we’re already seeing evidence of companies who fail to innovate digitally becoming irrelevant. Don’t let that happen to you! Get started now with our tips for implementing successful digital transformation initiatives .
10 years into the future
The world’s challenges may not have changed, but our ability to tackle them has. When you consider how quickly technology and business standards change today, it’s easy to envision how rapidly things could advance in just ten years. If today’s trends continue, we can expect advances in artificial intelligence, robotics, computing power, big data analytics and so on—which means businesses everywhere will likely face very different (and hopefully better) challenges than they do now. And that means they’ll need to adapt accordingly. The question is: Will they? Or will they spend another decade simply hoping current challenges resolve themselves? I believe that businesses won’t have a choice but to take proactive steps toward digital transformation over the next ten years. Here are three reasons why…
#1 How did you perform during your professional training session? In my professional training session, I received feedback from my trainer about improving my abilities as an active listener during one-on-one meetings with students. He reminded me to summarize what people say back at them instead of planning what I am going to say next or planning in my head all together without listening.
#2 What is something your supervisor would like to see you improve upon? My supervisor would like me to improve my time management skills when being given multiple projects at once because it might cause me to miss deadlines for other assignments if there are too many projects at once, as well as miss meetings due less focus on other tasks and more attention needed for another project.
#3 What type of activities do you feel help you learn new information easily? For me personally, I have a hard time remembering names so therefore I think that hearing or reading facts (or repeated information) is better for retaining information than just hearing someone’s name. However, seeing pictures helps cement that idea into memory much easier as well.
In today’s world
Technology is moving faster than ever before. The pace of change is so fast that industries are having to transform themselves before their competitors do so, otherwise they risk becoming obsolete. On top of that, if you’re not investing enough into technology, chances are your competitor is—and soon you’ll find yourself out of business. Digital transformation comes down to using new technologies as efficiently as possible to help an organization function more effectively and intelligently; and it might include everything from harnessing artificial intelligence (AI) to make better decisions to improving customer experience via self-service technology . The bottom line? Businesses must continually transform themselves or else face certain death.
Why is digital transformation necessary by 2022? For one thing, millions of companies have already begun transforming digitally. As early adopters, these companies can learn how to deal with mistakes early on and help pave the way for future businesses that follow suit. But at some point (probably by 2022), there won’t be many traditional businesses left because most organizations will have become more digitally efficient than those who didn’t invest heavily in technology earlier on. And if you want to survive beyond 2023 and avoid being left behind, creating some sort of digital solution for your organization could very well mean survival for your company–if not your whole industry.