With growing customer expectations, industrialization, emerging industry trends and a dynamically changing business landscape, digital transformation is no longer a choice for enterprises. It's a matter of survival and is rapidly becoming a reality in the competitive world of business. Nearly half of enterprises globally say improving customer experience and satisfaction were the leading influences to initiate digital transformation.
Those enterprises still holding on to traditional obsolete business models will face all-around challenges in today's world and will no longer remain competitive or relevant in the near future. The technology-led business process alternatives are much faster and more productive than conventional business operations. The pandemic was a significant catalyst for enterprises to comprehend the importance of embracing innovation in business models through transformative solutions.
Organizations work best when every department of an enterprise is robust on multiple fronts and interconnected. Business players are required to ensure frictionless communication across their departments for better output, says the 2020 Oxford Economics report. A prediction by Gartner states that those organizations which endorse data sharing will outperform their competitors in multiple business areas by 2023.
In the post-pandemic era, enterprises should focus on driving transformation to reveal endless business prosperities. Consistent business outcomes and success will be achieved by fostering a state-of-the-art technology-based infrastructure at their grassroots level. However, digital transformation is not about just embracing technology; it's about creating a balance of innovations in the existing business operations, meeting emerging market demands and satisfying customer expectations. It supports restructuring the management framework in a streamlined manner. IoT, AI, RPA, big data, cloud computing, automation and blockchain are popular technologies used in digital transformation projects.