1. The business and individual impact of digital transformation
When we think of digital transformation, how far reaching can it be within an organization?
2. The reach of digital transformation
Is it one area of a business that is transforming with new technology? Is it when an individual takes on a new role or tries a new software to improve their effectiveness and efficiency? Or, is it when an entire organization is deploying new technology or transforming to compete in the current economy and the future? All of these are examples of digital transformation. Digital transformation is the transformation of an organization. It includes every aspect of an organization, strategy, business areas, and the individual.
3. Benefits of digital transformation
There are various benefits digital transformation brings to a company. Some of the benefits organizations can achieve are: Transform an industry, Transform the old way to a new way, Process improvement through automation, Improved customer knowledge, Personalized offerings to customers.
4. Auto transformation
Let's take a look at some real world examples of digital transformation, to show where these benefits actually took place. The first example comes from the auto industry. Do we think of digital transformation when we think of the auto industry? In the first example, we see automaker Audi making mini-show rooms and utilizing that power to shift from a traditional show room. Audi City became the way the way Audi innovated the show room. Audi saw an increase of 60% in sales compared to traditional showrooms.
5. Streaming transformation
Our second example comes to us from Netflix. Netflix addressed concerns that came about from renting physical copies of movies, like late fees, and moved forward into the digital streaming business. Today, how often do we go to a store to rent a movie? We now have the option to stream movies. Netflix empowered us to do so by helping transform an industry. For our third example, who here likes coffee?
6. Brewing transformation
Well, could a coffee company digitally transform? Just ask Starbucks. Starbucks “recognized the benefits of introducing a digital transformation and introduced the ‘Digital Flywheel’ in 2017.
The initiative focused on transforming rewards, personalization, payments, and ordering based on customer feedback. Cloud-based platforms improved Starbucks’ ability to offer tips and order products while managing inventory and production.
Here again, we see digital transformation empowering both Starbucks and the customer. Digitalization made it so customers should have had an improved purchasing process and also the company saw benefits itself. Understanding customers' needs is a benefit of digital transformation as it can empower the customer and company.
7. Powerful impact
Digital transformation helps impact a business, but what about you, the individual? For you, digital transformation simplifies tasks, empowers you to work more effectively, and allows you to reduce the mundane and use your creative power.
Overall, digital transformation can have a powerful and remarkable impact on the individual and the organization. Having a solid understanding of digital transformation and the “why” behind it an be beneficial to ensure digital transformation is successful and adoption occurs.
8. Let's practice!
Let’s go back in and reinforce your learning with some exercises.