Digital Transformation: A complete guide to digitize your business

We are moving through an era where everything will be digital and everything needs to connect. In turn, the way companies think about technology in turn needs to change. Businesses that are embracing digital transformation are trying to move from systems of transactions to systems of engagement. Engagement systems, extract information from customers and bring what digital transformation means for business it to life. Developing a personalized and rich experience with customers increases their lifetime value and makes them advocates of a business. EY UtilityWave is an award-winning, business-led data platform that helps companies transform how they manage, integrate and use data from enterprise systems, IoT devices and other sources to improve performance.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. EY Smart Factory arms your shop floor with dynamic predictive data analytics, virtual reality and artificial intelligence to deliver unprecedented performance. EY OpsChain Tesseract is a blockchain-powered platform supporting new mobility businesses built around fractional ownership of vehicles and new investment models.

What is slowing down your digital transformation journey?

At CenturyLink, where one of us works, the sales team had been considering adopting artificial intelligence to increase their productivity. Ultimately, the team customized an AI tool to optimize each salesperson’s effort by suggesting which customers to call, when to call them and what to say during the call in any given week. The tool also contained a gamification component, which made the selling process more interesting. Vernon Irvin, who watched this process from the inside, observed that it made selling more fun, which translated into an increase in customer satisfaction – and a 10% increase in sales. Digitalization is the use of digital technologies to change business processes and projects—such as skilling employees to use new software platforms designed to help launch products faster. While digital transformation might include digitalization efforts, it goes beyond the project level and affects the entire organization.

• This could be done by calculating how much revenue would be generated and how many new customers you would gain over time.
• IT transformation requires the company’s network infrastructure, hardware components, software applications, IT service management, frameworks of data storage, and accessibility to be modernized.
• An additional layer of this shift is in creating accessible interfaces to efficiently operate new digital tools on all levels, both customer-facing and internal ones.
• Therefore, Kirk Girard and his team heavily adapted the recommended tools, processes, diagrams, and key elements of the core software as they redesigned the work flow.
• Through exposure to numerous relevant case studies that lean on Professor Misiek Piskorski’s vast experience in this field, you’ll gain a holistic understanding of what end-to-end digital transformation entails.

Together with AltexSoft, the company developed a fully cloud-based management environment for pawnshops. By switching to an entire digital value proposition, pawnshops also address several operational problems. Instead of arbitrarily estimating products on-site, pawnshops can assess products remotely online by receiving pictures from customers. After several years of interviews with digital transformation leaders, Altimer released a report that defined six stages of digital transformation.

New Business Models

The primary driver of digital transformation is the awareness that every touchpoint with your company delivers an experience that either attracts or repels positive attention from your audiences, including customers, employees, and business partners. The price of not proactively initiating digital transformation is either potential marketplace obsolescence or talent drain. By understanding that brand experience rests on seamless processes and integrated systems as a competitive edge, businesses can see that digital transformation becomes a priority and an essential investment.

While the ROI of digital transformation depends on a variety of factors, the right technology can greatly improve how your business functions and how customers engage with it. Whatfix’s no-code digital adoption platform empowers organizations to adopt new technologies faster and empowers employees with in-app guided onboarding, reinforcement training, and on-demand support. Answers are most likely to be found by those that give careful thought to aligning digital transformation initiatives with business https://globalcloudteam.com/ outcomes. Once you start to consider this, then it becomes clear that technology is only a part of the challenge. And, I would go as far as to say, due to the growing availability and accessibility of just-about-anything as-a-service, delivered through cloud platforms, it’s probably the easiest part for most businesses to solve. But the key culprits of a derailed digital transformation are obsession with big bang change, focus on cost cutting as a business driver, and failure to loop in the business.

What is digital transformation used for?

For instance, they may undertake a certain amount of modernization to deliver quick wins, while at the same time having enterprise-wide global programs and/or innovating business models through experiments and controlled pilots. Just as important are the human issues that are central to successfully going through these processes of transformation. These include the needs and behaviors of your customers, your company culture, and the buy-in of leadership and the wider workforce.

Mattel EVP and CTO Sven Gerjets says leading transformation starts with empathy. It’s early to guess which long-term consumer behavior changes will stick. The move to digital also frees up time for creativity and innovation while reducing operational costs. This IDC white paper details the numerous hybrid cloud advantages afforded by a hyperconverged infrastructure , a cloud-like platform for on-premises or edge environments.

Transforming the Business Through Digital Solutions

But there are a few best practices, a digital transformation framework, to ensure the achievement of your digital transformation strategy. Digital transformation is a universal phenomenon where businesses use digital technologies to change, improve, enhance, and replace existing business processes. Some transformations have been ongoing for decades, while others are still in nascent stages. This program provides you with thetools and knowledge to lead digital transformation strategy in your organization. Through exposure to numerous relevant case studies that lean on Professor Misiek Piskorski’s vast experience in this field, you’ll gain a holistic understanding of what end-to-end digital transformation entails.

Based on best practices of resolving issues, prescriptive analytics automates decision-making, when a number of specific conditions is confirmed. For example, international banks gather various data about credit card transactions and–with a high degree of confidence–can understand whether some transactions are fraudulent. Because of that, a decision to block a suspicious card is made in a fully automatic way, once identified specific circumstances trigger an algorithm. Cloud infrastructure allocates room for dynamically changing computing events, which is critical in the digital era to meet responsivity and user interaction speed. For example, if you are migrating users from Salesforce Classic to Lightning, your high-level metrics for measuring adoption would be log-in rates, usage, data quality, and business performance.

How can I digitally transform my business?

The outcomes of such “pro-sponsive” approaches are what matters most, which brings us to the next point. So, while we just split up some aspects of digital transformation, it’s of the utmost importance to get that holistic picture. Each step (and sub-step) of the journey, from awareness to loyalty, must be evaluated in detail.