Technology has been changing the world since the beginning. The world we live in right now is full of possibilities and opportunities. That is because we are evolving, adopting, and adapting, enabling us to lead a better life. Digital transformation is just that for businesses.
Tally your progress with a complete digital transformation guide and plan your upcoming quarter strategies accordingly. Traditionally, all companies used to thrive in a proximity-based market.
Still, as soon as the world started going digital, all companies could set themselves up online and compete with one another without boundaries of countries.
We are witnessing industries revolutionizing their operations and processes with digital transformation on a large scale.
In simple words, digital transformation means digitizing the operations, processes, and other areas of the business to revamp the performance that the organization tends to produce.
When we talk about the key elements of digital transformation, we can think of a wide range of strategies and solutions. Here are the top five and the most crucial elements that every business should consider:
- Digital Business Strategy & Culture
- Staff & Customer Engagement
- Process & Innovation
- Digital Technology
- Data & Analytics
Examples of digital transformation in the modern business scenario
As much as we emphasize digitizing the whole business model, it is equally important to consider other factors that play a vital role in transforming the business. From strategizing to analysing the data, companies go through a transformation by all means.
Here are a few essential examples of brands and companies that implemented digital transformation and continue to thrive in their respective industries. And don’t take our word for it; check out the digital transformation benefits and then dive deep into this article!
How Target continued to be #1 in retail industry!
Towards the beginning of 2014, due to data breaches and Black Friday sales, the website of Target and the offline stores witnessed havoc in managing inventories and customers.
Target, even as the industry leader in the retail segment, faced backlashes about mismanagement and was called out for being behind the curve.
Looking to deal with this scenario, the digital strategists came up an immensely capable strategy to serve up a higher number of customers.
From outsourcing the IT needs to establishing and running an IT department that helps with everything, starting from inventory management to keeping the offline and online stores up and running, they did it all.
Within the first 12 months of implementing the IT change, the sales figure rose to 4.5% in the last quarter. In fact, the share price of Target rose to more than 50% from 2015 to 2020, which was highly attributed to the implementation of digital transformation.
Keeping the focus on e-commerce, Target acquired a grocery store delivery startup called ‘Shipt’ in 2017.
The integration of Shipt features with their revamped and digitized system eased out the online and physical store operations for both shoppers and resources.
The digital transformation wave is like the industrial revolution wave that happened in 1760; even giants like Target could not dodge it and revamped the whole backend to thrive among the consumers.
Dive deep into the research of digital transformation in retail industry to see how industry leaders are amping up their game to thrive in the competitive market.
Transformation of supply chain management industry
The average supply chain has a digitization level of 43% – Mckinsey’s study
From planning, sourcing, and manufacturing to logistics, everything comes under supply chain management (SCM). There are some essential benefits of automated production networks:
• Automated warehouses
• Predictive shipping
• Enablement of last-mile delivery
• Shipment rerouting
All these operations were performed manually earlier; now with the transformed systems, companies are able to plan better and provide more value to the customers while also saving on the resources’ investment.
There are numerous companies existing, surviving and thriving with cutting-edge technologies and strategies, know more about them and plan your business goals accordingly.
How Volvo Group is carving the way ahead in manufacturing industry
Multi-million businesses have multi-faceted and highly functional departments to deliver the best-in-class products.Implementing digital transformation across all the departments while synchronizing and channelizing the process for a company like Volvo was quite a task.
They came up with a solution of developing a ‘digital thread’ across multi-faceted business departments. The digital thread is a loop that acts as a conjunction between the digital and physical world to optimize the products, strategies, and resources.
It involves operations and processes which can be followed to deliver user-centric outcomes.
The benefits of digital thread are engineering excellence, service optimization, enhanced sales and marketing experience, product and service innovation, and manufacturing efficiency.
The digital thread acts as a backbone for the company. Enhanced and updated product life cycle management helps the company make informed decisions about the present and plan for the future while optimizing the existing resources and processes.
Tally your company progress and revamp your plans to stay ahead of the curve!
The impact of tech in healthcare
The healthcare industry has witnessed a transformation over the years within the industry. Especially after the COVID-19 outbreak, the convergence of digitization in the sector prioritized the care and convenience of people.
Research shows that 92% of patients reportedly affirmed a positive experience because of digital transformation. 60% of them were commending the new change that digital transformation enabled healthcare professionals to provide.
The Artificial Intelligence use cases show the highly accurate data and little to no misidentification of samples collected to perform MRIs, CT scans, and X-rays.
Google Health partnered with DeepMind to identify breast cancer in its early stages, and the results are remarkable.
From telemedicine to automated healthcare portals, the healthcare industry is revolutionized in every aspect, which eventually helped make primary healthcare accessible to all.
In order to gauge better and improved experiences, it is always advisable to follow the trends that can potentially help the business grow.
We hope this article on digital transformation examples helped you understand the various industry trends that can come in handy for your relevant vertical.
Based on the buyers’ persona, consumer behavior, and other vital metrics, one should implement strategies of digital transformation which will eventually lead to higher ROI and customer satisfaction ratios.
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