What is the importance of Digital Transformation?

 


Digital transformation

DT is not a simple change but an organization wide change that is brought about by people, processes, operations and the use of latest technology. It is more about the integration of digital technologies into all the areas of business operations. Necessarily, it is the integration of information and data from one end, and technology and mobility from the other end. These together when embedding into an organizations business strategy, are bound to deliver a better digital customer experience.

Therefore, every business has to ensure they transform their approach more towards engaging and enchanting their customers with scalable and high performing digital applications. The process of digitization helps businesses to better track their operations, enhance productivity, augment effective digital strategies and deliver great experience to customers.

Latest industry statistics on Digital Transformation

digital transformation strategy

–> According to Meticulous Research publication in Globenewswire, “The digital transformation market is said to be $3294 billion by 2025, growing at a CAGR of 22.7% from 2019.

–> According to Markets and Markets, the global digital transformation market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5%. Major growth drivers of the market are the increasing penetration of mobile devices and apps and the increasing adoption of cloud services.

–> According to a Forbes article, 70% of companies have a digital transformation strategy in place or are working on one. 21% companies think they have already completed digital transformation. Nearly half of all companies say improving customer experience and customer satisfaction were the leading influences to start a digital transformation.

The digital transformation success has been stated as, companies that earn $1 billion a year, earn an additional $700 million over three years, by investing in customer experience. 56% of CEOs say digital improvements have led to increased revenue.

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