Business Sustainability Lessons From the Top 5 Cases of Digital Transformation
The wide spread of COVID-19 has increased the demand for enterprises to embrace digital transformation fully. The fact that what was once a crisis response is now the norm has far-reaching effects on how businesses approach their internal processes, client interactions, and product offerings.
As a matter of fact, the business sector has been obliterated by a tsunami of technological change triggered by digital transformation (DT). Businesses that are technologically advanced or equipped see a 23% rise in profitability compared to those that are not.
Digital transformation refers to how a firm adopts digital technologies across all departments to rethink its core business processes and the value it offers to consumers.
A company’s endeavor to radically rethink its approach to technology, people, and processes to increase profits is known as a “digital transformation.”
More work is involved in adjusting a firm for success in the digital marketplace. It needs original thought, decisive leadership, state-of-the-art resources, and a well-defined plan for introducing technological innovations. Companies that have shifted to digital have an advantage over their rivals and might serve as examples of what others can achieve.
Long-Term Objectives for the Digital Age
Sometimes digital technology works best when combined with other methods. However, what really matters is how we use the technologies we develop. If digital technology is properly implemented by that time, the United Nations can reach its ICT Sustainable Development Goals (SDGs).
It is crucial to create effective and sustainable solutions to succeed in the digital world over the long term. Think about both the final product and the manufacturing method at all times. As a socially responsible IT firm, we know it’s important to track the real-world outcomes of our digital projects using reliable metrics and tools.
A sustainable digital transformation roadmap is built on five pillars to help organizations achieve their ESG (ecosystem, society, and governance) goals and fully capitalize on their digital investments over time.
Place Emphasis on Measuring
When misinformation is widespread and statistics are crucial, having a wide range of knowledge is crucial. 60% of IT decision-makers reportedly don’t have faith in their company’s data to make quick, well-informed judgments.
The ability to construct, explain and depict change is made possible by investing in data integrity development, which is crucial for enterprises. It’s proof that the firm has had a positive impact, and it helps map out the landscape of the IT industry.
Create Physical Structures
Dispersion is the biggest problem for businesses of all sizes and sectors since it makes it harder to integrate old systems with newer corporate ones. A centralized digital tool saves money, time, and energy.
More individuals should use digital technology that enables data mining for insights and propelling greener practices. Implementing AI to reduce food waste by that year will save an estimated $127 billion annually.
We need to find a reasonable middle ground between the advantages and disadvantages that technological progress has for the environment in light of breakthrough techniques like artificial intelligence (AI), machine learning (ML), cloud computing, and real-time data.
It is important to consider the needs of the digital economy while developing a technological ecosystem. By adopting a regeneration attitude, embracing circular flows, and sustaining ongoing development cycles, hardware and software obsolescence may be postponed.
An architecture that emphasizes interoperability, compatibility, and adaptability may save money while allowing businesses to adapt to the ever-changing demands of today’s markets.
Restore Public Trust in Government
Both top-down and bottom-up leadership are necessary for a long-term, sustainable shift. While upper management formulates strategies, the rest of the team must get behind them to achieve meaningful progress toward distributed authority and joint effort.
Although this change in perspective is encouraging, the movement’s success will depend on the backing of governments, institutions, and companies behind the people spearheading it.
More employees inside an organization will have a say and a hand in effecting good change because of the availability of digital tools.
Apply with Caution
It’s impossible to avoid technology completely, but you can lessen its potential negative impacts on your health by regulating when and how much you use it. Technological advances may improve people’s quality of life by allowing for more rational decision-making, more effective conduct, and more flexible living and working arrangements.
Many systems evaluate and provide recommendations for health-related initiatives that keep tabs on physical and mental health metrics. Building new systems and interfaces with employees’ and customers’ needs in mind is essential for increasing adoption rates and setting businesses apart from the competition.
Case Studies of Companies Undergoing Digital Transformation
Amazon and other e-commerce sites have revolutionized our purchasing by making it easier and more enjoyable online. Companies like Uber and Lyft have revolutionized the taxi business by utilizing mobile applications to pair drivers and passengers.
In many different fields and situations, there are several such instances. Here are five examples of successful digital transformation in large businesses:
Netflix is an iconic brand that has effectively adapted to the digital age. The business expanded its customer base by shifting its focus from DVD rentals to online video streaming. Investments in new technology, new content, and an entirely new business strategy were necessary to accomplish this. Nowadays, Netflix is a well-known OTT (over-the-top) platform and one of the world’s most widely used streaming services.
Known as a leading fashion retailer, Zara has embraced digital technology to enhance business operations and customer shopping experience. The startup uses radio frequency identification (RFID) tags to monitor stock levels and a shopping app for mobile devices. Zara has also put money into technology and data analytics to streamline its supply chain and make better business choices.
Healthcare solutions are the primary emphasis of GE Healthcare, a division of General Electric. An Internet of Things (IoT) platform has been built as part of the company’s digital transformation initiatives to track and enhance its machinery’s efficiency. Consequently, GE Healthcare has enhanced its maintenance, decreased downtime, and provided superior service to its clients.
The manufacturer of both farm and construction machinery is John Deere. The enterprise has deployed an IoT platform for remote monitoring and diagnosing its apparatus. John Deere can now provide more value to its customers by enhancing the performance and dependability of its products and introducing novel services like predictive maintenance as a result.
H&M is a Swedish multinational clothing and accessories shop that uses a wide range of cutting-edge digital technology to enhance operational efficacy and environmental responsibility. Features such as RFID tags for stock tracking, data analytics for streamlining supply chain operations, and a mobile app that facilitates in-store and online purchases are just a few examples. In addition, H&M has automated its warehouses to boost productivity.
IKEA, a Swedish furniture giant, has utilized comical branding on its website to connect with customers. It used augmented reality to make the shopping experience more interesting and fun. Customers may use the app to bring items into their homes virtually or use their phones to scan items in-store and pay for them without waiting in line. Only a small fraction of businesses have shifted to digital without major setbacks; the ones listed below are only a sample.
These are only a few instances of the digital revolution in business. Organizations across all sectors are speeding up their digital transformation initiatives to increase their long-term development and profitability. The top sectors that are rapidly embracing digital transformation services include IT services, banking, finance, fintech, healthcare, and commerce and retail.
With the advent of advanced technologies, businesses are undergoing radical changes.
It is now much easier to get a unique understanding and make informed decisions thanks to the use of data analytics. However, knowing where you want to take your organization is crucial for implementing a digital transformation effectively. Based on these goals, you may create digital transformation examples that streamline operations across people, processes, and technology.
Tools that enhance the customer’s experience should be prioritized over all others. If you have the correct resources and approach, you may swiftly integrate into companies that have mastered digital transformation.