Digital Transformation

We can define digital transformation as the implementation of new digital processes, technologies, and tools. The primary purpose of digitally transforming a company is to use technology to optimize tasks within the organization, improving productivity. The key elements of digital transformation are:

1. Digital leadership: refers to digitally aware management with a highly determined CIO and CTO.

2. Digital strategy: provides the vision on how digital technologies can assist in accomplishing and improving business goals. 

3. Innovative environment: digital transformation refers to open culture, ready for modification and new business trend implementation.

4. Digital client experience: businesses need to satisfy clients who live in a digital world through online suppose and various online tools.

5. Operational agility: a fast-decision making culture is a crucial factor in digital transformation.

Key benefits of digital transformation

Digital transformation has now become the foundation for building a business that can survive in a fast-changing world. See some of the benefits:

1. Businesses gain higher revenue as the MIT Center for Digital Business disclosed that digitally transformed firms are 26% more profitable than their corresponding rivals.

2. Turning business into a more resourceful one as digital solutions involve customers, staff, and products into one productive business process, allowing client engagement, increasing profits, and giving a vibrant assessment of the business processes. 

3. As clients already live in a digital world with the daily use of online shopping, mobile apps, and social media, these digital tools help build trustworthiness for the company and hence adopting new clients.

4. Digitally innovative services and products often lead companies to increase in a market share. For instance, Uber has reformed the taxi business, and Airbnb has changed accommodation rentals.

"The last decade was about modifying the way people work in IT. The next decade will be about powering businesses through digital transformation."Paulius Stankevicius, Founder and Chief Executive Officer at Stankevicius.