The Power of Technology - A must-read for anyone who believes the other guy

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It’s the battle of the new tech vs. the old technology. Today, it seems like there is not much new about digital transformation and adoption of technology in business. The old-schoolers are still in it, as they have been for years now. They believe that digital transformation is going to win the war for use of digital platforms in business operations and business value by 2020. The new generation of change leaders believes that this transformation and adoption will take place on a more mature scale, supported by a dynamic ecosystem of technologies to drive better customer experiences, greater efficiency and effectiveness, and ultimately greater profitability. It will be enabled by local and global partners and data centers operating in diverse geographies. In this blog post, we’ll discuss the importance of technology in transformation, its role in transformation strategy, potential substitutes for physical assets etc., opportunities for cross-border collaboration etc., unique challenges among companies operating across different geographies, best practices with regard to digital transformation and so on. Let’s get started:

The Role of Technology in Transformation

The transformation of a business is highly influenced by the technological progress that has taken place in the last decade or so. The adoption of new technologies, the quality of data produced with them, and the adoption of new business models has all been interconnected in the transformation of many industries. The adoption of smart machines, artificial intelligence, and blockchain-based platforms have all been important in achieving this. The role of technology in transformation is twofold: to support/to hinder, and to create/to tear down. To understand the connection between technology and transformation, let’s examine how the transformation of a business has been achieved thus far.

How to transform your business?

To understand the importance of transformation and its importance in maintaining competitive advantage, let’s look at the transformation of a certain company. At the core of the transformation is the need to change the business model. The company decided to adopt a new digital business model. The new model consists of digital platforms, digital teams, and a digital business unit. The digital business unit is the central Hub of the company. Digital transformation was meant to support the new digital business model. However, the internal stakeholders were not clear on how this transformation would take place. So, they hired a consultant to help them establish the transformation strategy. The consultant helped the internal stakeholders understand how the transformation would take place, what the stakeholders would have to do in order for their business to be transformed and the costs of transformation.

Potential Substitutes for Physical Assets

To establish the context, let’s discuss potential substitutes for physical assets. Consider the case of a telemedicine firm offering over-the-counter (OTC) signals through a smartphone app. The company’s business model is that of a traditional medical practice. The mobile app lets the patients of the two hospitals easily see each other and manage their care. The telemedicine vs. medical practice model has been around for a long time. However, at the time of the transformation, the company decided to switch to an electronic model. The mainakening of technology in business operations can be seen in the decision to bring the business to an all-digital place. The business now has the ability to offer high-quality digital offerings that meet the needs of customers, including video/photo assessments, online scheduling, online patient management, bill-back, and more.

Best Practices on Digital Transformation

In this article, we will discuss the 3 most important best practices for digital transformation in a business . These are: Avoid duplication of offerings; Make sure the offerings cover the different business segments; Leverage digital transformation opportunities to drive value

Summing up

The transformation of a business happens every few years. It is the transformation of an organization that creates the new business model, the new digital business model and the new digital team. The transformation of an organization is sometimes referred to as the “Pearl Harbor effect” because of the impact of the first Pearl Harbor on the American economy. The transformation of an organization occurs when a company determines that it no longer needs the old way of doing business and begins embracing the new digital way of doing business. It can be a transformation of a department, an organization, or an entire business unit. It may also be that an organization transitions from an old to a new way of doing business, as happened with the technology dramatically transforming business operations in the late 2000’s. These are the most important things you can do to prepare for the transformation of your business. They will be the factors determining the success of your business transformation program. As a business prepares for transformation, it must first observe and analyze its transformation process and then ask itself: What should we have done differently? The transformation of a business is a continuous process. Companies that are late to the game may wind up doing more damage than those who take full advantage of the transformation opportunities presented by emerging technologies.