What is Digital Transformation? In-Depth guide for Executives

Explains digital transformation framework

With the rise of personal computers in the 1980s, companies started going through digital transformations to improve their products/services and reduce costs. However, according to Global McKinsey Survey results, only less than 30 percent of digital transformation processes are success stories. Digital transformation is key to a companies success and can be achieved via company-wide alignment, design thinking and adoption of the leading edge technologies.

What is digital transformation?

Digital transformation is the process of integrating digital technologies into all aspects of a business to meet the market and changing business requirements. It aims to increase the effectiveness of business operations and customer relations. To achieve these goals, organizations need to update their systems, processes, organizations and culture. For more, feel free to read our what is digital transformation article. Read more

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What is digital transformation?

The digital transformation framework has four main components, which are customer relations, processes & systems, products & services, and organization.

  • Digitizing Customer Experience: In order to maximize customer satisfaction and life-time revenue from a customer, companies are collecting data of customers and providing personalized products to individuals. Customers expect to engage with the company 24/7 from all available channels; omnichannel interaction and services are the key for successful digital transformation. 
  • Digitizing Products & Services: Companies need to focus on selling to customers a journey rather than the product. This can only happen if companies insert a digital tag that enables them to analyze customer behavior and lets to interact with customers. For example, a digitized wallet which counts the cash in the wallet then, if necessary, alerts individuals’ phone if they want to go ATM.
  • Digitizing Operations: Automating operational processes make organizations cost-efficient and more agile. Agility is an essential characteristic for a firm because increasing competitiveness in the market obligates organizations to act quicker.
  • Digitizing Organization: Companies need to achieve a new organizational model which involves human and machine together. Labor force should transfer into processes that are about designing, auditing, and innovating rather than operating processes. A culture that is open to change and prioritize improvement is an essential driver to evolve through digital. Organizations should encourage innovations so that new technical capabilities can be implemented to help employees adopt the digital world and gain the skills and knowledge they require to transform.
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    Data Extraction: Comprehensive Guide for Businesses

    The dramatic increase in the volume of unstructured and semi structured data has made data extraction vital since businesses need to convert all data into machine-readable formats for analysis. While the need for data extraction grows, it enables businesses to save time and improve their decision-making processes. With such benefits, data extraction software now helps users to automatically pull data from various sources by applying suitable layouts and export structured data to the target destination. Read more

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    State of Quantum Computing in 2019 for Business Leaders

    Spare yourself the trouble and delay learning anything about quantum computing until 2020 eoy unless you are working on:

    • a problem that is not solvable in reasonable time with current computers (e.g. building deep artificial neural networks with millions of layers or simulating molecular interactions). Such problems are common and almost all Fortune 500 companies could benefit from quantum computers
    • Cryptography, or at an intelligence agency or need to transmit nation or mega corporation level secrets
    • quantum computing (sorry had to be MECE)

    If you are in one of these fields, quantum computing has the possibility to transform your field in a few years. If not, check back in 2020 eoy, technology may have progressed to the point that others may also need to learn about quantum computing.

    As non-technical corporate leader, what should I do about quantum computing?

    If you are working on cryptography, or at an intelligence agency or need to transmit nation or mega corporation level secrets, stop relying on cryptographic methods that rely on factoring large integers. There are already quantum-ready alternatives as we discuss in the use cases section. Read more

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    AI in Automation: Which tasks can we automate in 2019?

    The advances in AI since the rise of deep learning can usher a new age of automation as machines go beyond human capabilities in a wide range of tasks.

    The jobs that can be mostly automated include

    • predictable physical labor
    • white-collar back-office work: data collection and processing

    Machines can now perform the activities involved in these jobs better/cheaper than humans. These activities include tasks that involve manipulating tools, extracting data from documents and other semi-structured data sources, making tacit judgments and even sensing emotions. In the next decade, driving is likely to become automated as well, enabling one of the most common professions to be automated. Read more

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