‘Digital Transformation’ is becoming the catchphrase of the technology sphere. Even though it was common among large companies in the past years, the pandemic has now accelerated the digital initiatives across small verticals as well. It is imperative for business of all sizes starting from small to medium and large size enterprises. The message to transform every sector comes clear and loud from seemingly every keynote. While some organizations changed their tract to digital transformation from the early stage, some others are still at the first step of the ten-story building. In a nutshell, today’s businesses are in different places on the road to digital transformation.
Digital disruption, the transformation caused by emerging digital technologies and business models is a reality across sectors worldwide. It is a paradigm shift that is here to stay, with bone-deep effects for all organizations. This has resulted in the way companies function. Organizations are rethinking their operating principles and paving way for digital transformation strategies to rest between their workflow and growth in revenue. Although enterprise applications based on digital transformation technologies are still in their nascent stages of development, they are gradually beginning to drive innovation into business strategies and proving their significance at every step of an organization. According to 2020 statistics, 91% of businesses are engaged in some form of digital initiative, while 87% of senior business leaders say digitization is a priority. But transitioning to digital technologies and services looks different for every enterprise, and not every deployment will bring the same level of success.
Technological change is nothing new, but this round of change is happening at a rate faster than ever before. The reasons are clear. Digital technologies are enabling radically new ways to deliver value to customers, altering competitive landscapes, and changing the underlying economics of markets. However, there are some undeniable threats that experts cite as the impetus for transformation, and the risk is real. Fortunately, while new technologies may threaten business, they can also create unprecedented opportunities. Today, digital transformation is opening its arms to emerging companies that support others to implement disruptive technologies. Meanwhile, the demand for IT professionals continues to soar as companies digitize their operations. Data shows that the wave of digital transformation resulted in the demand for IT-Software professionals jumping 53%. At this rate, the digital transformation market is expected to reach US$3,294 billion by 2025 with a CAGR of 22.7%.
With the help of digital transformation initiatives, organizations revise their day-to-day tasks. In particular, they can consider how the latest technology can make them more productive and efficient. The right digital transformation campaign can lead to faster processing to higher revenues, as well as reduced errors and a stronger customer experience. It is seen as a real game-changer for transforming the business into a really safer, faster, and personalized customer experience. Digital transformation therefore accelerates and illuminates the already existing and ongoing horizontal and global processes of change in society.