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Defining Digital Transformation Digital transformation is a term often used today but not always understood. First off, what is “transformation?” Transformation is a comprehensive scale change to a business’ foundation, from operating model to infrastructure and everything in between – what is sold, to whom it is sold and how. A transformation programme affects each function of a business, from purchasing to technology to sales and marketing. Businesses usually build and develop new offerings, enter new markets, merge with competing business or sell to them, or trade components from their value chain to gain a competitive edge, but it doesn’t mean all of such things are transformative.
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Businesses don’t choose to transform as the move is costly and risky. They transform when they have not evolved successfully.
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An evolving business – products and proposition continually updated, flow of new customers consistent and value of current ones increasing – has no need to transform. A business may undergo tremendous changes and dramatic restructures, but it can only be called a transformation when such changes are clearly seen from the outside and were brought about by external factors. Main Drivers of Transformation Transformation is mainly triggered by changes in consumer demand, technology and competition. These are, of course, an ecosystem, and it is when these factors converge that market changes occur. When any of these coincide such that the operating model of a business does not serve its customers anymore, the business has arrived at a tipping point. Here’s the deal – an evolving business doesn’t reach tipping points because they detect the opportunities and nip them in the bud. Evolving businesses are always focused on their customers’s changing needs and ready to adapt. A business that spots a tipping point too late must transform. Now let’s define digital. In the broadest sense, it is any technology that links people and machines together via information. Thus, “digital transformation” is an observable wholesale restructure meant to avoid a tipping point that may be caused by digital technologies and downstream effects on the market. Various Organizations and their Roles in Digital Transformation Global consultancy companies typically manage transformation programmes for large businesses. To transform a large organization, a huge amount of time, resources and cross-functional business skills will be required, and they are typically provided only by global consultancies. On the other hand, creative agencies want to help businesses avoid the situations that call for digital transformation. They specialize in bringing a business close to consumers, understanding new markets and technologies, and predicting movements in the market. To do all these, they work together with their clients. Prototypes of new products and services are created, as well as trial products and experiences that allow them to paint clearer image of the future.