What is Digital Transformation?
Digital transformation is the rethinking of how your company or enterprise operates with technology. It covers customer experience, operations, business models, services, and products. Its goal is to help you find new ways to deliver value, cut costs, generate revenue, improve efficiency, and achieve your business objectives with the use of new and innovative technologies.
You are effectively turning technology into a business enabler.
Let’s take an example of iTunes vs HMV, or Netflix vs. Blockbuster Video, and Uber vs. your local taxi co.
Why Transform Now?
New technologies such as AI, smart phones, Internet of Things (IoT), and data science tools are becoming more accessible and affordable. These technologies are being leveraged to transform customer experience, gain competitive advantage, improve productivity, and address new market segments.
What Does Digital Transformation Look Like?
Disruptive innovation is transforming business models, processes, and the way we work.
- New Business Models – Is our business model relevant, competitive, and will it survive in the next 3 to 6 years?
- New Business Processes – Improve customer experience, act on real-time insights, predict future outcomes, run business simulations, and increase productivity.
- New Ways of Working – The workplace is change, how are we increasing employee satisfaction, effectiveness, and efficiency? Are we keeping them happy and healthy?
Digital Strategies for Innovation
There are 3 types of innovation that will help you along your digital transformation lifecycle.
- Continuous – Focuses on helping you now. Its involves making incremental improvements to current products and services.
- Adjacent – Focuses on enhancing your existing portfolio of products and services using new technologies or applying knowledge to new market opportunities to gain new customers.
- Transformative – Occurs through emerging trends, technologies, and business models, resulting in revolutionary products and services, and new markets.
How can Altivate Help?
We have worked with a diverse set of businesses along their digital transformation journey. Our team has a diverse skillset of technology, industry, and business knowledge. We have helped government entities reduce fleet maintenance costs, pharma companies increase sales using tablet sales, steel mills reduce safety stock, and retailers increase employee satisfaction.
