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Digital Transformation – How new IT and Technology affect Markets, Business Models and Businesses

Digital Transformation - How new IT and Technology affect Markets, Business Models and Businesses

The digital transformation of society, business, governments and business models is in full swing. New, rapidly developing IT solutions and technology are changing the world around us at high speed. Digital transformation or not is no longer a choice for more and more companies, but a necessity.

What is digital transformation?

New digital technology offers new opportunities to optimize business processes of organizations. This allows them to meet the requirements and expectations of customers of those organizations even better. Digital transformation is the process by which organizations adapt to this new situation. On the one hand, this means the implementation of modern digital technology in their business processes. On the other hand, it is an adaptation of the company culture. Digital transformation has a major impact on customer experience, interaction with customers, business processes, business models and distinctiveness. Precisely because these aspects largely determine the right of each organization to exist, digital transformation is a theme that every organization will have to deal with now or in the coming years.  

 Digital Transformation - How new IT and Technology affect Markets, Business Models and Businesses

Success factors

Although developments in the field of digital technology determine the possibilities, success is not determined by this. Human factors play a more important role in this. Therefore, a successful transformation requires not only the implementation of IT solutions and modern digital technology, but also adapting the company culture. Existing patterns, working methods, thinking patterns and habits must be replaced by an approach characterized by openness, transparency, flexibility and the highest possible level of customer focus.

Why important?

Business and private customers increasingly expect from every supplier, which they also experience with other – often new – providers: better service, faster delivery, good return conditions, and so on. If you cannot deliver what another provider does offer, you will miss the order and in the worst case you will lose a customer. Many aspects play a role in this: your accessibility, your visibility on the internet, the way customers can order from you, the channels with which your customer service can be reached, the speed with which you confirm and deliver an order, the clear communication about conditions, costs, invoices, and so on. In many markets, new companies have been founded with a clear focus on IT and technology, beating established companies at a rapid pace.

Digital transformation cannot therefore be ignored. Every organisation in every market will have to be on their guard and invest in new IT solutions and technology in a timely manner to ensure continuity.