{"id":4906,"date":"2019-06-08T18:01:51","date_gmt":"2019-06-08T16:01:51","guid":{"rendered":"https:\/\/celagenix.onpressidium.com\/entrepreneurship-in-digital-era-digital-transformation-and-its-impact-on-business-strategy\/"},"modified":"2022-11-07T15:37:27","modified_gmt":"2022-11-07T13:37:27","slug":"entrepreneurship-in-digital-era-digital-transformation-and-its-impact-on-business-strategy","status":"publish","type":"post","link":"https:\/\/celagenix.com\/entrepreneurship-in-digital-era-digital-transformation-and-its-impact-on-business-strategy\/","title":{"rendered":"Entrepreneurship in Digital Era – Digital transformation and its impact on business strategy"},"content":{"rendered":"

Entrepreneurship in Digital Era – Digital transformation and its impact on business strategy<\/u><\/strong><\/span><\/h3>\n

 <\/p>\n

Everybody seems to be talking about digital transformation these days. But what exactly is digital transformation and how does one go about implementing it? For this post, we have looked into the concept of digital transformation, its impact on businesses; the implications of ignoring its implementation; and the benefits of incorporating digital technologies into current business operations. Learn about the stages of digital maturity and draw inspiration from companies who have transformed into digitally competitive businesses.<\/p>\n

 <\/strong><\/p>\n

What exactly is Digital Transformation?<\/u><\/strong><\/span><\/p>\n

Our reliance on digital technologies is only increasing each passing day. In order to ensure your business doesn\u2019t lag behind, it is crucial that you understand what it means to be a digitally progressive company.<\/p>\n

 <\/p>\n

Digital transformation is a dynamic evolution of a business and its Organisational processes, strategies, product development, and models. This transformation allows a business to take full advantage of the many digital technologies that seek to improve current Organisation systems and prepare for future shifts, to reap long-term profitability.<\/p>\n

 <\/p>\n

Digital transformation is a strategic process where a company incorporates innovative digital technologies that take into account the current and future shifts in the market to redefine operational models for an improved outcome. Digital transformation is a part of digital entrepreneurship that seeks to embrace a transformative approach to redefine current business models using up-to-date digital technologies.<\/p>\n

 <\/strong><\/p>\n

What is Digital Maturity?<\/strong><\/span><\/p>\n

Digital maturity defines how far you have come in terms of leveraging the power of technology to make your systems and product offering as optimized, automated and advanced as possible. Digital maturity gives you a substantial competitive edge over your competitors. Digital maturity can be defined in four stages: active, engaged, competitive, and mature.<\/p>\n

 <\/strong><\/p>\n

Digitally active companies<\/strong> <\/span>usually take advantage of transactional digital solutions like e-commerce. These companies heavily rely on web-based solutions to derive revenue and utilize beginner-level software practices to develop and track key performance indicators.<\/p>\n

 <\/strong><\/p>\n

Digitally engaged companies<\/strong><\/span> implement digital solutions across all departments. As compared to digitally active Organisations, these companies use advanced analytics and automation systems to make strategic decisions. Many online retailers are digitally engaged and use technological advancements and the right opportunities to develop activities that help them become competitive in the market.<\/p>\n

 <\/strong><\/p>\n

Digitally competitive companies<\/strong><\/span> are focused on using advanced digital solutions to not only generate more revenue but also predict the future shifts in the market. This generally involves creation and use of their own predictive models and big data analysis techniques. This enables them to identify gaps and create solutions for a quick and timely response.<\/p>\n

 <\/strong><\/p>\n

Digitally mature Organisations<\/strong> <\/span>are the most advanced business entities and usually incorporate AI and machine-learning based solutions in their businesses. They understand what it takes to drive revenue through AI embedded products and services and hence are the leaders in the market with revenue-driving products and services. Companies like Apple, Google, Amazon, Microsoft, and Facebook are some of the few digitally mature companies in the world.<\/p>\n

 <\/strong><\/p>\n

Why digital transformation is essential for your business<\/strong><\/span><\/h3>\n

Transformation is perpetual, regardless of your company\u2019s size. In order to fulfil growing and changing customer requirements, you need to take into account the digitally transformative tools and processes that can bring about the necessary change for improved productivity, reduced resource expenditure, and competitive advantage. It doesn\u2019t matter if you are a corporation or an enterprise; an online store or a brick and mortar warehouse, digital transformation applies to all kinds of businesses.<\/p>\n

This transformation is an Organisation\u2019s cultural change that requires consistent rethinking and exploring in all areas of the company to find unique ways of delivering value to the customers.<\/p>\n

 <\/strong>The benefits of digital transformation<\/strong><\/span><\/span><\/p>\n