Ask different stakeholders what digital transformation means to their organization and you’ll come away with a multitude of definitions. Some will point to blockchain technology, machine learning, or virtual reality. Others will zero in on artificial intelligence, cloud computing, digital core, or data analytics.
SAP cites a 527% improvement in customer profit margin year-over-year for companies with a best-in-class customer experience.
What Is It, Anyway?
As digital transformational budgets across the board increase this year, a few things are clear: digital transformation goes beyond business intelligence and delivers transformative insights to every user, constituent and partner. It uses data, people, and enterprise assets in aggregated and unique ways that have previously never been possible. And perhaps most importantly, it maximizes the use of technologies, organizational structures and skills to quickly adapt to achieve desired business outcomes and possibly even change business models.
Intelligent enterprise doesn’t just capture data. It converts that data into information, analyzes it, generates insights, and adapts those insights more quickly, accurately, and specifically than conventional supply chains could ever do before. The result is a faster and more proactive response to customer needs. And this agility leads to loyalty and growth.