Evolutionary Improvements and Their Effect on Humanity
Digital transformation is a holistic change and a continuous evolution in the function, appearance and utility of devices, products, and customers. It’s a medium of achieving supply or satisfaction to users by leveraging technological advancements and other creative advantages the internet offers.
This definition captures the whole scope of end-to-end use, as well as the possibility for future-inclined advantages that could arise. It opts to lessen the burden of manual inputs in executing tasks, and reaching business goals, and maximum customer satisfaction, all while saving time, and focusing on a people-centric experience.
At a fast pace, we have seen processes and data shift from manual to digital– from written contracts to electronic signatures, from file cabinets to cloud storage, from repetitive tasks to automation. Where letters and mail delivery patterns have shifted from manual post-office passages to electronic mail, delivery times have dramatically decreased from days to seconds, while becoming more dynamic in nature, supporting video attachments and real-time annotations.
Digital transformation has helped individuals work more efficiently, centralize data, make better decisions, and limit the time they do redundant or monotonous tasks.
In light of the disruption that diverse industries have experienced through digitalization, this article will walk you through core niches that have been improved by technological transformations, while offering a peek into what the future holds as automation, artificial intelligence, and decentralization greet the shores of industries like automotive, aerospace, retail, banking, insurance, healthcare and much more.
Digital Transformation & Economic Disruption
The global, human economy holds the store of value attributed to the wealth of a nation or any individual, nationalization, and astute development that can be seen or recorded. It is evident that none of these areas have experienced any lasting change without human input, and that technology is fast gaining credit and acceptability in a variety of industries.
Most would be curious to know to what extent digital transformation has rebranded and redefined the concept of the global and human economy. Discussed below, are key disruptions caused by digital transformation in an effort to actualize the true change that echoes Intrizen’s vision of a happier human connection and lasting legacy of a transformed world.
Disruption of Industries
Given that there are several zones where digital inclusion has resulted in massive disruption, the following key industries will be considered regarding digital transformation:
1. Business: Performance, productivity and innovation
Digital transformation in the business world alludes to the inclusion of technological possibilities in every core unit of business, resulting in a total change in scalability in the operation of the business, and the optimization of customer satisfaction.
Total transformation incorporates all aspects of the business into the technological integration to ensure both customer and business satisfaction, this includes “core unit” aspects of the enterprise including business information, communications, product and sales, customer information and feedback. Other parts of the business that are typically incorporated are delivery, customer information, product roadmaps and sales.
In an e-commerce business, such as Amazon, digital transformation is constantly evolving and requires continuous iterations. Successful integrations touch on new trends, customer expectations, services and behaviors, as well as other focal components of change to strategically integrate the business.
Business transformation consists of four main areas, business model transformation, process transformation, domain transformation and cultural transformation. Because there’s no one size fits all approach, each of these focus areas requires the organization to define a goal, assess their current processes, find a solution, implement change and track the success before iterating once again.
2. Finance: Automation, security and analytics
Digital finance transformation is advancing at such a rapid pace that overhauling internal systems could take industries years to complete. Most financial institutions have focused more on customer facing digital adoption while digitizing back-end operations has taken a back-seat.
Due to the sensitive nature of financial information, finance teams face a great deal of challenge choosing the right tools and strategies to advance their internal operations. That being said, digitalization stands to optimize processing, centralize data, streamline tasks, provide automated services and of course real-time data and advanced analytics.
Core improvements provided by digital transformation primarily concern three areas: data, automation and communications. These advancements include accessibility enhancements such as intelligent chatbots, and technological aids such as Saas solutions and cloud migrations.
While the customer benefits seem obvious; automated services and budgeting features, instant pay, digital wallets, cryptocurrency, streamlined currency conversion and transfers, the operational benefits are just as powerful.
Systematic and functional digital transformation provides financial institutions with enhanced security, reduced errors, better reporting, advanced analytics, more productive and happier employees. Combined, these advancements mean more streamlined processes and accelerated growth within each enterprise.
3. Entertainment & Media: Personalization, advertising and streaming
On a broad scale, the evolution of gaming from the physical to digital world has taken gaming to a different level. Each sector within the entertainment industry has been affected, from music to games, from television to socialization. The media industry is by far one of the most impacted by digitalization.
Today’s consumers are overwhelmed with the number of channels, content and options that they have access to from their mobile devices. Whether it’s downloading apps on their phones or streaming video on the go consumers have become used to instant access and constant feeds.
On the other hand, media companies are looking towards digital transformation as a way to save money, increase revenues, improve products and engagement and personalize their customer’s experience.
Outside of overarching operational advancements and streamlined processes through automation, media and entertainment businesses benefit from new monetization channels and partnerships with digital platforms. The rise of personalization allows for an increased conversion rate of users to customers and improved customer experiences. Beyond that, automating manual tasks and accessing real-time analytics has allowed companies to get a better understanding of what’s working while selecting better cross-channel advertising partners.
Think of how the metaverse is bridging home gaming and socialization through virtual reality by bringing its immersive experience to your living room. Intrizen’s visionary metaverse’s antecedents clarify the disruption in the future digital transformation is hosting for companies and individuals that are inclined.
4. Social Media: Conversion, awareness and communication
As a tool for communication, connection, expression and discovery social media has become an integral tool used by the masses. Platforms such as Instagram, Facebook, Youtube and TikTok host billions of users worldwide.
In the world of business, social media has been used as a widespread tool to promote and humanize brands and stimulate conversation. Social media has also become a critical tool for conversion, in fact, 84% of purchase decisions by C-level buyers are influenced by social media.
Optimizing social campaigns, building 2-way communication channels between enterprise and customers, driving traffic through social ads, generating social proof, brand authority and trust are just some of the main benefits of an integrated social strategy.
In today’s digital world, developing a social presence online and building brand authority can help accelerate your digital transformation strategies and drive higher conversions.
Digital Solutions: Elements of Transformation
We are in an age of massive transformation, and keeping up to speed on the latest trends and insights around transformation can be a challenge. However, keeping tabs on resources, tools and new technologies can vastly improve your digital strategies and help you stay ahead of the curve.
Digital solutions are key elements of any true transformation. Some problems must be tackled and solved creatively, others, including issues around production, delivery, communication, inaccuracy, inefficiency, inadequacies, or some falsehood and limitations need to leverage technology.
In an effort to support business in their initial stages of exploration, here are some of the fundamental tools supporting the foundational work of digital transformation.
1. Artificial intelligence (AI):
The simulation of human intelligence through computer systems and machines focused on three primary skills: learning processes, reasoning processes and self-correction processes.
The transformation of taking manual or rudimentary work and streamlining it in a uniform and transparent automated manner.
3. Big Data Analytics:
The processes of implementing structure to large volumes of raw data, resulting in predictive analytics, business optimization, better insights and an overall enhanced customer experience.
4. Decentralized Autonomous Organizations:
DAO’s are taking over traditional organizations in the place of work, contribution, and organizational decisions.
Though humans can never be replaced, technological advancements are creating tools to support the rapidly changing needs of employees and evolving business objectives. Forward-thinking enterprises have seen the benefits and lasting impact of these revolutionary changes and are leveraging digital transformation to tackle manual and operational problems that result in happier, more productive employees.
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