Chapter 1 Flashcards
Living in the IT ERA, also known as the ___
Information Technology era
means that our daily lives are deeply influenced by technology and digital information
Information Technology era
“ is no longer just a buzzword; it has become a critical imperative for businesses and industries across the globe.
Digital transformation
refers to the integration of digital technologies into all aspects of a business, fundamentally changing how it operates and delivers value to customers.
Digital transformation
It encompasses a wide range of technologies, including cloud computing, artificial intelligence, IoT, data analytics, and more.
Digital transformation
Businesses face growing pressures to evolve in response to changing customer expectations, market dynamics, and technological advancements. Some key drivers include:
Customer Expectation
Competitive Landscape
Operational Efficiency
Data-Driven Insights
: Modern consumers demand seamless online experiences, personalized interactions, and instant access to information.
Customer Expectations
: Digital-native startups and innovative
competitors disrupt traditional
industries, compelling established players to adapt or risk obsolescence.
Competitive Landscape
: Automation and
digitization can streamline operations, reduce costs, and improve resource utilization.
Operational Efficiency
Harnessing data analytics empowers companies to make informed decisions and uncover valuable insights.
Data-Driven Insights:
Several industries have embraced digital transformation with remarkable success such as:
Financial Services
Retail:
Healthcare:
Manufacturing:
Transportation:
: Fintech companies have revolutionized banking and payment systems, making transactions faster, more secure, and convenient.
Financial Services
: E-commerce giants leverage AI and big data to personalize shopping experiences and optimize supply chains.
Retail
: Telemedicine and health tech innovations have expanded access to care and improved patient outcomes.
Healthcare
: The adoption of Industry 4.0 principles has enhanced efficiency and productivity in factories.
Manufacturing