Digital Transformation (Week 5) Flashcards
What is Digital Transformation?
The integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers
Advantages of Digital Transformation
–> Improved operational efficiency
–> Faster time to market
–> Meeting changing customer expectation
–> Improved new products and services
–> Reduced cost of product
–> Introduction of new revenue streams
Key drivers for Digital Transformation
–> Lack face-to-face interaction 🡪 The need for virtual interaction and engagement
–> Pre-Covid technologies do not cover this gap
–> Supply chain transformation
–> The need for business sustainability
Types of Digital Transformation
–> Business process
–> Business model
–> Business domain
–> Cultural/organisational
Disadvantages from Digital Transformation
–> Resistance from customers (B2C)
–> IT-Business alignment 🡪 Leadership became more involved in IT
–> Long-term change in mind
How does Transformation happen?
–> Planned (deliberate, top down – regulatory change, new policy);
–> Technological disruption/ imperative (technology as a driver of change)
–> Emergent (change as rapid, episodic, radical; crisis response); Covid-19!
