Superova Group

Digital transformation and the digital economy: What’s the connection?

Digital transformation is changing the way we do business in every industry and sector around the world, and digital marketing is playing an increasingly central role in our economy overall. As you might expect, digital marketing and digital operations are intricately connected with one another, as well as with the concept of the digital economy, which was coined by Google CEO Eric Schmidt in 2009. But what exactly does all of this mean? And how can we apply this understanding to real-world businesses?

How do we define digital transformation?

Digital transformation is the integration of digital technology into all areas of a business, resulting in fundamental changes to how businesses operate and deliver value to customers. It’s also a cultural change that requires organizations to challenge their assumptions about the way things have always been done and to embrace new ways of working. Digital HR is one example of digital operations, using software such as Applicant Tracking Systems (ATS) and HR Service Management Systems (HRMS) to help recruiters search for qualified candidates, streamline hiring processes and manage employee records.
A good Digital HR solution should be able to automate administrative tasks like time-off requests or leave requests while maintaining control over what information is accessible to specific users within the organization.

Why has digital transformation become so popular now?

Digital transformation has become popular for a number of reasons. First, digital technology has become more ubiquitous and less expensive. This has made it easier for organizations to invest in digital operations. Second, the digital economy has expanded, making it easier for organizations to find customers and partners online. Third, the rise of the Internet of Things (IoT) has made it possible for organizations to collect more data than ever before, which can be used to improve operations. Fourth, digital HR tools have made it easier for organizations to recruit and retain talent. Fifth, social media and other online platforms have made it easier for organizations to market their products and services. Sixth, cloud computing has made it easier for organizations to store and access data. Seventh, digital technologies have made it easier for organizations to collaborate with one another. Eighth, virtual reality (VR) and augmented reality (AR) are emerging as new ways to communicate with customers, employees, or members of the public. Finally, as more people around the world use smartphones and similar devices, many companies are finding that they need to build mobile-friendly websites and apps so that they can reach these potential customers on the go.

Why are companies undergoing digital transformation right now?

The globalization of business brought different companies from all over the world into competition with each other. They had to find ways to cut costs and increase efficiency in order to survive and stay ahead of the competition. Technology played a big role in this, as it has always done in business. The Internet allowed companies to communicate and collaborate more easily than ever before, and new software and hardware technologies allowed them to automate many tasks and processes. All these things were necessary for businesses to evolve quickly and keep up with the demand of their customers. And now that we live in a digital economy, they need to evolve even faster in order to keep up with customer demands while continuing to be profitable.
What is digital transformation?: Digital transformation is how companies change their business models so they can better fit into our increasingly digitized society. They do this by implementing technology like mobile apps, cloud computing, data analytics or IoT-enabled devices (i.e., robots).

And, most importantly, how can companies achieve digital transformation successfully?

Digital transformation is critical to success in the digital economy. By definition, digital transformation is the integration of digital technology into all areas of a business, resulting in fundamental changes to how businesses operate and deliver value to customers. It’s a wholesale change to how a company does business, and it’s not something that can be achieved overnight. Indeed, most organizations will require significant up-front investment before reaping the benefits. But for those who succeed at digital transformation, there are major rewards: Research has shown that companies with strong performance in digital maturity outperform their peers by 25%. To achieve these goals requires a holistic approach across an organization with clear roles and responsibilities for each level of leadership involved. A true strategy must address both external factors such as customer experience, globalization, and digitization (i.e., automation) as well as internal considerations such as skills development and data management/protection. Successful transformations start by building capabilities from the ground up–finding your starting point where you have access to data you can use today–and working incrementally toward larger goals over time.

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