Why Digital Transformation is a Must-Have Strategy for Enterprises in 2021



Digital transformation has remained a buzzword in the corporate corridors for almost two decades. As a disruptive technology and a critical strategic initiative, digital transformation solutions have gained prominence worldwide in recent years. The recent pandemic has made digital transformation inevitable to survive and thrive amidst the recessionary economy and global shutdowns.  

Industry experts say:

– 70% of enterprises have either adopted a digital transformation strategy or are working on it

– Operational efficiency, quicker TTM (Time to Market), and the ability to meet customer expectations are considered as the top benefits by 40%, 36%, and 35% respectively

– 60% of the companies have created new business models based on digital transformation

– With 95%, the services sector tops the chart of industries that have adopted digital-first strategies

The future of digital transformation solutions will pave the way for industry 4.0 as per a recent report from IDC, which has predicted that worldwide spending on digital transformation technologies will reach $2.3 trillion in the year 2023. 

In this article, we are going to see how digital transformation can be a game-changer for modern enterprises in the year 2021 and beyond. Let’s start from scratch and go through the explanation of digital transformation (DX). 

What is Digital Transformation (DX)?

Broadly speaking, digital transformation is the process of automating and modifying current business processes with the help of modern technologies. Digital Transformation is often used by several industries to attain operational efficiencies and achieve optimized productivity. In terms of industry 4.0, it represents a more agile and technologically advanced way to add value to the business. At present, several technologies like AR, VR, IoT, sensors, beacons, data analytics, machine learning, and a lot more are being used by large corporations to enhance their business processes.

Original Source: Why Digital Transformation is a Must-Have Strategy for Enterprises in 2021

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