Digital Transformation Archives - Business Intelligence

Tag: Digital Transformation

Business Impact of Implementing a Digital Transformation Strategy

Today, all the businesses facing the challenge of a world full of complexity characterized by faster business cycles, higher data volumes, and even more demanding customers. In this climate of volatility, traditional business processes, models, and skill sets can put companies at a competitive disadvantage. As a result, many organizations are implementing a digital transformation strategy to help them boost their revenues, improve the customer experience, enhance productivity, and tackle risk. Development of mobile, memory, and cloud solutions are opening the door to new opportunities and possibilities for digital transformation in businesses across every industry. From nimble startups to established enterprises, companies are adopting a digital transformation strategy to create innovative work models and processes to stay ahead of the competition. In the B2B sphere, this has encouraged many companies to modify their core processes and adjust increasing customer demands through a proper strategy. There are various ways in which a digital transformation strategy is impacting businesses. But before delving those ways, let’s understand digital transformation in simple terms.Ask An Analyst_IR

What is Digital Transformation?          

It can be defined as the growth of business activities and operational processes by leveraging technology. The elements of this strategy include devices used, data gathered and analyzed, network usage, cloud computing, and the mobile functionality of the company. Today, any businesses’ ability to implement a proper digital transformation strategy will make a big difference on its survival. This strategy aids companies to develop a more responsive, fluid, and data-driven process that is essential for success.

Impact of Digital Transformation Strategy

Value chain change

Digital transformation in business has drastically changed the traditional relationship of producer, distributor, and customer. Additionally, it has resulted in the evolution of networked mediation strategies, where partnerships and alliances are formed between a group of players to co-produce value and co-create an offering. Organizations now have to acquire new skills and expertise to know how to extend their control over the complete chain.Contact US

Importance of services increased

The emergence of low-cost strategies and standardization of industrial products show that it is difficult for organizations to rely on technical superiority to stand out in the competition. Digital transformation strategy is helping businesses to integrate solutions and associated services into their product offerings. This is drastically changing the business environment.

Changing information systems

In the era of the new digital economy, information systems play a vital role. The success of the information systems depends largely on optimizing inter-organizational processes, mastering and maximizing IT architecture, and successfully connecting to suppliers, customers, and partners via the information system. Digital transformation in business is helping bring about effective changes to the information systems.


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Importance of Digital Transformation Strategy in the Business World

What is Digital Transformation?

Digital transformation, as a concept, involves the complete integration of digital technologies into all areas of a business. It has the power to fundamentally change the way companies operate and interact with their customers. Sounds too good to be true, right? Well, it may come as a surprise to many, but most companies across the world have already started transforming their organizational and business activities, models, processes, and competencies with an aim to implement a digital transformation strategy. Digital transformations are not all about advanced technologies and disruption, they have the potential to impact all aspects of life. A recent example is the Society 5.0 initiative in Japan, which is aimed atContact US surpassing the limited Industry 4.0 vision.

Today, it has become imperative for both small and enterprise-level businesses to adopt a digital transformation strategy.  But questions such as –  Do we need to hire a consultant or create a completely new job profile to set up a framework for this transformation? and To what extent do we have to change our business strategies and is it actually worth it? – are stopping many business leaders from implementing an effective digital transformation strategy into their core business operations. Also, it will bring about a cultural paradigm shift that would require companies to continually challenge the status quo and experiment with their business models. To achieve this, companies will have to be comfortable with the idea of failure and walking away from some core business processes that it was built upon.

With so many articles getting published around digital transformations, it is easy to see why many of us are a little confused when it comes to this topic. And it is for the very same reason that we are highlighting some of the best ways to implement a digital transformation strategy into your business processes.   

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Digital Transformations Reshaping the Future of Automotive Industry

Digitization and technological advancements are gradually changing the face of the automotive industry. The consumers have become more demanding in terms of gaining a digitally enhanced experience, which has subsequently forced the companies to revamp their digital and technological offerings. Here are some of the key digital transformation trends in the automotive industry:IR_Brochure

 Transformation in the Car Buying Process

 The conventional form of car buying is a stressful process. The hassle of having to deal with a negotiating salesperson is gradually changing in the industry. Thanks to the development of technology, customers today are well informed about a car well before they step into a showroom. This transformation has provoked dealers in the automotive industry to go digital. Many popular websites also serve as an information and virtual display source by the click of a button for customers aspiring to buy a car.

 Self-driven Cars

 Self-driven cars are a breakthrough invention in the automotive industry. It is expected that self-driven cars will decrease automotive accidents and deaths and will also give the people, previously constrained, the freedom to travel. However, there are various regulatory barriers for the growth of self-driven cars because of the usage of the internet, which is exposed to threats such as hacking.

 Connected supply chain and improved manufacturing

 Like  most other industries, the digital transformation trends are being used to personalize a customer’s needs in the automotive industry. Digitizing the connected supply chain drives down cost, engages the consumer, and collects data to serve the consumers better. In addition, digital transformation has helped in bringing about transparency in the supply chain, delivery, and accelerating design and manufacturing.

 Predictive Maintenance

 Machines are not as smart as human beings; however, the digital transformation in the automotive industry has been a game-changer in making vehicles smarter. The vehicles being designed today have the ability to report various maintenance issues that would otherwise go unnoticed by a vehicle owner. Vehicles can now indicate if the tires need air or if a part must be replaced. This helps reduce the risk of unforeseen vehicle breakdowns and maintenance requirements.

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The Big Wave of Digital Transformation in the Chemical Industry

The big wave of digital transformation has influenced a majority of the industry to increIR_Brochurease efficiency, productivity, and innovation by leaps and bounds. The chemical industry is not far behind in terms of embracing the digital technology. Evolving regulatory environment, changing customer needs, increased competition, and dynamic cost equations has been the catalyst for digital transformation in the chemical industry.

Digital Technology a Game Changer in the Chemical Industry

  • Internet of things (IoT) enables the chemical industry to create new values and simultaneously enhance value from connected devices all around them
  • Artificial intelligence along with machine learning allows chemical manufacturers to employ autonomous equipment with the help of data, paving the way for smarter processes and faster transactions. As a result, the management can focus their time on strategic tasks
  • The use of augmented reality can have a profound impact on chemical companies. Chemical companies are increasingly using this technology to drive innovation by applying in it fields such as computational chemistry studies, X-Ray diffraction data, 3D structure optimization, conformational analysis, and transition state search

 

Why is it Important for Chemical Industry

Embracing the digital technology improves the profitability of chemical companies by improving agility, productivity, and innovation. For instance, by using complex analytics tools for collaborative research and development, companies can rapidly accelerate innovation to gain competitive advantage. Companies are turning towards predictive models to perform what-if simulations based on data to achieve strategic agility and operational excellence. Also, big data analytics plays a huge role in managing the ongoing volatility in energy and raw materials prices and catering to changing customer demand. Digital transformation enables the companies to simulate the effect of price change on consumer demand and final margin, which allows them to develop real-time pricing quotes for their prospects. Additionally, they can share the data with suppliers to collaborate and combat price and supply volatility.

Players in the chemical industry should rightly plan for the digital transformation, build a standard model, run it with global support across all platforms, and constantly optimize it. As a result, companies in the chemical industries can reap the benefits of digital transformation.

 

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