Your company’s digital transformation strategy explains how leaders are implementing new technologies. The plan also defines how digital disruption must be handled. Thanks to the pandemic, DX changes are occurring more rapidly than ever before. Businesses are moving from their offline business methods to online models full-steam. While embracing cutting-edge tech gives any business a competitive edge, it is also disruptive. But moving backward can never be the answer since digitalization is occurring in every industry at a different pace. In this article at Digital Reality, learn how your DX strategy should also tackle digital disruption.
How a Digital Transformation Strategy Contains Digital Disruption
Bridging the Gap
Any digital transformation strategy is closely linked to digital disruption. Digitalization occurs when you embrace new systems that are more machine-driven than human-dependent. The DX strategy enables business value progression through such upgrades.Mobile devices such as smartphones play an important role in digital transformation. They alone have merged several products like MP3 players, GPS systems, and cameras.
Economically Viable – With ride-sharing apps, US private car owners get to break even their cost of ownership. Meanwhile, non-car owners get to ride a car without having to think of maintenance costs, parking charges, etc.Socially Relevant – With the advent of self-driving vehicles, automakers will prioritize safety more than speed.More Compliant – More companies are planning their digital transformation strategy to address regulatory and compliance requirements.
Shift in Value – Records, cassettes, and CDs valued the recorded music industry at $21.5 billion in 1995. With the rise of MP3s in the 21st century, it went down to $6.9 billion.Bits More Than Atoms – MP3s have replaced records because they are pocket-friendly, easily transferrable, and are a low-cost DX strategy. Digital cameras also revolutionized the photography sector based on this bit-based technology.
Embracing Is the Key
To stay ahead of the game, organizations must figure out how best they can handle the digital disruption in their industry. Creating a disruption-specific digital transformation strategy should maintain your company’s relevance in the market.Ensure that your technologies have the required capabilities to bring value to the company.Make use of digital platforms like smartphones to reach out to your audience.Have a DX strategy to help you navigate and evolve through industry volatility.
Digital Transformation Strategy and Digitalization
Digitalization is the future, whether companies are ready or not. The sooner organizations prepare their digital transformation strategy, the better prepared they are to understand where they might lose value and gain revenue traction.
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