Does Your Business Need a Digital Transformation? Many businesses are lagging behind or missing opportunities when it comes to digital technology.
Opinions expressed by Entrepreneur contributors are their own.
As technology constantly and rapidly changes, many businesses find themselves unable to keep up with the advances. The reality is that digitalization promises to change the way that businesses operate, and a 2019 McKinsey Digital Quotient survey found that 93 percent of executives believe that taking advantage of digital technology is essential for accomplishing strategic goals. Digitization brings new opportunities, improves processes, expands production and many other benefits. Leaders need to work to develop the right systems, structures, and expertise to welcome digitization with open arms.
What is digital transformation?
Digital transformation is defined as "cultural, organizational, and operation change of an organization, industry, or ecosystem through the smart integration of digital technologies, processes, and competencies." When thinking about this in terms of your business, don't focus on the coolest new tools or systems, but instead focus on how the right technology can benefit your customers and team and add value to your business.