Digital Transformation, mostly misunderstood as a technology initiative, is a customer-first initiative. It is about enhancing the experiences of your customers, partners, and employees. It starts with a simple question – How do I enhance my customer experiences? And you have guessed it right. The next question is – Where am I giving suboptimal experiences to my customers?
No. It is not. Digital Transformation is a continuous exercise that any organization must undertake as customers demand better and best experiences, partners demand better terms and employees demand better work culture. According to MIT Sloan Management Review – ‘Digital Transformation is better thought of as continual adaptation to a constantly changing environment’.
In November 2021, IDC predicted that global spending on digital transformation will reach USD 2.8 trillion in 2025, more than doubling since 2020. So why are companies spending on Digital Transformation?