Digital business transformation is the innovative integration of digital technologies to orchestrate fundamental shifts in how a business makes money. In its purest form, digital business transformation introduces digitally enabled business models, which outperform traditional business models.
Digital business transformation is a journey to adopt and deploy digital technologies and business models to improve business performance. The first step of this journey is to grasp the need for transformation – an imperative driven by the inevitable digital disruption that will continue to change the face of every market in every industry. The likes of Uber, Amazon, Airbnb and Facebook are just the beginning of disruption that will take place in every industry, and no company will be immune to the consequences.
Although digital is about technology, digital business transformation is about how we can best leverage that technology to achieve strategic business goals. So while technology is a powerful enabler, without which much of today’s transformation would be impossible, the focus must be on the needs of transforming the business to remain relevant and thrive in a highly competitive and evolving market.