Technology has upped the game for doing business. Digital technology has upped the game even further. It has transformed the way business is thought about, done, executed, strategized, etc. Take for instance, the case of Starbucks which announced that its quarterly revenues for April 2015 had seen an increase of $4.56 billion over their projected earnings. This was a revelation since the food retail business does not see that much of an ‘exceeding expectations’ phenomenon. What added to the surprise was when Starbucks in an official press release attributed this result to the proprietary mobile app being used by their loyal customers.
This example clearly shows that digital has indeed transformed the way business is done. Let’s see how digital has brought in newer ways of doing business.
Starbucks is only one such example. There are numerous examples which clearly prove that digital has indeed changed the game forever. In real estate too, the game is being changed by the advent of the digital revolution. Firms are utilising the digital technology effectively to maximize their RoI. So, if you are keen on opening an LLC in Dubai, ace the digital transformation bit and your business will certainly soar.
What has Digital Transformation Really Changed?
A simple way that digital technology is changing the way business is done or thought about is by automating the process. Automating the process comes with its own set of changes and process innovation. That in turn sets the wheel for more changes, more transformation and more innovations – it’s an interesting process that leads to better ways of doing business.
In effect, this means that businesses are undergoing process transformation, thanks to the digital transformation. Thus, for seasoned and non-seasoned businessmen, alike, it is important to understand process transformation since their business is getting transformed. Whether, they choose to embrace this digital churning to leverage the benefits is really up to them. In fact, being part of the digital revolution and embracing it fully, will lead to greater benefits and a win-win situation for all.
Seizing the opportunities, especially, if you are setting up a new firm, whether it is real-estate or LLC in Dubai or Gurgaon, the degree of transformation might be different but would be there. A clear constant, which can’t be ignored!
Adapt, transform, change is the only constant when it comes to digital transformation so better deal with it; at least knowing how it works will help you scout new ways of doing business!
What is it Really Changing?
Real-time data analytics will be the trump-card. Data analytics and numbers help analyze the results and helps in concrete feedback being incorporated. Now, think of the same data analytics, being changed over to being real-time. With more options and technology being more accessible and available for general public consumption, makes it even more interesting. Now, with real-time analysis, the chief financial officer, will have more access to ‘live’ data and this will lead to better and more ‘informed’ decisions.
Flexibility will become the key. Digital transformation will mean one thing very clearly. That is simply flexibility. Flexibility to deal with people, processes and change; this will also mean that flexibility will be needed by the companies/businesses too to deal with this change.
Interesting developments for sure, and just the tip of the iceberg; there will be more changes, more transformation as digital transformation matures and transforms itself and the business!