What is digital Transformation?
Digital transformation (DT) is embedding innovative technologies into all aspects of business, from daily operations to strategic decision-making. It involves a move from analog to digital instruments and a culture shift and rethinking of ways a company should work.
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Digital transformation framework
Even though digital transformation may vary widely based on the company's challenges and needs, there are a few aspects and common themes among current studies and published frameworks that all business and tech leaders must consider as they undertake digital transformation.
For example, these digital transformation elements are often cited
Culture and leadership
Digital technology integration
Benefits of digital transformation
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Cost reduction is the most common starting point for digital transformation; almost two-thirds of digital transformation initiatives start with cost-related aims. With expanses in mind, companies use digital to enhance asset efficiency, boost worker productivity, reduce overhead and production fees, and make after-market service easier.
The good news is when businesses start here. There are other measurable benefits. Suppose you're able to run a more efficient factory floor. You can avoid costs from ineffective energy use, extended downtime, etc. If you're able to address service issues with customers
Often tied to product innovation, growth initiatives have transformative potential for a business. Digital transformation isn't necessarily about incremental improvements to existing products and processes; it's focused on identifying new avenues for profit within the industry. It may take the form of new products, new business models or revenue streams, or additional throughput and yield.
Improve Collaboration Across Functions
Siloed organizations (and data) have many negative impacts: inefficiency, impeded Growth, increased risk of error, and reduced competitiveness in a fast-changing market. Many digital transformation strategies and technologies improve collaboration among team members, across teams, and with stakeholders.
By building consistently across the company – often through a digital thread – businesses are more flexible and responsive and deliver higher-quality products more quicker. With better cooperation, both the company and the customer benefit.
Another way to elevate collaboration with digital transformation is by adopting cloud-based tools to allow for more flexible and frequent communication. SaaS solutions are more accessible by distributed and remote teams, promote real-time collaboration and reduce friction between departments.
Elevate Service & Product Quality
Service and product quality are critical differentiators across industries in any market. Digital transformation enables businesses to deliver closed-loop quality by implementing strategies and technologies to lower rework and scrap, and increase consistency and traceability for data management throughout the value chain.
By powering quality improvements with software like product lifecycle management (PLM), companies can simplify product development processes and provide stakeholders across the enterprise (or product lifecycle) access to the most accurate data relevant to their role at the same time.
Improve the Customer Experience
Often digital transformation headlines are about internal benefits. Still, ultimately, companies must consider (and prioritize) how their efforts will transform the customer experience. How will the transformative changes made within the business impact the customer – better service? Improved quality? More innovative products or features? Faster delivery? These are just a few of the possible outcomes. Businesses can identify a solid starting point for digital transformation initiatives by looking at customer pain points and feedback.
Another avenue is using digital transformation to enable closed-loop engineering, feeding real-time product performance and usage data back to product developers so they can make design improvements faster and more aligned with customer preferences and needs.
Regulatory compliance is increasing for manufacturers across several industries. It might be related to greenhouse gas emissions, security, quality, allocation, or other industry-specific regulations.
Due to this, companies need greater visibility and access to data about their products, processes, and performance. There are two crucial technologies to support this kind of transformation: PLM for hardware and application lifecycle management (ALM) for software. Together they are the foundation of product development tactics for attaining regulatory compliance.
The pace of business has advanced. Customers have expectations for new and improved services and products regularly. Moreover, there are more challenges in timely manufacturing and supply chain management. Consequently, there are two areas where digital transformation tactics can help with time-to-market: acceleration of product development and manufacturing and supply chain undertaking.
Developing a digital thread can help by establishing an authoritative source of product and process truth across the enterprise and can extend to suppliers, customers, and field service. In creating data continuity with a digital thread, businesses can ensure accurate product and process information is available to the right person, at the right time, in the proper context.
Agile methodologies and tools are being adopted to drive innovation further and shorten time-to-market. Using collaborative devices that allow for flexible and agile product development is critical; software like Onshape and Arena leverage a cloud-native infrastructure that allows for simplified user access, eliminates bottlenecks earlier, and streamlines collaboration.
Enrich Company Culture
A recent PTC survey of executives and end users found that almost all were more likely to work for an organization embracing and investing in digital transformation technologies. It speaks to how digital transformation can shape the employee experience and support retention and recruiting efforts.
Being a part of a company that is not stagnant but is continually looking for ways to improve its ways of doing business is inspiring. In many DX efforts, employees' daily tasks are often enhanced, smoothened, or boosted. It also can offer employees more flexibility in their day-to-day roles, including working from home.
Make Data-Driven Decisions
More complete, accurate, and contextual data can inform all business functions and improve decision-making. Often in DX, companies seek better analytical insights from their data and provide closed-loop product lifecycle feedback across your business.
Technologies like IoT deliver real-time insight into factory processes and product performance after products are in your customer's hands. Businesses can use this data to make informed decisions to target disorganizations and better understand how customers use the product to improve future iterations.
What are the four main areas of digital transformation?
Suppose an organization is planning to embark on a digital transformation project. In that case, there are four main areas they should consider:
Business Model Transformation
Cultural/Organizational Digital Transformation