Digital Transformation
The integration of digital technologies into all areas of business operations, including sales, marketing, and supply chain management, to improve efficiency and competitiveness.
Implications
The process of using digital technologies to fundamentally change how an organization operates, delivers value to customers, and competes in the market, often involving the integration of digital tools, data analytics, and automation across the business.
Example
Example: A bank undergoes digital transformation by moving its services online, implementing mobile banking apps, and using data analytics to personalize customer experiences, significantly enhancing efficiency and customer satisfaction.
Related Terms
Different from simple digitization, which involves converting analog processes to digital, digital transformation is a broader, strategic shift that impacts the entire organization.
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