Organizations and companies that use antiquated operational procedures and ways of thinking have no place in the modern world. In any industry, this is a reality that is readily apparent. All firms are gradually realizing that digital transformation is essential, especially with the internet business model. What exactly is digital transformation, then? Why is “Digital transformation or death” stated?
I. What is digital transformation?
To put it simply, digital transformation is the process of using digital technology to address business issues. Humans have always been essential to the efficiency of corporate operations.
Consumer expectations and needs rise in tandem with the expansion and development of enterprises. Businesses must significantly increase their performance in order to meet this requirement. Nonetheless, maximizing profits is always the ultimate objective of businesses. They must enhance their business processes and manufacturing in order to do this. For this reason, digital transformation emerged and is currently being used.
Digital transformation in enterprises must be accomplished through a thorough process. This process entails moving away from conventional business models and applying new technology in order to create leadership styles, workflows, and a more favorable cultural shift.
II. Why is it assumed that digital transformation or death?
One way to describe the current market is that “the fast fish eat the slow fish.” A vast array of technical items are emerging and being used powerfully in business due to market pressure.
Your inaction or hasty decisions will isolate you from reality more and more as rivals grow quicker and more creative. In the end, this will result in “elimination” in the market.
The essence of digital transformation is not only about changes in the technology used within an organization but also lies in the management mindset and all human resource activities within the business.
According to statistics, since the year 2000, 52% of Fortune 500 companies have been acquired, merged, or filed for bankruptcy. It is estimated that 40% of businesses currently operating will cease to exist within the next 10 years. The primary cause lies in their sluggishness or failure to undergo digital transformation. Those who successfully navigate the transition from the physical to the digital realm will survive. This is why the phrase “digital transformation or death” is used to emphasize the urgency of this transformation
