What is digital transformation and why does it matter?

By now you’ve probably heard a lot about ‘digital transformation’ and its importance to businesses in 2023 and beyond.

It has become a buzz term used by leaders who believe that most – if not all – companies can be transformed through innovation with digital technology.

But what exactly does ‘digital transformation’ entail? And how can you use it to improve your enterprise?

In this article, we’ll explain everything you need to know.

What is digital transformation?

Digital transformation is the use of digital technology to transform the way a business functions and delivers value to its customers.

It can involve a range of technologies, including artificial intelligence, data analytics, cloud computing, the Internet of Things (IoT) and blockchain.

Ultimately, it is the ability to innovate. Digital transformation is why doing business (and even living life) is fundamentally different from what it was 20 years ago.

Benefits of digital transformation

Digital transformation and building a culture of innovation will bring a range of benefits to your enterprise. This includes:

• • Increased efficiency
    Digital technologies can help automate manual processes and streamline workflows, resulting in significant time and cost savings.
  • Improved customer experience
    Businesses are finding ways to use digital technologies to offer personalised and convenient online services, which can increase loyalty to their brand.
  • Enhanced decision making
    Data analytics and artificial intelligence can provide businesses with real-time insights and predictions, helping them make more informed decisions.
  • Greater agility
    Through digital transformation, businesses can quickly adapt to changing market conditions and customer needs, giving them a competitive advantage in a fast-changing environment.
  • Cost savings
    By automating processes and streamlining workflows, digital technology can help businesses reduce operating costs.

The role of blockchain

Blockchain should play a key role in a company’s digital transformation and innovation strategy by providing benefits few other technologies can. Those benefits include:

• • Improved security As the global cyber security problem continues to grow, the decentralised and distributed nature of the blockchain ledger makes it resistant to tampering and fraud, thereby enhancing the security of a company’s digital systems and data.
  • Enhanced transparency By creating a transparent and immutable record of transactions, blockchain technology can increase transparency in business operations.
  • Greater interoperability Blockchain can help facilitate the exchange of information between different systems and platforms, enabling greater interoperability and collaboration.
  • New revenue streams Blockchain can broaden the revenue opportunities for businesses by enabling entirely new business models and allowing them to enter new markets.

Where to start with digital transformation and innovation

Navigating the vast and complex landscape of emerging technologies like blockchain and artificial intelligence can be a daunting task, but with the help of qualified and experienced experts, it can be a smooth and successful journey. 

Rewired.one provides a full service, including consulting and engineering, to guide your enterprise through every step. 

From providing valuable insights and recommendations on the best innovation strategies and solutions to achieve specific business goals, or executing on the development of new, game-changing technologies, rewired.one’s experts have the expertise and experience you need.

 

If you’re interested in learning more about how Rewired.one can help your organisation, request to book a free discovery session today.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

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