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What ‘s ‘Digital Transformation’?

Digital Transformation means a firm which integrates the entire coordination, prioritization, and implementation of digital transformations within a firm.

Digital Transformation means a firm which integrates the entire coordination, prioritization, and implementation of digital transformations within a firm.

So, is it important for a brand?

In the digital age,  small to medium-sized enterprise (SME)needs to utilise digital transformation strategy into corporate strategy which link the products, markets, processes, finance, human resources, IT and so on.

There are four dimensions of digital transformation strategies to be referred: : use of technologies, changes in value creation, structural changes, and financial aspects.

The use of technologies addresses a company’s attitude towards new technologies as well as its ability to exploit these technologies. It can help a firm to transform to a industry leader by using and creating specific technological standards. While being a technological market leader can lead to competitive advantages and can create the opportunity of other firms becoming dependent on one’s technological standards, it might be more risky and requires certain technological competences.

From a business perspective, the use of new technologies often implies changes in value creation. These concern the impact of digital transformation strategies on firms’ value chains, i.e. how far the new digital activities deviate from the classical – often still analog – core business. It can create new field of business. The digitization of products or services can enable or require different forms of monetization, or even adjustments to firms’ business scope, if other markets or new customer segments are addressed.

Structural changes refer to variations in a firm’s organisational setup, especially concerning the placement of the new digital activities within the corporate structures. For this assessment it is further important, whether it is mainly products, processes, or skills that are affected most by these
changes.

Financial aspects are both a driver and a bounding force for the transformation. Firms should confront
the need to conduct digital transformations and
explore their options openly and in good time.

A firm needs to consider its own business plan and development strategy to better utilise digital transformation strategy in the digital age.

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