Digital transformations are sweeping the corporate landscape. Accordingly, companies are looking for the best route to navigate their own technological changes. If you’re considering an overhaul to your company’s digital outlook, it’s important to look at some digital transformation examples. Here’s a breakdown of digital transformation as well as some concrete examples.
What is a digital transformation?
A digital transformation is a massive change to current business procedures or elements from a traditional model into a model that involves new digital technology. Ultimately, digital transformation is an enterprise change from using physical formats to using digital formats. It brings digital technology into all departments of a company.
For example, let’s say a woman ran a popular yearly thrift sale in her neighborhood by selling items on her front lawn. After a while, she realized a lot of customers were choosing to instead look for thrift items on websites rather than in her lawn. As a result, she supplemented her physical sale with a digital presence – a website where she could sell her items. This is an example of a digital transformation. Below I’ll list and explain some real examples of digital transformations so you can see them in action.
What are the benefits?
There are many different features, benefits and advantages technology brings. Most notably is the idea that such an important modern change keeps companies current and competitive with rival businesses. With the rapid growth of technology, a digital transformation is a necessity. It is the only way companies can truly avoid falling behind their peers.
To put these benefits into context, think of the way companies manage and consume data. Because data is experiencing massive growth spurts in many companies, they need new technology to help them handle it. A digital transformation puts this idea into the forefront of attention and allows companies the chance to analyze this data to use it successfully.
Some real life examples
Now that you have a firm grasp of what a digital transformation entails, here are some industries that are currently impacted by powerful changes.
1. Grocery stores
Who would’ve thought that grocery stores would ever be so digitally immersed? For a lot of retailers, this immersion has kept them relevant during struggling times. Instead of fighting new technology, successful stores embraced it and are now thriving, thanks to their digital transformations. The biggest way grocery stores transformed digitally is through their websites. A lot of them now offer digital purchasing power for customers, including ways to avoid entering the physical store altogether.
Another way grocery stores have changed is with the way they run specials and handle coupons. Though some haven’t done away with all paper formats of coupons, a lot of stores have moved from paper to digital. This way, they’re allowing customers to use technology to save money on items, whether it’s through their phone or tablet. In a lot of stores, customers are able to scan items using their phones in order to receive discounts.
Digital transformation banking is one of the most drastic changes we’ve seen to an industry. Banks have slowly become a hub of technology, helping customers reach their financial goals through an abundance of helpful digital tools. One tool most banks have taken advantage of is online banking, a chance to give customers more immediate access to their accounts.
Another way banks have utilized digital change is by creating better ease-of-use for their customers. Whereas other industries have made things simple for customers, banks followed suit. For example, some banks introduced tech that allows a customer to take a photo of a check to deposit it rather than bring it to a physical location.
3. Automobile companies
Believe it or not, automobile companies are undergoing massive overhauls to change the way they sell vehicles to customers. Some of these businesses did this by creating enhanced customer experiences throughout their entire buying process. Others used their digital transformation to change how they handled the sales process and approaching of customers.
For example, some automobile companies are beginning to use extensive data in order to determine what types of people are buying and driving their cars. Further, they used this data to determine at what time these same people would be buying a new car or trading an old one in. This transformation allowed car companies to market to the right people at the perfect time.
Use the above digital transformation examples as a reference for both a change in the times and a blueprint for your own success. If you’re in need of a digital transformation, remember that others are currently doing it with verifiable results. Keep an eye on them to complete your own in the best way possible.