Digital transformation entails incorporation of digital technology into every aspect of business processes leading to fundamental variations in businesses operations, thereby creating new opportunities for innovation along with redefining & even restructuring efficiency as well as how they deliver value to customers. At times this could even involve shunning business processes on which the companies were built on, in favour of new innovative practices that are still being defined.
Types of Digital Transformation:
- Process Transformation: The main objective of the corporate have been to find varied innovative ways to increase revenues and reduce costs through reinventing business processes as well as operations so as to improve quality, efficiency as well as reducing cycle times. This may involve utilization of new technologies, data, analytics, AI and machine learning etc. Eg Companies have incorporated robotic process automation as well as AI to not only enhance efficiency but also simplify their back-office processes thereby creating remarkable value.
- Business Model Transformation: While Process transformation is concentrated on finite areas of business, Business model transformations are focused on foundational building blocks including delivery of value proposition. Essentially companies are utilizing digital transformation in reimagining traditional business models.
- Domain Transformation: Domain transformation is currently the most considerable catalyst for company growth. Modern technologies are redefining products and services, thereby creating totally new non-traditional competitors. Example Reliance Industries were into manufacture of textiles as well as oil exploration. It marched into a new market domain with the launch of JIO offering telecommunication Services and is currently a prominent player in offering internet services in the country.
- Cultural/Organizational Transformation: Digital Transformation requires a different organizational mindset for it needs a decentralized decision-making process, a flexible workflow, an inclination toward learning through experimenting and open to innovations as well as reliance on different business ecosystems.
Due to pandemic and uncertainties across the world, an organization has to adapt rapidly to disruptions, market pressures and evolving customer expectations. Hence Digital Transformation has now become a question of survival. Future will belong to those companies that have technology at the centre of their outlook, capabilities and mandate.
Digital Transformation Course: Students must identify the right college basis the following parameters:
- The curriculum must equip students with all the necessary tools as well as practical skills required to manage transformation projects as well as evolving agendas in the digital economy.
- The course must ensure that students gain capabilities on ways to lead and guide your organisation into the future from an international perspective.
- The students must gain competencies in digital transformation, its characteristics, its evolution and how it results in the organizational and technological changes along with alteration in the role, skills as well as the concept of leadership.
- The college must ensure proper exposure to students through regular interaction with CEOs. They will share their wisdom in transforming business, managing people and running of organizations. In addition the college must ensure regular discussions with faculty at our partner global universities so that students gain a global perspective.
- The college must offer start up support for the budding entrepreneurs- both through funding as well as advisory and mentoring
What are you waiting for just register and be the beacon of digital transformation.