The company also created a scanning tool where customers can scan their feet and the AI uses 13 data points to recommend the best pair of shoes. This automation eliminates the need to obtain recommendations from an in-store employee, so users can make decisions at home and spend less time in stores because they already know what they want. All in all, COVID-19 has shown us that working from home is a valuable modell for businesses to consider, both during and after the pandemic. Some businesses have already committed to continuing this practice as time goes on. Once you’ve created your digital roadmap, it becomes easier to go more in-depth into your processes and create a finalized list of the technology you’ll need to succeed in your transformation. Below, we’ll go over some popular digital transformation tools to consider using.

The company also capitalizes on big data analytics for informed decision-making regarding strategic planning, market expansion, customer segmentation, and price optimization. The telecom giant used big data analytics to understand its customers’ needs better. This also helped them gain insights into customers’ preferences and designed personalized offers to improve customer retention and satisfaction. Additionally, the company integrated Artificial Intelligence for automating routine tasks, helping them improve efficiency and streamline operations. The banking sector was one of the first that went through digital transformation and the companies that invested in digital technologies have been able to gain a competitive advantage over their peers.

Legacy systems and digital retrofitting

The growth of online education platforms such as Coursera, Udemy, and edX has made it possible for people to access high-quality education from anywhere in the world. These platforms have also enabled educators to reach a global audience and have helped to democratize education. The company puts AI into practice to personalize consumer search results, insights, and recommendations and provide sellers with cutting-edge AI tools. As a result, customers can find what they are looking for quickly and sellers can find customers, no matter their popularity. Organizations must clearly understand how it will benefit them before beginning implementation. Additionally, organizations must set up cross-functional teams that include technical and non-technical staff to ensure that all aspects of the process are considered.

When the conditions are right, a GenAI model can generate, improve, analyze, summarize and troubleshoot text, software code and data — all with remarkable accuracy. Because GenAI is scalable and doesn’t have to be built from scratch, the ROI can come quickly. A private instance of a pre-trained GenAI model can be easily scaled across entire business functions (marketing, engineering, sales) via natural language prompts.

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Also, like many businesses, HSBC shifted to a hybrid work model following the COVID-19 pandemic and shrunk its headquarters by 25% to reduce expenses and energy costs. Because of its enormous potential, global investment in digital transformation digital transformation and process automation is expected to reach $3.4 trillion by 2026. For more info on that, check our article on the 9 game-changing digital transformation trends for 2023. 42% of SMBs consider digital transformation a core component of their organizational strategy.

In communications, faxing used to be the norm, but today, it’s virtually extinct. We now have virtual documents with secure electronic signatures and document lifecycle management solutions. Analysts expect investments in digital transformation to reach $2.3 trillion globally by 2023, capturing the majority share of worldwide information and communications tech expenditures. Learn more about McKinsey Digital, and learn about digital transformation–related job opportunities if you’re interested in working at McKinsey.

Transformations are hard, and digital ones are harder

With solutions like cloud computing, there’s no need for costly IT infrastructure investments. Businesses can also adjust their computing and storage resources based on their requirements, paying only for what they https://www.globalcloudteam.com/ use. Digital technologies bring more efficiency and boost productivity by speeding up business operations. You can use them to automate repetitive tasks, enabling employees to focus on more complex work.

However, they invested heavily in digital technologies like cloud computing, artificial intelligence, machine learning, big data, and mobile technologies to scale the platform’s capabilities and enhance user experience. In 2016, Goldman Sachs launched “Marcus,” a digital banking platform that offers various banking services including personal loans and savings accounts to retail customers. The banking behemoth leveraged the power of big data and analytics to generate insights into customer behavior, market trends, and risk patterns, helping them offer customized financial products and services for retail customers. Businesses can leverage data analytics to analyze customer behavior, hidden trends and understand customer preferences. This analysis enables them to recommend products or services the customer is likely to be interested in.

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The lender started automating its trading operations and used data analytics to improve its decision-making. These are businesses that provide services rather than products—from professional services like accounting, finance and legal to hospitality, healthcare, travel and tourism, events and personal services like hairdressing and personal training. Newer business models in this category include software-as-a-service offerings like Microsoft 365 and entertainment subscription services such as Netflix and Spotify. Through its digital transformation efforts, AXA has enhanced customer experiences, increased operational efficiency and embraced data-driven decision-making.

• The deployment of any additional IoT hardware on top of legacy machinery is not required.
• Still, boards lack awareness of the impact of the European Union’s General Data Protection Regulation (GDPR), according to the study.
• The following article explores digital transformation strategy, processes, benefits, and examples.
• Digital transformation removes silos between the digital world and the real world, improving customer experiences, efficiency, and data.
• 70% of businesses today are finding that the digital shift is worth it, and these businesses either have a digital strategy in place, or are earnestly working towards one.
• A people-first approach also involves creating an environment where employees feel supported and valued, so they do their best work possible.

Managing the interconnectivity of use cases and solutions within a domain is one of the keys to transformation success. The danger of market leaders being displaced and disrupted is expected to continue, as emerging technologies enable new business models, more engaging customer experiences, novel products and services, and other innovations. During this stage, business leaders choose focus areas like business processes, digital products, or key roles within the organization. The digital transformation strategy is defined, along with key performance indicators (KPIs) that help measure success. Many manufacturers undergo digital transformation to create more lean, efficient supply chains. Using predictive analytics and other forms of artificial intelligence (AI), they reduce costs, maintenance, and consumption.

Digital transformation examples in real estate

The most commonly cited objective for digital transformations is digitizing the organization’s operating model, cited by 68 percent of respondents. Less than half say their objective was either launching new products or services or interacting with external partners through digital channels. Eight in ten respondents say their recent change efforts involved either multiple functions or business units or the whole enterprise. Additionally, the adoption of technologies plays an important role across digital transformations. On average, respondents say their organizations are using four of 11 technologies we asked about, with traditional web tools cited most often and used in the vast majority of these efforts. Many of their stores have been remodeled and equipped with new technology like self-checkout kiosks and in-store scanners to obtain information about products they’re interested in rather than asking for help from a store attendant.

The digitization of the automotive industry has the potential to generate significant value for both industry and society. Digital transformation can create value for the automotive industry by breaking the mold of the entire automotive value chain as it creates greater efficiencies and cost savings. Sephora, a French multinational chain of personal care and beauty stores delivers a seamless omnichannel experience. The bank has marked an increase in online engagement and reduced the number of touchpoints to resolve the issues.