Reese Media Group
Reese Media Group
    • Digital Transformation

      the next wave of innovation will likely come from the intersection of people and machines

    Digital Transformation Today

    Digital transformation is about leveraging digital technologies to change how people work, live, shop, learn, communicate and bank. This includes everything from improving existing products and services to creating entirely new ones

    The term "digital transformation" has been used since the 1990s, but it wasn't until 2013 that the concept gained momentum. In fact, according to Forrester Research, nearly half (45%) of large enterprises are now planning to invest $1 billion or more in digital transformation over the next three years

    This shift is driven primarily by customers' demands for better products and services, coupled with the growing importance of mobile devices, social media, cloud computing, big data analytics, and the Internet of Things (IoT)

    Customer Expectations Drive Digital Transformation

    Customers want what they want when they want it, and they want it now. They're no longer satisfied with a few weeks or months of waiting for a product or service. As such, businesses must respond quickly to customer needs and expectations, and they must adapt to changes in consumer behavior

    In addition, customers are increasingly expecting businesses to provide a seamless, personalized user experience across multiple channels. They expect to engage with brands via multiple touchpoints, including online, mobile apps, physical stores, and call centers. They want to interact with a business or organization anywhere and anytime, regardless of device type or location

    To compete effectively, businesses must take advantage of opportunities presented by digital technologies. These include faster innovation cycles, increased agility, lower costs, greater efficiency, and improved productivity

    Internet of Things

    The Internet of Things (IoT) is predicted to play a major role in digital transformation. In addition to improving efficiency, IoT creates opportunities for new business models and transform how companies operate. By connecting physical devices to the web and to each other, IoT allows them to collect and exchange information. These data insights can be used for many purposes, including improving efficiency, creating new business models, and providing better customer experiences

    Gartner forecasts that by 2025, the number of connected things will exceed 50 billion, up from around 10 billion today. And while the majority of those connections will involve mobile phones, tablets, PCs, and laptops, there are already millions of smart home appliances, industrial equipment, cars, medical devices, and even livestock monitoring systems that are being connected to the network

    This proliferation of IoT devices is driving down the cost of sensors, processors, applications, and connectivity. In turn, this affordability is enabling a wide range of industries to use IoT technology. For example, the healthcare professionals are using IoT to track the spread of infection and patient vitals,  while manufacturers are using IoT to predict early malfunctions and improve quality, while retailers are using IoT to track inventory levels and optimize supply chains, to name a few

    As IoT becomes more prevalent, companies will continue to use it as a key to entering digital transformation. In fact, according to Gartner, by 2025, 95% of new products will include some form of IoT connectivity

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