Digital Transformation and Innovation are everywhere. Take a look at your surroundings. From your houses to your workplace, you can see the things which are a product of today’s change.
In this article, you are about to find out what DX and innovations have to offer in today’s era.
Digital transformation is driving business innovations for companies in many industries. Here are some examples of successful digital transformation in business.
Best Buy’s Performance Has Improved Since Going Digital
Best Buy Co., Inc. is a technology retailer that sells various products, services, and solutions. Customers who visit the Company’s stores or use its Websites or mobile applications can buy products and services.
It assists people in getting the most out of their digital gadgets by using digital technologies to enhance delivery times.
Also, there’s a quick change done in the Best Buy company. From snail mail to digital marketing.
As a result, the company’s stock price has increased from $23.70 in 2012 to almost $74.
Target’s Digital Transformation Plan
Another company that improved its web presence was Target.
They brought new technology and improved their social media presence to boost their market share.
Also, they have developed a more successful digital strategy that allows for more customization.
Target’s sales have climbed by roughly $6 billion since going digital.
Nike is one of the most well-known athletic shoe and clothing brands in the world. But, as time went by, they believed they were becoming slow and out-of-date.
So, Nike opened concept stores.
They also expanded membership options and improved the customer experience online and through applications due to the more efficient and effective use of digital consumer data.
Moreover, the company improved its data analytics, changed its e-commerce strategy, improved its digital marketing initiatives, and increased direct-to-customer sales.
In the two years after the change began, Nike’s stock price has risen from $52 to over $88.
Digital Innovation Perks
Digital innovation, to put it, is the use of digital technology to current business problems.
And yes, digital innovation is all around you. Wearable devices, chatbots, IoT, AI, big data, and so on are a few examples of cutting-edge technology.
Also, digital innovation is now at the heart of every business.
So, to do things better, faster, and cheaper, you’ll need to create new methods to engage people and bring new products and services to market.
And by that, initiatives are made possible.
Initiatives in digital innovation can include:
- Creating a new technology strategy in the context of an existing business
- Choosing to use new software or platforms and putting them in place.
- Deciding to go from device to devise processes
It is critical to developing the correct business model that aligns with your company’s digital strategy regarding digital innovation.
Digital innovation is tied to concepts like digital transformation and digitalization. Many organizations know that to be competitive in today’s market, they must adapt, innovate, and incorporate new technology.
So to those businesses that want to evolve and stay competitive, digital innovation is the greatest solution.
WalkMe is a digital transformation platform that has rapidly grown to meet the enormous demand for next-generation digital learning.
You can learn at WalkMe with your digital transformation journey.