Some researches define the digital transformation as implementing technology in new ways as well as cultural changes that help improve customer engagement, empower employees, optimize operations and transform products, and ultimately drives growth and opportunities for the business.
Other researches define digital reinvention as a rethinking of the business itself, so, digital reinvention requires a significant commitment. Putting an existing product line on an e-commerce site or digitizing a customer experience is not a digital reinvention. Companies must be open to radical reinvention to find new, significant, and sustainable sources of revenue.
Digital success requires investment to be aligned closely with strategy, furthermore existing of sufficient scale where high threshold for risk is there and willing to make brave decisions should be ready.
During organizations are laying the foundation for future growth, they can achieve good percent of total targeted improvement within about few years, so organization do not need to wait for long time to realize the benefits of digital transformation.
Digital reinvention doesn’t call for a “throw it all out” approach. Organization may open up new lines of business by leveraging existing assets, or it may do its current business in a way that’s much more agile and analytically driven.
Organization needs a comprehensive view to set the right ambition, to architect the right elements for the transformation, then to conduct the change journey in a systematic and holistic approach.