Digital transformation is "Under the circumstance of the gradual development of various digital technologies and the continuous reduction of costs, enterprises use these emerging technologies to profoundly change the company’s current business model and produce new digital products and services, operating processes and business models. The process of new business opportunities brought about." Digital transformation is not an overnight process. It is a continuous process that includes technology, system, and genetic transformation.

Digital transformation includes two elements such as "digital technology application" and "business model innovation". It is carried out through the application of different digital technologies (for example artificial intelligence, blockchain, cloud platform, data collection, and analysis, etc.). Destructive changes and transformations brought about by internal work processes, strategy formulation, service development, and product design, and the corresponding product or service innovation results, serve as a continuous transformation process to enhance the profitability and growth of the company.

Digital transformation consists of four steps：
(1) Digital Strategy: Where should the business go? How can I make progress so that my business will not be eliminated;
(2) Business Model: What should my business do? How to rediscover the needs of new customer groups without being restricted by the existing model;
(3) Enablers: How to drive transformation? Whether the existing data, technology, operating mode and employees can promote or possibly hinder digital transformation;
(4) Orchestration: How to continuously control and manage the transformation path?

Traditional manufacturing relies on the concept of step by step, customer first, and customers are always right; the impact of digital transformation is often the most difficult concept to solve in traditional industries, and traditional industries still stay What is the working model of running an exhibition, placing an order by email and phone? Through the digital transformation to automate everything as much as possible, even systematic monitoring of the company's own and customer inventories, and automated order placement. Digital transformation can bring benefits to traditional industries. Perhaps it is not just a simple transition from offline to cloud. Have you decided to transform digital technology from an experimental process to corporate management and strategic planning, leading the company to develop its own new operating model, and achieving more profits?
The advent of the digital economy era, IoT, cloud, big data, blockchain, financial technology, artificial intelligence
The wide application of different digital technologies has had a great impact and influence on the inherent business model of the industry. How to use emerging digital technologies to reverse the current business model and bring disruptive and innovative products and services to the organization is an urgent goal for the organization. However, the application of digital technology to existing business models to develop products and services closer to customer needs will result in different results and impacts due to differences in organizational scale, industrial style, corporate culture, or product and service attributes.

In the face of drastic market changes in various industries, if companies evolve not fast enough, they will lose their competitiveness or even be eliminated. We strongly recommend that every company, regardless of size, must carry out "digital transformation" while constantly changing internal and external needs, and can proceed from four key strategies-customer cultivation, motivating employees, operational optimization and products Transformation, and data and cloud technology are important drivers.

Source:

1.The trend and application of digital transformation of the industry Ye Yuhao.

2.Four strategies for the “Digital transformation” of Taiwanese companies, more than 80% of them are imperative to implement new Internet technology.

3.Digital Transformation Report Commonwealth Magazine.