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Digital Transformation

Digital Transformation Industry 4.0: What are its Impact?

What is the relation between these two: Digital transformation Industry 4.0? And what can the latter do for many company’s journeys?

Digital transformation (Dx) is disrupting a lot of sectors today. This is because it is now becoming a need to survive.

Customers are getting more and more demanding. Also, competition is getting tougher.

So, no company can now get by without keeping up with these. How can they do that? Yes, with the help of Dx.

That is why we can see a lot of innovations in many sectors. In healthcare, financial, education, and more.

Also, for B2B companies and manufacturers, Industry 4.0 is the answer. What is it?

Keep on reading to know more.

Industry 4.0: What is it?

Industry 4.0, the Fourth Industrial Revolution, Cyber Industry, Smart Industry. These are all the ways to call this revolution.

It sets it apart as the one that embraces the use of many techs. Also, it changes the whole business.

Thus, its main aim is to better the manufacturing. Changing the way how they operate and work.

Also, for the most part, it combines manufacturing techniques with IoT. Or the Internet of Things.

As a result, the manufacturing systems become:

  • interconnected
  • able to communicate
  • able to analyze
  • apt in using data to drive smarter decision-making

In other words, combines the old ways with new techs. Now with the rise of tools like IoT, the possibilities are almost limitless.

If you have already tried going into a company that adopted Industry 4.0, you may felt amazed. Right?

So, what are the techs that are used in Industry 4.0? And why is this vital?

Digital Transformation Industry 4.0: Techs and Benefits

There are a lot of techs that companies use in doing Dx. In Industry 4.0, some of these are:

  • the cloud
  • industrial IoT
  • autonomous robots
  • augmented reality
  • simulation
  • additive manufacturing
  • big data and analytics
  • horizontal and vertical system integration
  • cybersecurity
  • artificial intelligence

Thus, the use of these techs can change the way manufacturers operate. Also, it changes the way how their workers get their job done.

With more to aid them, workers can free up their time to do more crucial things. Thus, eliminating the need to do mundane tasks.

So, why is Industry 4.0 vital today? Here are some reasons:

  • Better efficiency and productivity. As it drives collaboration, it results in less downtime.
  • Apt decisions. It provides data in real-time. So, smarter decision-making is the result.
  • Better interaction with clients. With this, companies can make new ways to respond to their client’s needs.
  • Better customer relationship. With a more optimized process, they can meet customer’s demands faster.

Conclusion

So, these are the reasons why Industry 4.0 is helping companies succeed in their Dx. As we can see, it is now vital for companies.

But undergoing a Dx journey is not always easy to do. If you find it hard to start your journey, you can always reach out to a third-party.

WalkMe is an excellent company as they are the leading one in the field. They can lead you to success.

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Digital Transformation

What Digital Transformation Means for Business

What digital transformation means for business says a lot about why the journey is vital. So, companies today need to consider this.

Because as time goes by, new technologies are rising. Along with that customers are also raising their expectations.

Thus, companies need to keep up with these. How can you do so? Digital transformation (Dx).

So, what is the value of doing so? And what does this mean for your business? 

Keep on reading to know more.

What Digital Transformation Means for Business

When talking about Dx, many people fixate on the digital part. But that should not be the case. Instead, transformation should be the focus.

So, Dx means changing how teams work together. Not only about what tech they are using the get the work done.

Yes, no Dx looks exactly the same. But there are some common things we can see with companies doing Dx. So, what can this mean for your company?

1.) Collaborative

First, Dx can make a company collaborative. Meaning, every member of your company can share the same vision.

As a result, they will work together to reach these goals. To do that, Dx can drive trust and transparency. Also, it can let you engage your employees.

2.) Cultural

Doing a Dx means shifting away from traditional business. Thus, removing any structures and any hierarchies.

As a result, it can empower your employees to make decisions and share ideas. Also, it can drive a digital culture that is vital to success.

3.) Innovative

Digital businesses are always experimenting. So, if you are doing a Dx, you can drive innovation within.

As a result, you can learn more from experiments. Then, install company-wide changes with these learnings.

4.) Data-Driven

Data is now valuable to any company no matter the size. With the right data, you can make better decision-making.

So, Dx can help you become more data-driven. But this is not only limited to collecting and analyzing customer data. This also means measuring what is happening within your company.

5.) Cloud-based

Cloud-based services are rising to become a norm in doing Dx. Why? Because it is cheaper and more agile.

So, it lets you choose the one that fits your need. Then, you can streamline your IT and infrastructure costs. Thus, letting you use the budget to other vital areas.

6.) Customer-centric

At the end of the day, customers are the core of doing the journey. So, all efforts made are focused on giving better value and service to them.

Thus, Dx can help better the customer experience. And you can be more customer-centric. As a result, your customers will appreciate you more. And it will drive loyalty.

Digital Transformation is Essential for Your Business

So, these are what Dx means for your business. It is essential, right? But how can you succeed?

For one, you can seek the help of a third-party. One of the leading companies in the field is WalkMe. They can give you the guidance and training you and your employees need to ensure success.

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Digital Transformation

Digital Transformation Statistics You Need To Know

How is the digital transformation statistics looking like as of recent? Many companies now do some form of a digital transformation (Dx).

But what does this mean? Let us start first by getting to know what Dx means. Then, we will dive into its recent statistics.

So, keep on reading to know more.

Digital Transformation Definition

Dx is the process in which companies make use of technologies to better these areas:

  • business process
  • culture
  • product delivery
  • services
  • customer experience
  • customer service
  • back office

Today, doing Dx is taking a lot of companies by storm no matter the size. Why? Because it is now the key to survival.

Dx is going beyond becoming something as only nice to do. Today, companies need to do this to make sure they rise against rivals.

Also, it is very crucial to meet the modern customer’s wants and demands. Which is something that is getting higher each time.

But take note, techs are not the endpoint of doing the journey. It is only a key enabler to ensure success.

Further, as time goes by, the term Dx is evolving. It now means digitizing the products and services for the end-user. Who are these?

The end-user may mean the employees, customers, or business partners. Thus, we can see a lot of companies in many sectors doing the journey.

And no one is exempt. May it be in finance, education, media, manufacturing, and more.

But doing the journey does not give a hundred percent success rate. Why so? Let us take a look at the Dx statistics.

Digital Transformation Statistics

There are many numbers that we can see about the Dx journey. But here are the ones you need to know:

  • 70% of companies today are doing some sort of Dx or is making a plan to do one
  • There is a 70% failure rate with companies doing Dx
  • Only 22% of companies see success in their journey
  • CIOs and CEOs are the top two roles taking the lead in doing a Dx from top-down. Around 28% of CIOs have a say in their company’s strategies. While it is 22% for CEOs.
  • Around 40% of tech investments will be for Dx. This will amount to up to $2 trillion.
  • Six out of ten executives think that IoT will drive the success of their Dx in the future
  • 68% of people think that humans will work closer with AI in the coming years
  • 71% of leaders think that their workforce is vital to the success of doing Dx

When it comes to doing Dx, the top three benefits are:

  • 40% on better operational efficiency
  • 36% on a faster rollout to the market
  • 35% on faster meeting with customer needs

Last Words

Yes, doing Dx may sound hard at first. You may be scare about hearing of the high failure rate of doing the journey.

But companies like WalkMe can help a lot. They can guide and give you the platform you need to succeed in the journey. So, go ahead and see if they are a perfect fit for your company.

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Digital Transformation

Digital Transformation and Innovation: Working Together

Many people interchange the use the terms digital transformation and innovation. But both terms do not mean the same thing.

Instead, they work hand in hand together. For modern companies, they aim to adopt these two.

This is vital due to the very tight competition today. Also, customers are raising their standards. So, companies need to pick up the pace.

How? With the help of the two terms above. Keep on reading to know more.

What is Digital Transformation (Dx)?

This term means driving visions to change a whole industry or company. With this, there are new business models, company culture, and more.

In doing Dx, shift from being analog to having a digital format. But it does not only mean adopting new techs on the rise.

It also means changing the mindset of everyone. Also, changing how they do things within. Then, it also changes how they reach and deal with customers.

In the end, the main goal is to become more efficient and agile. All for the benefit of customers.

Today, this is not only a nice thing to do. But it is becoming a need to survive.

What is Innovation?

Innovation is a broader term. It means looking and making something new. But it is less about being efficient.

Instead, it focuses on the creative process of research. Meaning, it tends to experiment with what makes up a unique offer. Or make approaches to different kinds of areas.

Also, it may mean going into an untouched market. Or even going beyond making a new market entirely.

Thus, having a goal of getting a bigger advantage over rivals. Today, as with Dx, innovation is now getting more and more crucial.

So what happens when these two work together?

Digital Transformation and Innovation

Today, applying these two at once can be hard to do. For one, the market is always changing. So, it may mean doing a very big change only for the market to change in the middle.

What will happen? Another change is now needed. So, a broad approach to change can now be very risky.

So, if you are wanting to do some changes in your company, here is what you need to do. You can opt to make an innovation hub or team within your company.

With a team like these, ideas can flow. And there is a rapid phase of doing experiments and prototypes.

Thus, rolling out faster models and solutions into the market. Also, making changes spread faster within your company. As there is a dedicated team to spearhead change.

Then, it is vital to keep your experimentation with your Dx journey. Thus, making them work hand-in-hand.

Doing one rather than the other is not wrong. But making them work together makes your company’s future a brighter one.

Conclusion

Dx, when combined with innovation, you yield new learnings within your journey. But doing so might be hard for first-timers.

So, companies like WalkMe can help you with your Dx. They can guide you and provide you with the platform you need.

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Digital Transformation

Digital Transformation Technologies Commonly Used

Digital transformation technologies. What are the most used ones today? And how are these technologies driving the journey?

Doing a digital transformation (Dx) is impossible without the help of techs. Yes, adopting one or more is not the end goal. But it is one of the key enablers for the journey to fly high.

So, what are the most used techs of today? Keep on reading to know more.

Digital Transformation Technologies

Cloud

Many now see the value of the cloud. So, many companies now move and use this. It can help them become agile and flexible.

Also, today we can now see a rise in the hybrid cloud. So, companies now have more choices aside from using the public cloud.

Thus, they can now tailor their usage based on their needs.

Artificial Intelligence (AI) and Machine Learning (ML)

AI is now a booming market. Because it offers a lot to companies. From machine learning to natural language processing.

Thus, helping machines to sense, understand, act, and learn over and over again. Also, it can give companies smarter analytics and insights.

So, letting them make better decision-making. For their Dx, raising revenue, and in solving issues.

Mobile

Today, there is no denying that mobile is king. People now value mobility. In fact, more than half of the people around the globe own a mobile device or two.

So, companies are now using this chance to their benefit. They are now using mobile tools. Like viewing CAD designs on their phone for engineers.

This even became more powerful with 5G becoming mainstream.

Internet of Things (IoT)

From wearables to smart factory equipment. IoT is now becoming vital in doing Dx. It helps companies in being more efficient and flexible.

Also, it can help them in responding faster to customer demands. Which is always changing and becoming harder to reach.

One example of this is the use of hotels. They are now making smart rooms to let customers control light, curtains, and more. All with only one remote.

Augmented Reality (AR

Another tech that is rising is AR. It gives a smooth link between the real world and the digital world.

Many are now using this compared to virtual reality (VR) because of that reason. And it is also cheaper. One example is the use of retailers of AR. Some have IoT mirrors that connect to the internet.

Then, it gives an AR experience for customers. So, no need to put on that lipstick. They only need to face the mirror and they can then try many shades for only a few seconds.

Robotics

Robots are now an integral part of many manufacturers. In fact, one in four of them make use of small robotics.

This will only rise in the coming years as robots are now becoming smarter. They can now learn from tasks with the help of AI, IoT, and sensors.

Conclusion

So, these are the techs that are shaping the Dx of today. What tech do you think will rise in the future?

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Digital Transformation

Technologies Driving Digital Transformation

What are the technologies driving digital transformation in the coming years? These technologies are set to change SMEs soon.

Yes, they are already doing a lot for large enterprises. They are one of the forerunners in doing digital transformation (Dx).

That is why, in the coming years, SMEs are catching up. What are the techs that will help them?

Keep on reading to know more.

Technologies Driving Digital Transformation

Artificial Intelligence (AI)

AI has a lot to offer. From machine learning to natural language processing. With these, machines can now sense, understand, act, and learn.

Thus, making everything easier for workers. AI can help companies of all sizes. Even SMEs can get the help of AI.

Year by year, AI is surpassing the line of only something nice to have. Today, it is becoming something that is vital and needed.

With AI, companies can:

  • optimize cloud processing
  • deploy faster computers
  • boost efficiency
  • give smarter analytics

Also, as per one survey, many C-suite believes in the power of AI. 3 out of 4 thinks that they will fall behind if they do not use AI in the next 5 years.

Internet of Things (IoT) and 5G

Next up is IoT and 5G. These two are now becoming mainstream in some countries. With 5G, it can make IoT solutions 100 times faster than 4G.

Also, 5G promises to be head to head with wired connections. Such as fiber optics when it comes to speed.

Then, with IoT, the coming years will become more connected. Why? Because it can combine sensors and software analytics.

Then it can process a larger volume of operational data. Thus, making operations to be faster and smarter.

With this, it can change how sectors do their job. Like in manufacturing, retail, and more.

Automation

Automation is one of the foundations of Dx. And it is still proving to be so as it is still relevant. But what is automation?

It is the use of technologies to do tasks without the help of any human. And today, we are now in the era of seeing “hyper-automation.”

This has advanced computing technology combined with AI and machine learning. Thus, making automation smarter than ever.

Also, hyper-automation goes beyond automating many tools. It can also mean using techs to:

  • discover
  • analyze
  • design
  • automate
  • measure
  • manage
  • reassess

What? The business processes and data.

Blockchain

The last one is blockchain. Before, this is only used in the financial sector. But today, it is going beyond the sector to help others.

With this, many sectors in the coming years can then use a secure distributed ledger. For everything like:

  • contracts
  • transactions
  • financing
  • recordkeeping

What is a distributed ledger? It is a secure database shared with consenting parties. Then, it is synced across many sites, companies, or locations.

So, blockchain gives an open distributed ledger for many parties to use. And it is verifiable and permanent.

Driving Digital Transformation

So, these are the technologies that will drive the Dx scene in the future. Can you think of some other techs?

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Digital Transformation

Digital Transformation Change Management

Companies need to do a digital transformation change management. But how are they preparing for one? And what can this do to their journey?

In doing digital transformation (Dx), companies need to consider a lot of things. This includes having the right techs and finding out which systems they need to let go of.

So, to ensure the journey is a smooth one, they need to have change management. Why is this so?

Keep on reading to know more.

Digital Transformation Change Management

Do you know what change management is? This is a managerial discipline that guides how a company should:

  • define change
  • prepare for change
  • install change
  • support change

These changes can mean both internal and external processes. And today, change management is also changing due to the rise of new techs.

And because companies are now using a lot of techs, new challenges are rising. But this discipline poses one main problem.

There are not that many options to do this when undergoing Dx. Yes, there is a standard way to do this. And most of the time, it starts with the C-suite.

But, how can this discipline help the Dx of many companies?

Getting Ready for Change Management

Focus on Change Management First

Before, companies put their focus first on techs before anything else. So, they see first what and how can they use these techs. And its impact on their people.

Then, after seeing the impact, that will be the time for them to make a change management plan. But that is not the case today.

It is now vital to make the plan first before anything else. This is so that people can expect the changes and get them on board.

Get C-Suite Support

The next step should be getting support from those at the top. Giving them the details of the plan and getting them on board is vital.

This is so that doing any changes can be easier. Also, they can help find any pain points in the company and solve them.

Deeper Tech Skills

After letting the workers know of any changes, they need to know how it changes the way they work. Then, assure them that they can still do their jobs but they become better and faster,

So, tech advisors can be a big help in this. They can train employees so that they gain deeper tech skills.

Make a Clear Plan

Next up is having a clear plan that is agile. Also, they need to make sure that they need to make a plan that is not so strict.

This is because being agile means being able to adapt fast to changes. So, this plan should be able to handle changes.

Change in Company Culture

The last one is making sure they change the company culture. Thus, their Dx needs to:

Conclusion

So, this is what change management is in doing Dx. What are your thoughts on this? And how did you do yours?

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Digital Transformation

Challenges of Digital Transformation In Manufacturing

There are challenges of the digital transformation in manufacturing. What are these and what are some real-life examples we can see today?

Keep on reading to know more.

Digital Transformation In Manufacturing

The manufacturing sector, much like all industries, is seeing a rapid change. This is due to the changes in the global, economic, and policy decisions.

In the last year and the year before, there has been a disruption due to the trade policy. Also, there was a rapid rise of AI to IoT.

This year, we can see a harder push made possible by

  • 5G
  • IoT
  • Industry 4.0
  • machine learning
  • predictive analysis

Thus, we can see the rapid speed of their digital transformation (Dx).

But, even with all these techs, the main reason for these changes is still for the customers. Solving customer pain points is still the number one driving force in doing Dx.

With many more manufacturers making use of:

  • e-Commerce for manufacturers
  • CRM
  • ERP platforms

Thus, they can gather a lot more customer data more than ever.

But, as said, there are challenges the sector is facing in doing their Dx What are these?

Challenges of Digital Transformation In Manufacturing

Like any other sector, manufacturers are facing a lot of challenges. Here are the most common ones they are facing:

  • Demands in the IT Department. Due to the changes needed to do, the IT teams face many demands. They need to use new systems, install new processes, and innovate.
  • Few employees support. Many feel threatened that they will lose their jobs. Thus, they do a double-take before accepting any changes. Also, they may lack communication.
  • Budget limitations. This sector is very cash-sensitive. So, some may be reserved about their Dx. As a result, many do not go outside their box in doing Dx.
  • Complicated operations. They have tight schedules and a lot of constraints on their resources. So, many may focus on the ill effects of any changes even before seeing the perks of doing Dx.

These are true for a lot of manufacturers. But, some are seeing the value of getting the help of Dx consultants. Thus, helping them with their journey that saw the success of some.

Real-Life Examples

As said, some succeeded in their Dx. They did steps that were right for their needs. Thus, helping them solve their problems and get better.

Here are some of them and how they did their Dx:

  • Saltworks. The salt manufacturer had a platform. But did not help solve the problems of their business buyers. So, they started their Dx with their customers in mind. They made a unified B2B e-commerce solution for both their B2B and B2C operations.
  • Tetra Pak. With the use of IoT and Microsoft Azure, the food packaging company was able to use real-time data. With this, they can predict when some of their equipment needs maintenance.

So, these are the real-life examples of the Dx journey of some companies. They did the journey and they aced it. So, what are you do to make sure yours succeed too?

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Digital Transformation

Learning From ING Digital Transformation

ING digital transformation is a good model that companies can learn from. With today’s digital world, the banking scene has changed a lot.

Retail banks have been behind the time as many already call them dinosaurs. So, it is wise for many banks today to learn from others. 

Also, there is a shift in power when it comes to banking. Before, it was the banks that were dictating what they will offer. Thus, customers are the ones revolving around them.

But today, the power is now with the customers. They are now the ones demanding the bank what they should offer. Thus, banks are now under the customer’s whims.

So, innovation is crucial to keep up with the trend. With the rise of digital banks like ING, digital transformation (Dx) is a must.

Thus, what can they learn from the Dutch financial giant?

Learning From ING Digital Transformation

Start Listening

Today, ING holds a record of having over 40 million customers. Then, they have more than 50,000 employees.

Also, ING has 200 innovators to boast of. But the ideas do not solely come from them.

So, the first lesson we can learn from ING is to start listening. Not only to customers but also to the employees.

Then, after listening and knowing their needs, they focused on making solutions. They made sure those solutions can help both parties.

One example is letting small business owners make a loan of up to €100,000 in less than ten minutes. Super easy, right?

This is versus normal processes that take months.

Get Outside Your Comfort Zone

ING is a good example of testing out new waters. They made a culture of test-and-learn in their Dx. Thus, making it a key factor of what they are now.

Today, there banking is not what it used to be. To rise above others, banks now need to step outside their walls.

So, trial and error is a good place to start. Then, make sure the main goal is set. Like with ING, their main target is to empower their customers to lead their financial future.

Thus, they made ideas and tested some of them. For example, they made projects in real estate and transportation. Way beyond their walls.

What they did is partner up with BMW to ease up payments at gas stations.

Focus and Reach the Target

One of ING’s traits in doing Dx was their focus on the goal. It was unshakable. 

To make sure they reach the target, they made use of a hybrid approach. Meaning, they combined the best traits of agile, lean, start-up, and design-thinking.

Then, they made sure the changes are well made in the whole organization. No area should be left behind.

After, they trained thousands of their employees to help in their Dx. This is a win-win for both parties.

Then, they made the target clear to them and made sure they have the same goal. Thus, in the end, they did not lose focus.

You should, too. What do you think of these lessons from ING?

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Digital Transformation

Digital Transformation In Banking

Digital transformation in banking. What is it? And what do the changes that come with it mean for both the banks and their clients?

Digital transformation or Dx is now in a lot of industries. Marketing, healthcare, tourism, public sector. You name it.

So, of course, banking is not one to be behind. Maybe you can think of some ways how Dx affected them. But keep on reading to see.

Digital Transformation In Banking

Today’s banks are making full use of new techs and services for their Dx. The key driver? Customer experience.

So, they are now doing changes to offer a lot of their services online. Of course, it also means some back-office changes.

A few examples of Dx in banking are:

  • AI
  • Blockchain technology
  • Customer Data collection, management, and analysis
  • Rise of online banking and mobile banking

Then, we can now see more births of digital banks. These are banks that do not have solid branches. So, they offer all their services online.

Thus, making for an even tighter match in the market.

Customer Experience Transformation in Banking

As said, the key driver to doing Dx in banking is customer experience. So, to make everything easier for their customers, all banks now have online services.

Most of them have their websites or even mobile apps to boot. With these, it is easier for clients to send money, make deposits, and even pay bills.

Then, these websites and apps get the help of AI. Thus, they can give better personalization to their clients. Offering them products and services based on their needs.

Also, clients can have a faster customer journey. They can discover a bank online, get to know them better, then apply for services. All in a few clicks in only a few minutes.

For example, clients may see an ad for a new digital bank. Then, they may click it to know more. If they find it interesting, some of them may do a little bit of research.

After, they can go back to the digital bank’s website then sign up for an account. They are then welcomed with tutorials on how to make full use of their account. Quick and easy, right?

Big Data and AI

Today, banks keep a lot of data. And the more online services they offer, the more data they collect.

These data can help them better their offerings and their services. But what is the use of these if it is not used well?

So, this is where big data and AI comes in. They play a crucial role in analyzing these data into useful insights.

Thus, aiding banks in their sales and marketing. So, they can do targeted campaigns based on the data they have on their clients.

Then, to get more customers, they aid in making new offers.

Further, analytics can also aid in knowing when customers may need a loan. Or even when they are getting ready to leave the bank.

So, it can help make solutions to keep their clients with them.