Digital Transformation Handbook

Description

Digital transformation has become more than a buzzword from the media since companies figured out the importance of rethinking business processes during global challenges. On its own, the term assumes integration of digital technology into all areas of a business, resulting in fundamental changes to how the company operates and delivers value to customers. Taking care of and choosing the optimal ICT tools is a constant struggle; the final decision may depend on the consultant’s experience. Including all business stakeholders in this process is a must. Creating innovative company culture, continuous learning, and developing new skills with flexible and open communication and willingness to experiment are a challenge. This complex, comprehensive approach can include implementing new systems, integrating existing systems, and using data analytics and artificial intelligence (AI) or machine learning to drive better outcomes. By adapting and exploiting digital technology in new ways, businesses can gain better and more detailed customer experiences and build stronger relationships with their clients. In addition, digital transformation can help organizations to be more agile and responsive, which can lead to less time needed for different processes or the ability to adapt quickly to changing conditions. In a time when change is the only constant – and it is hitting us every day not to forget about that – it is essential to think about digital transformation constantly. Technology improvement, availability, and scalability give us no room for excuses for not using them. Who can say that we are not living in dynamic and exciting times? The Authors have taken their 20 years of practical experience and put it into this handbook, in which many cases can be found where not every time is a success story. This book is prepared to provide some insights, give you a fresh overview of what such change can enable, and set up an environment for new technology that will arrive shortly. Cover Half Title Title Page Copyright Page Table of Contents Acknowledgments Authors About the book Chapter 1: What is digital transformation Scholar definition of digital transformation Industry definition of digital transformation Accelerating transformation for a post-COVID-19 world Challenges for businesses during the COVID-19 pandemic Facilitating digital transformation onwards Impact of the digital Accelerated pace Cooperation instead of a race Predictions on digital innovation Digital transformation – what does it look like? Digital transformation examples Critical areas for a successful digital transformation Implementation of digital twin Privacy Culture Augmented intelligence Digital product management What are digital transformation drivers? Customer expectations continue growing Speed is crucial Strong focus on customer insight Everything revolves around AI Digital transformation equals business transformation Other trends driving digital transformation Types of digital transformation Process transformation Business model transformation Domain transformation Cultural or organizational transformation Those who close their eyes to digitalization risk failure and extinction If things are going well, we need to change Chapter 2: Digital transformation evolution Letting go of the past Finding common ground Digital transformation evolution benefits Speed Affordable Low risk Flexible Successful evolution Determining the approach Availability of skills Evolving systems of digital transformation Systems of record Systems of collaboration Systems of engagement Systems of productivity and outcomes The value of information in digital transformation Digital transformation vs. digital evolution Chapter 3: Digital transformation benefits Recent events Data collection Resource management Four actionable solutions of resource management Measuring the ongoing digital transformation performance Transparency around digital transformation Optimizing collaboration and productivity through technology Becoming agile Blending it all Data-driven customer insights Transforming companies with data Data leads to competitive advantage Enhancing customer experience Digitally conscious customers Reimaging the entire customer journey Encouraging digital culture Digital culture Improving efficiency and profitability More agility Chapter 4: Digital transformation strategies What is a digital transformation strategy? Components of a digital transformation strategy Communications Culture of innovation Technology Data Steps of digital transformation strategy Business assessment Researching the industry and competitors Prioritizing digital initiatives Creating a delivery plan Creating a budget plan Creating a resource plan Principles of digital transformation strategy Defining the reason for digital transformation Preparing for cultural change Starting small, but strategic Mapping out technology implementation Seeking partners Gathering feedback for refinement Scaling and transforming Key players in digital transformation strategy Communications professional Technologist Business leader Examples of digital transformation strategies Leveraging in-demand digital technologies Project management tools Time tracking tools Social media management tools Enhancing cybersecurity of used technologies Changing passwords regularly Ensuring all connections have VPNs Installing Ad Blocker in computer browser Using two-factor authentication Allocating the budget R&D of digital transformation systems Giving autonomy to the R&D team Cooperating with R&D Developing user-friendly systems Digital transformation roadmap Ten-step process to build a digital transformation roadmap Gathering and analyzing data Getting senior management involved Quantifying and prioritizing issues Setting goals Establishing accountability Allocating time and budget Taking a phased approach Creating a culture passionate about digital transformation Investing in agile project management Seeking post-implementation feedback Chapter 5: Data-driven society Data ingestion Data-driven society in digital transformation Big data Ways big data reveals digital transformation opportunities Datafication Datafication vs. digitalization Big data analytics Chapter 6: Digital transformation tools Essential tools to support digital transformation Collaborative suites Communication Tools CRM tools Project management tools Digital tools and frameworks for digital transformation Digital twinning technology Data management software Real-time quotation – dynamic pricing What is digital pricing? Definition of digital pricing How technology is changing the pricing process Digitizing existing pricing processes Digital pricing models Algorithms find the best prices Customized pricing Five modules of dynamic pricing In the heart of the communications ecosystems Battle for the new ecosystems Streamline core business Opportunities in new service sectors Chapter 7: Case study: Digital transformation in logistics company Company profile Challenge and digitalization status Solution – approach and realization Chapter 8: Case study: Digital transformation in manufacturing company – paper products Company profile Challenge and digitalization status Chapter 9: Case study: Digital transformation in food company Chapter 10: Case study: Digital transformation in healthcare industry Health information system Investing in digital health Digital transformation trends in healthcare Automation Increased patient expectation Increased chronic diseases Connected ambulance On-demand healthcare solutions Telemedicine and virtual visits Patient portals Health wearables Disease history analysis Improving patient experience Benefits of digital transformation in healthcare Consistent hospital and patient data management Connection across social media Improved internal communication Electronic health records Data analysis APIs and interoperability Healthcare mobile apps Limitations of digital transformation Data management Cybersecurity Data privacy Digital health: the first innovation in healthcare that can reduce costs in the long term Lack of a suitable business model Predictive maintenance for people Conclusion Chapter 11: Digital transformation in the legal industry Digital transformation in legal firms Digital transformation trends in the legal industry Automation Legal automation types Automation benefits in the legal industry Cybersecurity Ways to enhance security in law firms Implementing cyber security into company culture Customer experience Customer-centric legal services Customer experience management Artificial intelligence Artificial intelligence in legal industry Digital transformation benefits in the legal industry Streamline operations Casework consolidation Automate tasks Resource management Excellent customer experience Limitations of digital technology in the legal industry Cloud migration late adoption Online security Staff training Current solutions and future integrations Conclusion Chapter 12: Digital transformation in the insurance industry Reasons to implement digital transformation solutions Driving excellence and efficiencies Personalizing service offerings Master technology disruption Digital transformation trends in the insurance industry Digital transformation use cases in insurance Digital transformation success stories in the insurance industry Benefits of digital transformation for insurers Improved efficiency Personalized service Building data pipelines Improved risk management strategy Limitations of digital transformation in the insurance industry Digital transformation challenges for insurers to overcome Maximizing the value of customer data New competition Adopting innovative technology to improve the customer experience Cybersecurity Conclusion Chapter 13: Web 3.0 Web 3.0 in general How Web 3.0 is revolutionizing payments How Web 3.0 payments work Impact of decentralized autonomous organizations on work The importance of smart contracts How do smart contracts work What exactly is a blockchain? Decentralization How secure is blockchain? Credit scoring industry digital transformation A blockchain platform to end the monopoly of credit bureaus Blockchain of the future IoT and Web 3.0 Chapter 14: Next steps and what the future will bring: Instead of conclusion Calculation and company growing plan play significant rule in infrastructure decision steps Sustainability and automation are on the rise. Remote work and bandwidth issues? Not so much. These insights show what’s hot and what’s not in 2023 The future: managing the entire data lifecycle Websites Index