Digital transformation is the application of technology to build new business models or processes by leveraging the convergence of people, business and things. Digital advancements are creating new product and service opportunities as well as transforming business operations, which enables companies to improve customer service, generate more revenue, lower costs and achieve higher levels of efficiency to gain an advantage over their competitors.
Historically, sustaining market leadership was based on having superior products, the lowest prices or the best people. However, this is no longer the case. Although these factors are still important, in the digital business era, keeping the lead over competition is more closely tied to an organization’s ability to recognize shifts in the market landscape and its capacity to respond by adapting quickly