August 2020 //
ZK Research defines the term “digital transformation” as the application of new technologies to create new business services and processes by leveraging the convergence of people, processes and networked things. In contrast, digital innovation involves companies transforming business operations to generate more revenue, reduce costs and achieve unprecedented levels of efficiency in order to gain a sustainable competitive advantage in their markets. Cloud, mobility and the Internet of Things (IoT) are key enablers of digital transformation today.
The rapid changes in the market are yielding a harsh reality for today’s business and IT leaders. Digitization has altered and will continue to change the landscape in every industry. Organizations must be willing to be highly agile and disrupt themselves before they are disrupted. However, this is easier said than done. Markets get disrupted when incumbents cannot pivot their businesses to embrace the rapidly changing landscape.