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Digital transformation (DX) is the adoption of digital technology by a company. Common goals for its implementation are to improve efficiency, value or innovation.

History

Digitization is the process of converting analog information into digital form using an analog-to-digital converter, such as in an image scanner or for digital audio recordings. As usage of the internet has increased since the 1990s, the usage of digitization has also increased. Digital transformation, however, is broader than just the digitization of existing processes. Digital transformation entails considering how products, processes and organisations can be changed through the use of new, digital technologies. Digital transformation can be seen as a socio-technical programme.

Adopting digital technology can bring benefits to a business, however some company cultures can struggle with the changes required by digital transformation.

A 2015 report stated that maturing digital companies were using cloud hosting, social media, mobile devices and data analytics, while other companies were using individual technologies for specific problems. By 2017, one study found that less than 40% of industries had become digitized (although usage was high in the media, retail and technology industries).

Digital infrastructure

Although the use of digital technology by companies in the European Union is increasing, it has not yet bridged the gap with the United States. As of 2020, 37% of European businesses had not embraced any new digital technology. This was only 27% in the United States.

Municipal investments in digital infrastructure are increasing, but inequalities may lead to a greater divide. Over the period 2017-2020, 70% of European municipalities have boosted their expenditure in digital infrastructure.

A lack of digital infrastructure is viewed as a key barrier to investment by 16% of EU businesses, compared to 5% in the US.

As a result of the COVID-19 pandemic, half of European companies anticipate an increase in the usage of digital technologies in the future. The proportion is considerably greater among companies that have previously used digital technology.

In the 2021 Banking in Africa survey conducted by the European Investment Bank, 89% of the banks polled claimed that the COVID-19 pandemic has hastened the digital transformation of their internal operations; the same percentage believes that the consumer movement toward digital channels will continue once the pandemic has ended.

See also

References

  1. Schmarzo, Bill (31 May 2017). "What is Digital Transformation?". Retrieved 9 July 2021.{{cite web}}: CS1 maint: url-status (link)
  2. Wren, Hannah (1 December 2020). "What is digital transformation? Definition, Examples, Main Areas". Retrieved 9 October 2021.{{cite web}}: CS1 maint: url-status (link)
  3. Matt, Christian; Hess, Thomas; Benlian, Alexander (2015). "Digital Transformation Strategies". Business & Information Systems Engineering. 57 (5): 339–343. doi:10.1007/s12599-015-0401-5. S2CID 30892786.
  4. Hess T, Matt C, Benlian A, Wiesböck F. Options for Formulating a Digital Transformation Strategy. MIS Quarterly Executive. 2016;15(2):123-139.
  5. Hartl, Eva and Hess, Thomas, (2019). "IT PROJECTS IN DIGITAL TRANSFORMATION: A SOCIO-TECHNICAL JOURNEY TOWARDS TECHNOCHANGE". In Proceedings of the 27th European Conference on Information Systems (ECIS), Stockholm & Uppsala, Sweden, June 8-14, 2019. ISBN 978-1-7336325-0-8 Research Papers. https://aisel.aisnet.org/ecis2019_rp/162
  6. Butt, Aurangzeab; Imran, Faisal; Kantola, Jussi; Helo, Petri (2021). "Cultural Preparation for Digital Transformation of Industrial Organizations: A Multi-case Exploration of Socio-technical Systems". Advances in Physical, Social & Occupational Ergonomics. Lecture Notes in Networks and Systems. Vol. 273. pp. 457–463. doi:10.1007/978-3-030-80713-9_58. ISBN 978-3-030-80712-2. S2CID 237298363.
  7. Aleksej Heinze; Marie Griffiths; Alex Fenton; Gordon Fletcher (2018). "Knowledge exchange partnership leads to digital transformation at Hydro-X Water Treatment, Ltd". Global Business and Organizational Excellence. 37 (4): 6–13. doi:10.1002/JOE.21859. ISSN 1932-2054. Wikidata Q56622208.
  8. Westerman, George; et al. (2014). Leading Digital: Turning technology into business transformation. ISBN 9781625272478.{{cite book}}: CS1 maint: url-status (link)
  9. McConnell, Jane (28 August 2015). "The Company Cultures That Help (or Hinder) Digital Transformation". Harvard Business Review. Retrieved 12 January 2017.{{cite journal}}: CS1 maint: url-status (link)
  10. Kane, Gerald; et al. (14 July 2015). "Strategy, not Technology, Drives Digital Transformation". Retrieved 9 October 2021.{{cite web}}: CS1 maint: url-status (link)
  11. Bughin, Jacques; et al. (9 February 2017). "The case for digital reinvention". Retrieved 9 October 2021.{{cite web}}: CS1 maint: url-status (link)
  12. ^ "EIB Investment Report 2020-2021". EIB.org. Retrieved 2021-11-15.
  13. "Unlocking Private Investment in Climate Adaptation and Resilience". World Bank. Retrieved 2021-11-15.
  14. "Smart Cities and Inclusive Growth" (PDF). OECD.{{cite web}}: CS1 maint: url-status (link)
  15. "EIB Investment Report 2020-2021". EIB.org. Retrieved 2021-11-15.
  16. "EIB Corporate Digitalisation Index 2020/2021: Most EU countries are trailing the United States in digitalisation". European Investment Bank. Retrieved 2021-11-23.
  17. "The next normal recovery will be digital" (PDF).{{cite web}}: CS1 maint: url-status (link)
  18. Bank, European Investment (2021-11-18). Finance in Africa: for green, smart and inclusive private sector development. European Investment Bank. ISBN 978-92-861-5063-0.
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