All businesses, including technology companies, need to reinvent and reimagine themselves periodically. However, the process and pace of reinvention and reimagining are dictated by the market and internal to the company ecosystem.
The process when digitally powered is digital transformation. Business processes are automated to improve efficiency. Sometimes the automation process is supported with re-organization and business strategy redefinition. When that is done, it will be best described as business transformation.
Often technology consulting firms present themselves as experts in digital transformation. They are often experts in deploying automation tools. However, digital transformation is far beyond that.
A transformation process needs to be aligned to the business model of a company. Apple, for instance, is a technology firm and a product company. The focus is on products. Therefore, its digital transformation strategy is product-focused. It relies on acquisition as a tool for inducting new technology into the Apple ecosystem and re-tooling these for product development.
Walmart, another giant company, is resorting to traditional digital transformation. It is investing huge sums in business process automation. The competition from Amazon has given a boost to its efforts.
Think where your company is in its business journey, the challenges it faces, and then initiate the transformation process.
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