Digital transformation is here. But, what is Digital transformation? Many are still wondering if someone can give them a 3 minute, simple overview of why a company needs to transform digitally. If you have ever pondered on this thought as you are busy navigating your day-to-day life, you are in the right place!
Let's examine the idea of digital transformation through the lens of retail. Retail is all about buying goods from suppliers at a low price and selling them back to consumers at a higher price. In this way, you make a profit. Digital transformation for retail does not begin and end with a specific function, like a shopping cart website. In reality, organizations must make deep changes to their operations, supply chains, inventory management, and customer relationship processes. They must analyze data to accurately project demand, react to customer needs, and ship products quickly and efficiently.