Digital transformation to us shall mean a 4th generation of e-business involving certain specific technologies that businesses are looking to leverage to fundamentally transform the way they did business and made revenues.
This need for transformation has been brought in by outside-in forces of smartphone, tablets, and rampant use of social media in almost all customer segments. Since customers got hooked to these outside-in forces, their buying behavior and decision making process started getting deeply influenced by these outside-in forces. This phenomenon stands equally true for both B2B and B2C ecosystems.
Since customers went “digital”, there was a need for businesses to embrace digital ecosystem into their go-to-market strategies that can bring them closer to their customers and thereby improvise on revenues. This leads to an investment instance for the business to have digital platforms in place. Most of this wave about digital is to grab that pie of new investment instances which did not exist before. Hence these are termed as disruptive technologies.
Most of the time the goal of digital is to get closer to customers through customer engagement programs of digital platforms, which in-turn leads to revenue appreciation. However, in certain situations, such as more in B2B or manufacturing/production/high-tech industries it also meant operational efficiency (which cuts costs further down and helps with bottom lines).