Digital Transformation (DT) is the transformation of business by revamping the business strategy or digital strategy, models, operations, products, marketing approach, objectives etc., by adopting digital technologies. This accelerate sales and growth of the business from end to end.
The transformation stage means that digital usages inherently enable new types of innovation and creativity in a particular domain, rather than simply enhance and support traditional methods.
In a narrower sense, “digital transformation” may refer to the concept of “going paperless”, and reaching a “digital business maturity which affects both individual businesses and whole segments of society, such as government, mass communications, art, medicine, and science.
While the impact of this on businesses has been profound, many are struggling to realise the full potential of what digitisation and this is also clearly divided by Geography. According to the McKinsey Global Institute’s Industry Digitization Index, Europe is currently operating at 12% of its digital potential, while the USA is operating at 18%. Even within the leading economies of Europe there are also some significant differences as, according to the study, Germany operates at 10% of its digital potential, while the UK is almost on par with the USA at 17%. This clearly demonstrates that, while business processes are undergoing great change making much progress in the adoption of digitisation, even advanced economies are struggling to exploit the full potential of digitisation.
Source: https://en.wikipedia.org/wiki/Digital_transformation