By Swapnil Srivastava, Executive Vice President & Global Head of Analytics In recent years, the term “digital transformation” (DX)has become increasingly popular in the business world. It has been used to describe a variety of different initiatives, ranging from the adoption of new technologies to the overhaul of entire business models. Despite its ubiquity, however, the concept of digital transformation can be difficult to pin down. Business professionals often struggle to define what it means and how to go about implementing it effectively. The rise of digital transformation as a buzzword can be attributed to several factors, including the COVID-19 pandemic, which accelerated the adoption of digital technologies across industries. Additionally, the emergence of new business models such as e-commerce and direct-to-consumer (D2C) has increased the pressure on companies to digitize their operations to remain competitive. To demystify digital transformation, it’s important to break it down into its core components– Digitization, Digitalization, and Data Monetization (Internal and External). Digitization involves converting analog data into digital format, while digitalisation is the integration of digital technologies into all aspects of a business. Data monetisation refers to the process of generating value from data, both internally and externally. Understanding these three components […]
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