Domain transformation is an area that does not receive much attention but has proven to have enormous potential. New technologies have the potential to reshape products and services, blur industry boundaries, and open doors for non-traditional competitors.
Fremont, CA: The process of utilizing modern technology to create new - or modify existing - business processes, culture, and customer experiences is known as digital transformation.
This reimagining of business in the digital age provides organizations with the tools they need to compete and meet changing market demands.
This type of transformation extends beyond traditional roles such as sales, marketing, and customer service and is primarily concerned with how organizations think about and interact with customers. Organizations have the opportunity to re-examine how they conduct business with the incorporation of new technology.
This will pave the way for significant expansion, allowing them to significantly improve their customer experience and expand into previously unthinkable industries.
If a company decides to embark on a digital transformation project, there are some major areas to consider:
Domain transformation is an area that does not receive much attention but has proven to have enormous potential. New technologies have the potential to reshape products and services, blur industry boundaries, and open doors for non-traditional competitors. This type of wholesale transformation provides tremendous opportunities for businesses to generate new value.
The case of Amazon, which expanded into a new market domain with the release of Amazon Web Services, is an outstanding example of how domain transformation works (AWS). Presently, AWS is the world's largest cloud computing/infrastructure service provider, having surpassed high-profile behemoths Microsoft and IBM.
Business Model Transformation
Many businesses are looking to digital technologies to help them transform their traditional business models. There are numerous examples of this type of innovation in today's business world, ranging from Netflix's reinvention of video distribution to Apple's reinvention of music delivery (i-Tunes) to Uber's restructuring of the taxi industry.
These well-known brands are not the only ones to make such significant changes to their business model. Insurance companies such as Allstate and Metromile are using data and analytics to unbundle insurance contracts and charge customers by the mile, ushering in a radical shift in the auto insurance business model.