Glossary

Digital Transformation

Digital transformation is the process by which companies adapt to or create new digital business strategies, products, and services to drive innovation, revenue growth, customer satisfaction, and other benefits.

Digital transformation strategies can vary widely according to a number of factors, such as industry, company size, and region. For example, telecommunications companies may bundle their core services—voice, mobile, Internet, etc.—with cloud-based software as one way to digitize more of their offerings. Manufacturers, on the other hand, might launch an industrial Internet of Things (IIoT) platform to connect smart devices with software and services.

Currently, almost seven out of 10 enterprise CEOs have a digital transformation strategy, a number that is set to rise as more businesses of all sizes enter the digital economy.