Digital transformation refers to how technology is transforming the world and more specifically the business we work in.
“Digital transformation is more than just a buzzword – it’s a process of using technology to radically change your business.”
“That’s because changing the nature of an organisation means changing the way people work, challenging their mindsets and the daily work processes and strategies that they rely upon.”
Digital transformation is used to refer to the fourth industrial revolution. Known as Industry 4.0, the revolution refers to the transformation trend to artificial intelligence, automation, digitisation and the internet of things etc.
The Australian Government shows that the Industry 4.0 trend is enabled by four key drivers:
- rising data volumes, computational power and connectivity,
- the emergence of analytics and business-intelligence capabilities,
- new forms of human-machine interaction, such as touch interfaces and augmented-reality systems and;
- improvements in transferring digital instructions to the physical world, such as robotics and 3D printing.
Possible and likely technologies and digital transformations will be discussed in detail later this report, but currently include items such as;
- Smart Home Devices
- Augmented Reality
- Artificial Intelligence—in Everything
- Health Sensors
- 5G Technology
- Smarter Cars
- Facial Recognition
- Virtual Reality
- Smart Cities
- Connected Devices Everywhere
- Wireless Charging
- 3D Printers for More than Just Plastic
- Boosted Performance Analysis in Sports Tech
Gartner’s identified the five top outcomes from digital transformation as expected by CIO’s as;
- More revenue from operations (66%)
- More business through digital channels (48%)
- Engaging and empowering employees (40%)
- Cost reduction (39%)
- Tighter partnerships (37%)
McKinsey has estimated that digital transformation can add some 1.2% or $250B to the Australian economy before 2025.
David Nixon has worked the water and utility industry for over 30 years across a variety of utilities, engineering and business consultancies. David currently acts as director and advisor to a variety of organisations across Australia. email@example.com
Credit to Forbes, McKinsey, Gartner and Australian Government.