Digital transformation (DX) is a broad business strategy, applicable across all industries, to solve traditional business challenges and create new opportunities using technology. It requires acceptance of entirely new ways of working and delivering value to customers.
Investment in digital transformation has been steadily growing; industrial companies are investing at least 5% of their annual revenue on digital transformation projects and are increasing budget every year. IDC forecasts $2.8 trillion in global spend on DX technologies and services for these programs by 2025. Industrial digital transformation is leveraged to achieve strategic, operational, and efficiency goals across the enterprise. The most successful strategies align DX goals with business value.
A solid foundation for DX success begins with identifying the most pressing problems impacting financial and operational goals and measuring the value of resolving them.
Digital transformation is rooted in the physical parts of the enterprise – products, processes, people, and places – and through the strategic adoption of technology, it’s enabling competitive advantage.