In the next 15 to 20 years, digital transformation would not only completely revolutionise business as we know it, but also our personal lives. No industry was exempt.
You use the internet nearly every day. You check your email, respond to messages, possibly explore websites, and even make clicks not to forget the reels, titktok videos, brings watching shows is just the plus rather that covers almost 70% of todays data. Every action you take online generates data. So, do you know how much data is produced daily?
I'm working to grasp the fundamental technological principles underlying the business disruptions of today as well as study and re-learn components of digital transformation. I'm attempting to comprehend the economics underlying the disruption, current and upcoming digital trends, and how companies may put together a Digital Transformation programme.
In order to make sense of some of the things I'm learning in my present course, I'll list three fundamental rules that have enabled it to happen
Moore’s law - According to this law, your computer will have twice as much processing power every 18 months.
Buttler’s Law - It claims that every nine months, the quantity of data that can be transmitted over a single optical cable doubles.
Kryder’s Law - According to this law, which examines hard drive storage capacity, the quantity of data stored per square centimetre of a hard drive doubles every 13 months.
I'm still learning these regulations and trying to grasp how they affect the corporate sector.
But we are aware of how quickly technology advances. But because our perception is wired to perceive linear developments, we frequently overestimate the amount of advancement.
Therefore, it is not unexpected that businesses frequently undervalue or ignore the effects of digital technology. We observe a gap between the real value delivered by the company and what would be technologically feasible if companies develop linearly and technology develops exponentially. And with time, this disparity is getting much wider.
Innovative entrepreneurs frequently fill the vacuum by employing technology to meet customer demands in a very different way from what the incumbent companies could perceive—or, worse yet, could see but not fully comprehend. Companies like Kodak, Nokia, or Blockbuster are a few examples of those that have paid dearly for this tendency to underestimate trends.
What I discovered in my readings was that
The technological underpinnings of today's digital transformation are the exponential increases in computing power, communication bandwidth, and storage capacity.
Since our brains are wired to see and predict linear advancements, comprehending how digital technology is evolving is the first hurdle that both individuals and businesses must overcome.
Finally, there often seems to be a disconnect between corporatedevelopment and technologypossibilities. Startups challengingestablished players often fill this gap.
I think business architecture refers to the way participants in aparticular sector are structured to delivervalue to their end-herusers. This includes competitors, suppliers, participants in relatedindustries, and howand with whom they interact. The structure, operations, and ultimately business strategy of any particular company are greatly influenced by the structure of its industry.
“Data Strategy: How to Profit from a World of Big Data, Analytics and the Internet of Things” by Bernard Marr; Kogan Page (2022) [ISBN: 9781398602588]
Program Course (Analytics for Competitive Advantage) Under - Dr. Nirankush Dutta
Why you should embrace Digital Transformation