Digital transformation is the process of adoption and implementation of digital technology by an organization in order to create new or modify existing products, services and operations by the means of translating business processes into a digital format.
The goal for its implementation is to increase value through innovation, invention, improved customer experience and efficiency. Focussing on efficiency and costs, the Chartered Institute of Procurement & Supply (CIPS) defines digitalisation as
the practice of redefining models, functions, operations, processes and activities by leveraging technological advancements to build an efficient digital business environment – one where gains (operational and financial) are maximised, and costs and risks are minimised.
However, since there are no comprehensive data sets on the digital transformation at the macro level, the overall effect of digital transformation is still too early to comment.
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