Digital Transformation Strategies in the Business Industry

Digital transformation has continuously evolved business industries, using rapid and advanced technologies to address emerging challenges and create more opportunities. Solving these challenges leads to better business opportunities and opens new paths for young entrepreneurs. Successful businesses exist on ideas based on future demand, not on present needs. As I tell my students, your job is to create a need in the market by solving your customers’ problems. The problem could be minute, so finding a solution will lead you to a potentially successful business. Customers do not know what they need unless you show them the products. So, you (entrepreneurs) are solving a problem for your customers by providing them with a solution, a situation that customers did not know existed. For this, young entrepreneurs should focus on leveraging their strengths, not their weaknesses; as for weaknesses, they will hire others. Do not try to turn your weaknesses into strengths. Focus only on your strengths, which will take you miles ahead of your competition.

COVID-19 has redirected us to value our loved ones and pushed us all to slow down to focus on what matters in life. It has given us new technologies like telehealth, machine learning, and artificial intelligence. Again, we thought we did not need these things unless they were invented. This showed us that we cannot live without them. New inventions, such as AI and ML integration, 5G integration, Blockchain technology applications, sustainability development programs, and data security, brought a considerable paradigm shift in the business world.

Artificial Intelligence (AI) and Machine Learning (ML) Integration: AI and ML have revolutionized the business world by creating an automatic system where many human skills are no longer needed. AI Chatbots handle customers’ queries quickly and solve them on the spot. AI algorithms and ML integrate to predict customers’ spending habits, new trends, and their correlations. AI machine systems can detect unusual spending patterns and fraudulent activities. Then, they can predict future demand, transportation routes, or even marketing campaigns to bring the total business cost low.

5G Integration: 5th-generation mobile network technology integration helps with remote work by revolutionizing connectivity and enabling faster internet speeds. This will increase our human capital and allow us to deal with the growing demand for data in the future with continuously evolving technologies. It will support Internet of Things (IoT) devices for predictive maintenance and operational efficiency.

Blockchain Technology Application: Blockchain technology is a distributed ledger that records transactions securely across multiple decentralized computers. Cryptocurrencies are a well-known blockchain application that enables secure, digital currency transactions. It helps track goods, ensure authentication for cross-border transactions, and reduce fraud. Blockchain technology is a real-life example of new applications constantly being developed and explored.

Sustainability Development Programs: Integrating digital transformation and sustainability development programs presents a strategic direction for businesses to address operational efficiency and environmental concerns. Digital companies must reduce their carbon footprint and allow business operations to identify inefficiencies. With these programs, companies can promote sustainable practices throughout the supply chain. This transferability will help business leaders and customers make informed decisions. Hence, by leveraging advanced technologies, businesses will improve their competitive edge and contribute to global sustainability development programs.

Data Security: Data security focuses on securing the protection and integrity of digital assets. Encryption, secure data storage, and multi-factor authentication (MFA) involve implementing robust cybersecurity measures. Businesses are adopting strict data protection policies to address the company’s legal issues and customers’ usage. Backup and recovery plans, employee training awareness, and compliance with data protection regulations can reduce the risk of data breaches and build customers’ trust in safeguarding their sensitive information.

By adapting to these technologies and strategies, businesses can enhance their competitiveness and market edges to create value in the digital world by creating and fulfilling those needs. These technologies are at the forefront of business transformation and strategy, driving ideas, invention, innovation, and growth while enhancing customer service experience.

Amna Khaliq is an instructor for the Business Administration Program at McMaster University Continuing Education. She has a Doctor of Business Administration in Strategic Leadership from the University of California Southern, USA, as well as an MBA from Cape Breton University in Community Economic Development in Canada. Along with her degrees, she has a Women Leadership Development Certificate from the University of Oxford, England, an Adult Education Learning Diploma from Vancouver Community College, Canada, and an E-learning Certificate from the University of Toronto, Canada. She has taught more than 28 business management courses in online and face-to-face settings at the third, fourth and pre-MBA levels. Her research interest involves economic development, online education, and strategic leadership. She has presented and published her research at many national and international conferences. She is a vice president and board member of the Dawson Creek Literacy Society and a board member of the CBU Alumni Association. Amna Khaliq focuses on practical application in online learning, developing soft business skills and intensive research through her teaching.

Are you looking to enhance your skill set to adapt to the rapidly changing business world and future-proof your business career? McMaster University Continuing Education offers courses such as Business Strategy (BUS 852) part of the Business Administration Diploma program.