Digital transformation is the process of creating new opportunities for innovation in business processes and products by utilizing digital technologies such as mobile phones, cloud computing, and information technology (IT). Having a savvy digital transformation strategy is important for companies in every industry, whether they are seeking to protect their existing market share, expand into new markets, or create entirely new business models.
For example, the use of financial technology (or “fintech”) in the financing industry has enabled new products and services such as online lending, e-commerce, and cryptocurrencies. Audio streaming services have caused no less than a total technology disruption of the music industry, supplanting music sales with subscription-based services. And in education, online platforms like Coursera are working with existing universities and businesses to expand access to learning opportunities.