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Digital Transformation: A Cheat Sheet

Technology is reshaping businesses in numerous ways. With this constant advancement, a shared concern is that anyone without the newest technology will fall behind.

“Successful organizations have to grow. If you don’t like change, you’ve really got a big problem,” says Dr. Art Langer, Academic Director and Professor of Practice for the Programs in Technology Management at Columbia University’s School of Professional Studies. “I believe that this whole digital transformation is about the consumerization of technology.”

Companies will begin to see how digital will affect revenues within the next five years, and most of today’s businesses are unprepared for this transformation. Here’s what companies need to know:

What is digital transformation?

The concept behind digital transformation is how to use technology to remake a process so that it becomes more efficient or effective. It's not just about changing an existing service into a digital version, but improving it.

How will digital transformation impact revenues?

The IDC reported that worldwide spending on digital transformation technologies is expected to reach $1.3 trillion in 2018. By 2020, executives predict 47% of their revenue will be influenced by digital. Twenty percent of companies already have a digital transformation strategy in place and another 60% are working on creating one.

Why is digital transformation a must for every company?

The use of modern digital transformative techniques allows companies to get closer to their customers, to see how their products are really performing, and to determine whether they're meeting those customer expectations. In the tech world, if a company is not on a digital transformative strategy, their competitors are.

Read the full story at TechRepublic and learn more about the Executive Master of Science in Technology Management program at Columbia University’s School of Professional Studies.