The digital transformation trend is picking up, as several successful initiatives have emerged in recent years. According to research by global market intelligence firm IDC, 40 percent of the IT spend accounts for digital transformation, and by the end of next year, it is expected to exceed $2 trillion.
Digital transformation comes in different forms like artificial intelligence, automation, cybersecurity, and similar technologies. One of the primary motives for adopting these technologies is to make businesses more efficient and increase revenue.
Here, we will look at a few top companies that embraced these new technologies that lead to higher earnings and gross profit.
Top Five Digital Transformation Success Stories
Walmart’s transformation started by taking up open-source solutions. It introduced a new search engine and several cloud applications that are based on the OpenStack cloud platform. It launched OneOps to assist programmers in testing and switching between cloud providers. This flexibility along with its continued experiments with different technologies attributes to its success.
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As the second-largest retailer in the US, it started the digital transformation by developing its software. From 2016 onwards, it phased out the outsourcing of software development and made it in-house. This assisted the store in meeting customer demands by developing software that aligned better with the availability of inventory.
A Swedish clothing brand, H&M started working with different mobile technologies to find ways that could improve the customer’s virtual experience of finding, trying on, and buying clothes. With the help of image and smart product function, it could help recreate influencers’ outfits and also provide the customer with available options if the product they were looking for is sold out. This online strategy helped H&M achieve an online sales growth of 30%.
The pharmacy store Walgreens adopted digital transformation by a complete redesign of its mobile app. CIO, Abhi Dhar took steps to make sure that the company meets the demands of its customers. Today, customers can manage their medication schedules using their Apple watches and also earn and redeem loyalty points using Apple Pay.
Capital One was the first bank to adopt Amazon’s Alexa virtual assistant for its voice-activated financial transactions system. Its mobile banking app also supported Apple’s TouchID biometric software. Capital One is good at building software as well as providing banking services.
Looking at these success stories, we can conclude that a concrete digital transformation strategy leads to overall good customer experience, which is one of the metrics to measure digital transformation success. The other metrics are web traffic, productivity, and revenue. An efficient digital strategy is primary for the future of any successful business.