Businesses that prioritize digital transformation can streamline operations, reduce costs, and create new revenue streams. But the digital economy goes beyond simply using computers to perform tasks previously performed manually or on analog devices. It’s about finding ways for organizations to make their systems and employees work together more effectively.
The digital economy highlights the opportunity and need for organizations and individuals to use technologies to perform these tasks better, faster, and often differently than before. These opportunities for existing entities to improve their performance, accomplish more, do things differently, and create new things fall under the related concept of digital transformation.
Chart showing important goals for digital transformation.
This chart shows a relative comparison of the key strategies essential to successful digital transformation.
Many entrepreneurs have leveraged the technologies that power the digital economy to create new companies and business models that would not have existed or existed at the scale and scope they do today, in generations past. Examples include ride-sharing platforms Uber and Lyft; home-rental platform Airbnb; and on-demand content services, such as Netflix and Spotify.
