Digital Transformation Framework for Driving Future Growth

Abstract

Digital transformation is the process of undergoing multiple internal and external changes by an organization leveraging digital technologies to become more agile, optimized and efficient in its business operations. Dynamic IT environment, the urge to leverage emerging technologies, and the unpreparedness to function at scale in throes of the global pandemic are driving increased spend on cloud-based applications and further pushing the case for digital transformation. Markets and Markets data suggests, digital transformation market is envisioned to witness a CAGR of 18.1% to reach $665 billion by 2023 from $290 billion in 2018[1]. IDC report forecasts, global spending on public cloud services and related infrastructure is anticipated to hit $500 billion in 2023, from $229 billion in 2019, a CAGR of 22.3%[2]. All these numbers indicate a strong surge in cloud and intelligent digital technology adoption as more and more companies embrace digital transformation to become agile and stay market relevant. This article provides a deep dive into what is ‘Digital Transformation’ and how we can create a 3-pronged framework which can help drive organizational growth.