The Challenges and Benefits of Digital Transformation in Business

Introduction The phrase "digital transformation" has gained popularity in today's quick-changing business environment. Companies across all industries are striving to embrace the latest digital technologies to stay competitive and meet the changing needs of their customers. While digital transformation offers numerous benefits, it also poses several challenges. A study by IDC found that only 29% of companies have a formal digital transformation strategy in place. This indicates that many businesses are struggling to even begin the digital transformation journey, let alone complete it.