Digital transformation of business

The paper presents opportunities of digital transformation of business as a changes associated with the application of digital technology in all aspects of business. A research of digital business found that maturing digital businesses are focused on integrating digital technologies, such as social, mobile, analytics/big data and cloud, in the service of transforming how businesses work. The ability to digitally reimagine the business is determined in large part by a clear digital strategy supported by leaders who foster a culture able to change and invent the new. Unique to digital transformation is that risk taking is becoming a cultural norm as more digitally advanced companies seek new levels of competitive advantage. Among companies where big data, cloud, mobile, and social technologies are critical parts of the infrastructure, these technologies are, or will soon be profitable on average, had higher revenues, and achieved a bigger market valuation than competitors without a strong vision. As with any emerging technology, however, there are significant challenges associated with cloud, mobile, social, and big data initiatives. The survey suggests that the primary risks preventing their wider adoption are data security issues, lack of interoperability with existing IT systems, and lack of control.