Digital Transformation in BusinessJune 2019 / Share
Digital Transformation is the novel use of digital technology to solve traditional problems. These digital solutions enable inherently new types of innovation and creativity, rather than simply enhance and support traditional methods. — Wikipedia
Digital transformation is a hot topic among many businesses — but what does it look like for each individual business?
This was the topic discussed at Vectra Bank's recent Business for Breakfast event with the Denver Botanic Gardens Director of Technology and Innovation, Dan Domagala. Domagala opened his discussion by asking attendees what their definition of digital transformation is while using an example of exactly that via a live polling system. Attendees sent in their responses through text messages and a word cloud was created live on the spot.
The audience's definition of digital transformation was largely positive, including words like "innovative," "efficient," "faster," and "necessary."
Domagala also asked the audience for examples of digital transformation, whether in their business or in every day life. Some examples given were analog vs. digital clocks, print vs. digital advertising, instant replay and review in sports, fast food kiosks and delivery services, and online banking capabilities.
One industry in particular that has been impacted by digital transformation is travel. In 2000, there were around 124,000 travel agents, vs. only 64,000 in 2013. In 2018, 82 percent of travel was booked online with no human interaction at all.
A key point that Domagala made was that technology for technology's sake is an expensive dead end — it needs to lead to actual business results. What is your business trying to achieve, and how can technology help you get there? Is there a human element that needs to remain in place?
Examples Domagala sees of digital transformation at the Denver Botanic Gardens include points of sale systems, making purchases easier for customers who typically do not carry cash. They also use drone technology to create digital maps of the gardens, create virtual tours, and assist with landscape architecture planning and observation of overall plant health.
After the event, guests were able to walk through the gardens.
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The information provided is presented for general informational purposes only and does not constitute tax, legal, business or investment advice.