Digital Transformation is Propelling the Businesses of the FutureBy Inigo Rumayor Belausteguigoitia | Wed, 07/21/2021 - 13:02
Digital transformation is more important than ever before. In fact, digital transformation is what is propelling companies into the future.
What is Digital Transformation?
If you type the term digital transformation into google, you will probably find many different definitions but in my view, the definition is pretty simple. Digital is all about the communication between electronic devices. In essence, it is the technology that connects humans and machines with one another and with information. On the other hand, transformation is all about change, but not just small change; it is focusing on the bigger picture, the larger scale. Transformation is the process through which people and businesses adapt and evolve.
In simple terms, digital transformation improves lives and businesses, optimizes costs, is time-efficient and, most importantly, it is customer-centric because it looks for new ways to do business with the single objective of driving growth.
A Little Bit of Context
Over the years, society has undergone many changes; from the invention of microchips that allowed analog computing to go digital in the 1950s, to the introduction of home computers and arcade video games in the 1970s, the invention of the World Wide Web, automation, 2G network and cellphones in the 1980s and 1990s. These changes have all transformed the world into the one we live in today.
Since the beginning of the 21st century, transformation has not drifted from its course. In 2017, software solutions began to take flight and, after that, almost half of all technology spending for companies started to go toward digital transformation. Later on, in 2020, more than half of all global businesses started to depend on their ability to innovate, create digital products, services and experiences.
2020 served as the perfect polish for many hidden or uncut gems. It was the perfect catalyst for many industries, including the tech industry. We are now living in an era where the prevalence of apps, payments, AI and bots will embed digitalization into everyone’s lives, improving it; in other words, technology is here to stay and companies will either adopt it, become irrelevant or cease to exist.
I believe that while last year really shook the world to its core, and was a very tough year indeed, it was also an eye-opener, a clean slate, a wakeup call to improve the world, people and businesses.
At Arcus, we pride ourselves on improving people’s financial health by helping companies empower their consumers, giving them a better way to manage their payments. We are proud to be the infrastructure that is helping so many businesses transition to adopt technology and implement solutions that will radically change their end user’s experience, contributing to financial inclusion and, at the same time, increasing client retention, building loyalty, attracting more users, generating traffic toward their apps, increasing transactionality and, in essence, becoming the center of their consumers’ financial lives, staying on the train of the future.