Digital transformation
Digital transformation is the process of adoption and implementation of digital technology by an organization in order to create new or modify existing products, services and operations by the means of translating business processes into a digital format. The goal for its implementation is to increase value through innovation, invention, improved customer experience and efficiency. Focussing on efficiency and costs, the Chartered Institute of Procurement & Supply (CIPS) defines digitalisation asthe practice of redefining models, functions, operations, processes and activities by leveraging technological advancements to build an efficient digital business environment – one where gains (operational and financial) are maximised, and costs and risks are minimised. CIPS has also observed that "digital capability" can be used to support supply chain transparency and remote working.This became clear after the COVID-19 pandemic, when many knowledge workers adopted either remote or hybrid working environments.However, since there are no comprehensive data sets on the digital transformation at the macro level, the overall effect of digital transformation is still too early to comment.