Glossary Definition: Digital Transformation

What is digital transformation?

Digital transformation (DT) refers to the process of leveraging digital technologies to streamline operations, increase efficiencies, and improve systems and processes. This transformation also aims to reduce expenditures while increasing speed.

Examples of digital transformation include:

  • Mobile banking apps
  • 3D printing for manufacturing
  • Online and voice ordering
  • Chatbots
  • Telehealth apps

As digital transformation becomes commonplace across the world, forward-thinking companies are opting to implement what’s known as a digital transformation strategy. This is a plan that describes how a business will reposition itself within the digital economy, including the steps it will take to digitally transform operations.

What are other names for digital transformation?

Often referred to by the acronyms DT and DX, digital transformation is also known as:

  • Digitization
  • Digitalization
  • Digital core

Any industry can go through a digital transformation. DT is becoming increasingly common in manufacturing-heavy industries such as pharma, and healthcare in general.

Digital transformation vs digitization: What’s the difference?

Digital transformation encompasses an entire overhaul of how technology is used within an organization. In contrast, digitization refers to the conversion of assets such as images, videos, and text into digital form.

DX and digitization work hand in hand, and depending on the context the terms may be used interchangeably.

What is digital transformation in pharma?

Pharma digital transformation is the process of digitizing data, research, and processes. With cutting-edge technology, pharma companies can automate data capture and transfer, thereby creating a single source of truth for all employees to leverage.

This process replaces paper-based records with accurate digital counterparts, reduces human errors, and streamlines drug development and production.

What are examples of digital transformation in pharma?

The majority of pharma companies are joining the digital revolution and taking steps to digitize processes. Examples of pharma digital transformation include using:

Why Is Digital Transformation Important in Pharma?

Digital transformation is important in pharma because it shortens the time it takes to bring new therapies to market without sacrificing quality, safety, or efficacy. This is good news for millions of people around the world because it means they’ll get access to the drugs they need the most, sooner.

Equipped with AI-powered technology, pharma companies can replace time consuming, arduous paper-based processes with digital counterparts. Not only does this save time, it also reduces the likelihood of human error which helps to minimize resource waste in turn.

What’s more, cutting-edge technologies such as AR/VR headsets or other devices allow employees to collaborate from anywhere in the world — via a centralized data source.

By working from a single source of information that’s accurate and updated in real time, nothing gets lost in translation or misinterpreted. This reduces cost, decreases risk, increases efficiency, and allows companies to bring new products to market in a fraction of the time.

In sum, digital transformation is disrupting the pharma industry by replacing manual processes with automation and AI-powered tech.