Introduction
Have you ever heard of Digital Transformation(DX)? In February, the Financial Secretary of Hong Kong announced that the Hong Kong Government would set aside $500 million for Hong Kong Cyberport to launch a Digital Transformation Support Pilot Programme. It seems certain that DX is not a buzzword anymore, and it will become a more critical success factor for companies across all industries in the future, including event management.
In this article, we will first review the basics of DX, including what DX is and the current state of DX, and then introduce the reasons why DX matters, steps to implement DX, technologies related to DX and how we can apply DX in your B2B events.
What is DX?
Digital Transformation, simply called DX, has become more popular in Hong Kong since 2021 when the Legislative Council included an article called “Digital transformation for a post-COVID world” in its research publications.
The definition of “Digital transformation” currently used in the world is not strictly consistent, and its usage varies from person to person and scene to scene. In this article, we will make references to the ideas proposed by other countries and focus on several important key points of it.
The two key points of these definitions are:
1. The use of data and digital technology
It is essential to utilize highly accurate data and the latest digital technologies.
2. The importance of transformation, value creation, and competitiveness
Digital technology is the means, and the objective for the whole transformation is to transform the company. Transformation is essential for companies to compete in the global market as it enables new value creation and improved competitiveness.
To conclude, the main point of DX is to “corporate transformation through digital technology”.
Why does DX matter?
There are several reasons making DX become more important recently.
Background: The Outbreak of COVID-19
Perhaps the biggest reason why so many people have been talking about DX recently is because of the pandemic. Due to the outbreak of COVID-19, the working style has changed drastically all over the world. Most of the world has been switching online, automating their business and production processes, and focusing more on e-commerce and e-services. Also, the side effect of human resources shortage motivates companies to engage in DX as well.
Trend: Increased Competition between Companies in the Age of AI.
Although covid is finally getting better, the existing trends in remote work, e-commerce, and automation seems to continue and become the new normal of our life. The McKinsey Global Institute especially points out that nowadays adoption of automation and Artificial Intelligence (“AI”) might reduce workplace density, and Bill Gates also mentions that we have come to an age of AI.
As the use of AI and other advanced technologies is rapidly advancing, competition between companies in the market is becoming increasingly fierce and business is becoming more sophisticated. A simple example is that most companies are discussing how to implement ChatGPT for their businesses.
Opportunities: The New Global Standard
With the rise of digitalization, businesses have numerous opportunities to optimize their operations, reduce costs, improve customer engagement, and boost revenue. By embracing digital transformation, companies can stay up-to-date with the competitive landscape, improve customer experience, and create more efficient operations.
For example, when you are organizing an event, with the help of data analytics tools, you can definitely gain more valuable insights into attendee behavior, preferences, and feedback, and use this information to improve your future event. New startups with good use of digital technology can gain rapid growth and might even create disruptive innovations that upend traditional industrial structures.
Three Steps to Implement DX
Here is how companies can implement DX. They can be divided into 3 processes.
1. Digitization
Digitization is the process to digitize analog and physical data. This stage can improve operational efficiency and reduce costs.
2. Digitalization
Digitalization is to use of digital tools to digitize specific operations and business processes themselves. During this phase, the entire workflow is optimized.
3. Digital Transformation
Digital transformation refers to the use of digital technology to transform operations, business processes, and business models, as well as corporate culture. The difference between the two is that digitization and digitalization are aimed at digitizing, whereas for DX, the process of digitizing things is a means to achieve business model transformation.
Reforms do not necessarily have to be carried out in the order of digitization, digitization, and digital transformation, but the process of digitizing data and using digital tools to optimize business processes is essential to implementing DX.
Examples of Digital Technologies can be used for DX
AI
AI includes machine learning and deep learning. Machine learning is a technology that enables AI to learn and make decisions and take action based on input data. Deep learning is a technology whereby AI collects and learns to associate itself with measurable data.
Examples:
Image recognition software: AI tool that uses machine learning algorithms to identify objects, people, and other visual elements in images or videos.
Chatbots: AI-powered virtual assistants that can simulate human conversation through text or voice interactions.
Cloud Computing
A service in which users can use functions provided by servers on the Internet via a network on their PCs or smartphones. With the use of cloud computing, even without having software, servers, storage, or other infrastructure, users can be able to use their functions via the Internet.
Examples:
Amazon Web Services (AWS): A cloud computing platform that provides a wide range of services, including computing power, storage, and databases, as well as tools for machine learning, data analytics, and Internet of Things (IoT) applications.
Microsoft Azure: A cloud computing platform that offers a range of services, including computing, storage, and databases, as well as tools for AI and machine learning, data analytics, and IoT applications.
IoT (Internet of Things）
A service in which users can use functions provided by servers on the Internet via a network on their PCs or smartphones. With the use of cloud computing, even without having software, servers, storage, or other infrastructure, users can be able to use their functions via the Internet.
Examples:
Smart Home Devices: A common example of IoT. These devices include smart thermostats, smart speakers, and smart lighting systems, which can be controlled remotely via a smartphone app or voice commands.
Industrial IoT (IIoT): The use of IoT technology in manufacturing and other industrial applications. IIoT devices and sensors can be used to gather data about machines and equipment, monitor production processes, and optimize supply chain management.
AR/VR, Metaverse
A metaverse is a virtual space created on the internet information that can be shared by many people. Participants in the metaverse can be immersed by means of VR goggles. AR is 'augmented reality', in which information is superimposed on the real world.
For more information, check out What is the Metaverse? Business Opportunities, Applications, and Challenges
How you can use DX in your business event
You can use DX in every aspect of your business, including your marketing processes. By incorporating digital tools and strategies into your B2B events, you can create more engaging, interactive, and personalized experiences for your attendees, and ultimately drive business growth. Here are some illustrative examples.
Leveraging Data and Analytics:
By collecting and analyzing data about your attendees, you can gain valuable insights into their interests, preferences, and behavior. This information can help you tailor your event content and marketing messages to better resonate with your target audience.
Embracing Virtual and Hybrid Events:
Virtual and hybrid events have become increasingly popular in the wake of the COVID-19 pandemic. Although covid is finally leaving us, these event forms remain in the industry. By leveraging digital tools such as video conferencing, live streaming, and virtual event platforms, you can expand your reach and engage with attendees from anywhere in the world. If you are not familiar with that, you can choose a trustworthy event management service provider to help you, just like us, EventX.
Improving Lead Generation and Sales:
Organizing an event is always a good way to connect with your potential customers. However, it is not easy to fill your event with suitable target attendees. By using digital tools such as marketing automation, lead scoring, and CRM integration, you can streamline your lead generation and sales processes and identify high-quality leads more effectively.
Wrap up
1. DX refers to digital transformation. Simply put, it is the use of data and digital technology to transform companies and maintain a competitive advantage.
2. DX is becoming more popular in the world, including Asia. Hong Kong Government also starts supporting local companies to implement DX strategy,
3. There are a variety of technologies that can be used for DX, including AI, Cloud Computing, IoT and Metaverse.
4. EventX provides support for Event marketing. Just connect with us if you're interested in chatting about events and hybrid solutions.
Q&A section
Q: Why is digital transformation called dx?
A: Digital is abbreviated with "D" while Transformation is abbreviated with an X because of the English purpose of assigning the abbreviation X to 'trans-'.
Q: What are some common barriers to digital transformation?
A: Common barriers to digital transformation include a lack of digital skills and expertise, resistance to change from employees or stakeholders, and legacy systems or processes that are difficult to update or replace.
Q: What are some key technologies driving digital transformation?
A: Key technologies driving digital transformation include cloud computing, artificial intelligence, the Internet of Things, etc. These technologies offer new ways to collect and analyze data, automate processes, and create new business models and revenue streams.
Q: How can EventX help DX in event organization?
A: EventX has developed new all-rounded event solutions, from pre-event to post-event, including in-person events, virtual events, and hybrid events. With our 96% of Customer Satisfaction Score (CSAT), we will ensure your events run smoothly with our own platform along with our event solutions.
Q: What are some of the technology features included in EventX's event management platform?
A: EventX's event management platform includes a range of technology features, such as Attendee Registration, Networking Lounge, Event Analytics, and Post-event Survey.
Interested in our solution?
You may want to have a chat with our event consultant.
