Focus on digital technology led transformation of institutions revolves around multiple areas including customer experience, operational process and business model. It encompasses varied discussions from smart cities to future of work. This research driven conceptual point of view explores the essence of transformation based on evidences across large global institutions. The paper proposes a clear definition of what is digital transformation? Digital transformation is viewed as a complex process, under-taken by institutions – manifested through multiple technology and business initiatives, to capitalize differential benefits. Based on descriptions from existing literature, public narratives from institutions, news, discussions with expert technology practitioners, qualified by grounded theoretical understanding of technology-led transformations, the research identifies specific institutional focus areas. The definition highlights a process perspective around digital transformation. Transforming organizations are at transient maturities based on continued focus over a period of time. A clear definition, elaborates on the key components of transformation. This helps form a relatable common understanding of the digital transformation construct.