15 Feb
To fully appreciate digital transformation and why is it important for your business today, you need to understand how it is influencing & transforming your industry! Whether itâs about engaging with your customers smartly or innovating the workforce with new opportunities, digital transformation is being considered the best investment, for long-term business value.
As per recent studies â worldwide spending on the technologies and services that empower digital transformation will cross $2 trillion by the year 2022, with companies allocating 10% of their total revenue to enhance their digital strategies. This clearly signifies that digital transformation is becoming a fundamental aspect in growing a business. It is estimated that this year, hardware and services will account for more than 75% of all digital transformation spend.
Irrespective of what a companyâs vision for future is, digital transformation has become an integral part of all the growing businesses today. An effective strategy can create new competencies by take advantage of existing and upcoming opportunities in latest technologies and also speed up the entire process.
What is Digital Transformation?
Integrating digital technology in all the areas of your business to mostly change the way you deal with your customers in terms of delivery, operations, experience, business models etc. is what digital transformation is all about. It helps you in finding new ways to deliver desired outcomes, generate revenue and increase the efficiency by using innovative and advanced technologies.
Catalyst for Growth: How Digital Transformation Propels Business Success
Learn how you can digitally transform your business models, processes, and the way your company deal with digital economy.
- Innovative business models â Whether big or small, working on innovative business model and digitally transforming it should be a priority for every business owner.
- New ways of working â With digital transformation you get a lot to explore and a lot to learn, as it offers several new methods and technologies on which you can directly work and experience the difference.
- Redesign business processes â The latest digital processes improve customers experience, offerings and increases productivity by working on real-time and predictive insights.
 The Critical Importance of Embracing Digital Transformation for Every Business
It is perfectly said by Myles Leach â âThe digitalisation of business processes has proven to bring competitive advantage to the organisations who exploit them. Significant productivity gains arise when users can seamlessly communicate with colleagues, customers and business partners anytime, via multiple channels, from anywhere in the world. What was once considered futuristic thinking is part of the mainstream todayâ
Digitally transforming your company can help your business in moving at a faster pace and can take you towards total transformation of your business. With this you can reach and gain customers from all horizons.
A few reasons why to opt digital transformation â
1. Security for your business â
Being a business owner, it must be a real task for you to manage and secure all data. This is not only complicated, but also requires severe enforcement around access, data compliance and protection from cyber-attacks. Sometimes, even the strictest security measures turn out to be useless if a disappointing network force you to leave for flexibility or faster speeds and choose some other place. Let your business be adaptive towards the digital transformative approach and you can easily achieve the business goals to keep your data secured.
2. Increases employeeâs participation and makes them more effective â
Choosing Digital transformation functionalities can provide a valued opportunity for core business roles, like in finance and HR departments. You can now drop working on manual processes and automate key areas like payroll and focus wider business opportunities.
3. Reinforce business partnerships â
Digital transformation is one of the easiest ways to create and strengthen business relationships. As the demand from customer side is increasing, the competition among the industries has also increased. This has led companies to work in collaboration with suppliers and distributors, sub-contractors and specialised consultants, so that the productivity can be increased, and the demands and interest of the customers can be fulfilled. Digital transformation is very important to manage these partners which otherwise could be exhausting. The early you opt for a digital process for your company, the easy it would to handle the entire process.
Essentials of a successful Digital Transformation âÂ
Be ready to accept new technologies
If you think in practical terms, you might have to face technological concerns in digital transformation if your team is not updated with the latest technologies.
Be open to experiment and
expand
While you carry out several operations, you will have several new doors opening to digitally transform your business. You should always be ready to grab any opportunity to experiment and expand your business.
Lead smartly
A vision being executed under strong leadership will surely bring success for any organisation.
Strategies wisely before you choose technology
After leadership, another important aspect is to put the best strategy in place and execute it through digital transformation.
Why exactly do companies need digital transformation, and how can SAP BRIM services help them navigate this transformative journey?
Staying Competitive in the Digital Age: Companies that embrace digital transformation gain a competitive edge by leveraging technology to streamline processes, improve efficiency, and enhance customer experiences. With SAP BRIM services, companies can optimize their revenue management processes, accelerate time-to-market for new products and services, and gain valuable insights into customer behavior and preferences.
Meeting Evolving Customer Expectations: Today’s customers expect seamless and personalized experiences across every touchpoint, from initial engagement to post-sale support. Digital transformation allows companies to meet these expectations by leveraging data and analytics to understand customer needs and preferences better. SAP BRIM solutions enable companies to deliver personalized pricing and packaging options, flexible billing and invoicing solutions, and real-time customer engagement capabilities, helping them build stronger and more loyal customer relationships.
Unlocking New Revenue Streams: Digital transformation opens up a world of opportunities for companies to explore new revenue streams and business models. SAP BRIM provide the flexibility and scalability companies need to monetize their digital offerings effectively, whether through subscription-based pricing models, usage-based billing, or value-added services.
Driving Operational Efficiency and Cost Savings: Manual and outdated processes can hinder a company’s ability to adapt to changing market conditions and customer demands. Digital transformation allows companies to automate repetitive tasks, streamline workflows, and eliminate inefficiencies, leading to significant cost savings and operational improvements. BRIM offer end-to-end revenue management solutions that integrate seamlessly with existing systems and processes, enabling companies to optimize their operations and drive sustainable growth.
Navigating Regulatory and Compliance Challenges: In today’s increasingly complex regulatory environment, companies must ensure compliance with a wide range of laws and regulations, from data privacy and security to taxation and accounting standards. BRIM offer robust compliance management features, including built-in controls, audit trails, and reporting capabilities, helping companies stay compliant and mitigate risk.
Based on a survey done on digital transformation by Constellation Research, 64% of respondents agreed to the fact that a great digital transformation strategy is essential to bring in profits for the organization. Going with the idea that only using latest technology would be enough to achieve the business goal for your organisation is not going to work. For or this, any business would need to have a well-planned strategy carried out by strong team. This will let you make the most out of this digital era by changing the way you deal with big and small challenges in the industry and allow you to think differently to bring out digital transformation into action.
While you have already chose to go on the path of digital transformation, you have to be ready for a few minor challenges including increased cost which is not going to be as high as you are thinking and will be worth each penny. With digital transformation you can fundamentally change the way your organisation work, and get things done more precisely and accurately!
Digital Transformation is no longer a choice but a necessity for companies looking to thrive in the digital age. By embracing SAP BRIM solutions by Acuiti Labs, companies can unlock new opportunities for growth, enhance customer experiences, drive operational efficiency, and stay ahead of the competition. With Acuiti Labs – right strategy and technology partner, your business can navigate the complexities of digital transformation and emerge stronger and more resilient than ever before.
