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 it’s 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 – 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 company’s 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.
In what ways it can help you in growing your business? –
Learn how you can digitally transform your business models, processes, and the way your company deal with digital economy.
1. Innovative business models – Whether big or small, working on innovative business model and digitally transforming it should be a priority for every business owner.
2. New ways of working – 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.
3. Redesign business processes – The latest digital processes improve customers experience, offerings and increases productivity by working on real-time and predictive insights.
Why is it important for any business to opt for digital transformation?
It is perfectly said by Myles Leach – “The 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 today”
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 –
1. Security for your business –
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 forces 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 employee’s participation and makes them more effective –
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 –
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 –
1. 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.
2. 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.
3. Lead smartly –
A vision being executed under strong leadership will surely bring success for any organisation.
4. 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.
Based on a survey done in 2017 on digital transformation by Constellation Research, 64% of respondents agreed to the fact that great a digital transformation strategy is essential to bring in profits for the organization. Going with the idea that only by using latest technology would be enough to achieve the business goal for your organisation is clearly not going to work. For this your company 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!