Digital transformation, in the last decade, has been used in moderation to drive business strategies and user engagement. But today, it has become one of the ‘modus operandi’ to change the way your business performs in this ‘digital-first’ world.
A 2018 Tech Pro Research survey by ZDNet revealed that 70% of the companies either have a digital transformation strategy in place or are working on one. (Source: Tech Pro Research survey). This does not come as a surprise as top executives and reports confirm that the biggest benefits of adopting digital transformation has led to 40% improvement in operational efficiency, 23% faster time to market and 35% increase in the ability to meet customer expectations. (source: Digital Transformation Report by Corporate Leaders and PTC)
But Digital transformation can mean different things for every company which is why before diving into digital strategies, an organization should define its vision and purpose so the digital model can cater to their business needs.
In this blog, we’ll discuss the meaning and importance of ‘digital transformation’ for your business.
What is Digital Transformation?
Peggy Chen, CMO of SDL states that “At its heart, digital transformation is about connecting better with digital customers.”
Digital transformation can have many aspects to it, depending on your unique business needs but holistically, it is often viewed as an implementation of digital technologies to build business strategies and approaches that help you engage and grow your customer base, collaborate with enterprises and scale your business.
No matter which industry your organization is in, it needs a digital transformation in order to thrive.
Importance Of Digital Transformation In Your Business
The need for organizations to evolve in this fast-paced digital-first is important, especially when the majority of small and big enterprises around the world have already adopted a digital model. That is why to stay competitive and relevant, it’s crucial for companies to begin and progress their transition to digital transformation. But more than that, digital transformation also proves essential for organizations in a myriad of ways. Let’s take a look at that!
1. Transforming Customer Experience
At the very core, digital transformation plays a huge role in increasing customer experience. This is why brands and businesses revolve around social media and build strategies to keep their customers engaged and satisfied.
2. Drives Data-based Insights
The ability to track metrics and analyse customer data is by far the most essential aspect of a ‘digital-first business’. Using sound analysis that is backed up by real-time data not only helps businesses understand audience behaviour and customer demographics but also optimize strategies to increase ROIs and scale the business.
3. Increased Productivity And Collaboration
Digital transformation also changes the pace of workspace collaborations. Once the transition is made and adapted throughout the organisation, digital technology will play a massive role in helping employees to become work seamlessly, increasing workforce efficiency.
Digital transformation also provides a valuable opportunity for core business functions, such as finance and HR, to automate business processes and focus on new opportunities.
4. Improved Agility and Innovation
The rapid development and continuously changing environment in the digital space does not leave any space for businesses to rest. It is the ability of a business to adapt to this virtual change is what sets them apart from their competitors and digital transformation can help companies achieve that.
With new tools, trends and technologies to keep businesses on their toes and the constant demand of new customers in the market, digital space has created a competitive advantage that is only enjoyed by the businesses that are agile and innovative.
To sum it up, digital transformation is no longer a buzzword that businesses strategists throw around, instead it has become the need of the hour, without which organizations cannot think of moving forward. As John Chambers, former Executive Chairman of Cisco System, rightly says, “At least 40% of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies”, digital transformation will clearly become crucial for the survival of business. Because in a world that is heavily reliant on digital and technological advancements, the ability of an organization to adapt determines its success.
Are you looking to transform your business digitally but don’t know where to start? Speak to our consultants even before you invest in digital transformation. Get a free consultation for JOY consulting here- https://www.joyitconsulting.com/