Over the past few years, there has been a significant influx of new and transformative technologies into the business world. Companies have innovated and grown their operations significantly with them, keeping up with the increasingly digital world.
However, things got especially critical over the past year, with everyone having to stay home. The business ecosystem has been significantly disrupted, and companies have had to rely more on digital services to keep their operations afloat. Now, digital transformation has become a critical part of companies’ ability to respond to changes in their ecosystems and work environments.
Data from Dell’s Digital Transformation Index shows that 80 percent of organizations had to fast-track their digital transformation initiatives in 2020. In addition, a considerable amount of companies noted that the past year had forced them to understand the need for a quicker and more flexible IT environment.
So, it goes without saying that digital transformation is a must-have for any company looking to survive over the long term. This piece will look into what digital transformation is and why your firm will need to incorporate it.
What is Digital Transformation?
In its simplest sense, digital transformation is the use of technology to help your company adapt to doing business. It is a company’s ability to leverage technological innovation and change its operational standards over time.
Digital transformation differs between companies between industries because every space is unique. However, the premise is simple – a company needs to improve and become more operationally efficient, and they can find the solution through technological innovation. In a nutshell, that is digital transformation.
Why Your Business Should Embrace Digital Transformation
Increased operational automation
Thanks to an increase in available technology, consumer behaviors have also evolved. Now, an average person looks to get things done more quickly and with greater convenience. As expected, companies will also need to find ways to adapt to this.
Thanks to digital transformation, you can automate your workflows, audit your operational processes, and reduce lags in your daily functioning. Digital transformation allows you to switch the customer experience and remain fresh in customers’ minds, guaranteeing that they will be back in little to no time. When it comes to customer retention, providing convenience remains one of the best ways to win. With digital transformation, doing this becomes easy.
Greater workplace effectiveness
Every business owner looks to get the best out of their workers and push them to be more effective. Ultimately, increased efficiency helps both your workers and your company. With digital transformation, you can play an integral role in helping your workers to become more efficient and get better in their roles.
Digital transformation provides a golden opportunity for your workforce and core employees to move from the arduous manual processes dragging them back. They can automate their workflows and procedures, and they can get work done much faster. This freed time can be invested in building skills or seeing to other critical business aspects.
Improved security
Companies have become increasingly reliant on the internet over the past year. At the same time, there has been a noticeable growth in cyberattacks and other security issues. From malware and ransomware to phishing and brute-force attacks, companies need to be alert at all times.
IT transformation also primarily helps companies to improve their resilience. One of the exciting things about the current digital age is the fact that firms now have a myriad of tools and concepts that can help them to optimize their operations in the long run. However, these tools could also open them up to significant risks that they would need to address. By channelling the security benefits of IT transformation, you can turn your firm into a resilient organization and get the best of both worlds – use of the newest tools and proper protection.
Effective digital transformation keeps you ahead of the curve and abreast of cybercriminals’ tactics. Thus, you can protect yourself and your assets from these unscrupulous actors.
An opportunity to grow your reach
Your company’s ability to increase profits and efficiency will depend significantly on its ability to grow its reach. With digital transformation, you can break all physical and locational barriers and reach customers quickly and effectively. Instead of hoping to reach people in your location alone, you can get your business and services to people on the other side of the world.
Based on your service, the right business transformation consultants will be able to incorporate technology to bolster your reach and help you scale much faster.
Today, most customers use their mobile phones to access whatever they want. So, imagine being there whenever your customers need your services. Since the internet connects people globally, digital transformation exponentially increases your possible reach.
Ensuring your company’s longevity
As explained earlier, the introduction of technology has made it easy for business owners to innovate and improve their processes. Many call this era the Fourth Industrial Revolution – the period where we have cell phones, social media, the internet, and more. Obviously, these technologies have had significant impacts on how we do business and operate.
Now, consider the next era of technological innovation. Cryptocurrencies and blockchain technology, the Internet of Things (IoT), artificial intelligence, robotics, and more are beginning to make waves and enter the business landscape. Very soon, businesses – regardless of the industry – will need to embrace these technologies and use them to grow their operations.
While the impacts of these new technologies will play out over the next decade or two, business owners must manage them seamlessly and get in as soon as possible. This way, you can ensure that your business benefits from them in the future when their potentials are fully explored and understood. If you’re a long-term thinker, this is an area you want to consider.
Enhanced customer engagement
As a business, everything you do starts and ends with the customer. Technological advancements have led to the embrace of Business-to-Customer (B2C) operations, where companies do their best to reach customers directly. Customers now have more information and options, and you will need to catch their attention if you hope to get their money.
Social media also provides an exceptional marketing opportunity, allowing you to meet customers where they are. Some of the most engaging digital transformation methods for customer engagement include:
- Chatbots and other automated systems to answer customer inquiries and set appointments
- Loyalty programs to engage customers and encourage them to always come back
- Digital platforms like Email and social media to improve customer retention and relations
- Lead management systems to help prioritize, organize, and convert leads
- Customer self service portals driven by algorithms that mine product centred knowledge
Managing complaints and relating with leads
The increase in social media awareness also means that companies need to do more to stay on customers’ good sides. What you don’t want is to find that customers have collectively bashed your company because of bad service.
With digital transformation, you can react to issues and address them immediately. With customers appreciating speed, they will be more willing to give you a second chance if you falter once.
Image Credits: Golnar Sabzpoush Rashidi
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