If you have heard about Digital Transformation as a concept and have no idea of what it entails, then this post is for you.
There has been a lot of attention being given to digital transformation, and the concept starts appearing in mainstream publications rather than just academic journals and Google Scholar.
Having said that, we do understand the concept is still unknown for the majority of people, and we think you would benefit from learning just what digital transformation is and how it can benefit your lives.
If this sounds good and you want to know more about how this concept can change business and revolutionize industries (even creating new ones from scratch), then read below for a scoop on how all of this works.
Digital Transformation: The Concept Explained
It really isn’t too hard to explain what digital transformation really is. To put it bluntly and simply, it is the way business processes, customer experience and customer support are transforming, evolving their business processes and practices by adopting new and innovative digital technologies to do it.
It is the change happening throughout the world where cultures are shifting to fully annex digital practices to their analogic companies, turning them into integrated digital practices improving their business overall.
Digital Transformation Benefits: What Can It Bring To The Table?
There are a lot of companies implementing digital transformation as we write, and that number isn’t because it is fancy, it’s because it works.
This change and adoption brings countless benefits, and we’re now going to approach them. Granted this change brings some challenges to companies, but the fact businesses still adopt it is proof enough that it works.
The first benefit is increased operational efficiency. The old systems put in place by companies to respond to the market, as well as “traditional” IT Systems long overdue, make the whole operation run with little efficiency. By replacing all of the manual processes by their digital counterparts, as well as electronic substitutes, makes it so businesses get hastened and it all flows in a more efficient way.
On the other hand, customers will thank you as well, as they’ll get a better customer experience and engagement across the various new media that come with digital transformation. You can now focus your business on your customer, rather than your company’s own belly-button, and customers will thank you for it. This provides businesses with a clear competitive advantage against their still industrial competitors. Connection is key.
The decision-making processes are also improved by this transformation. Companies can now store, analyze, combine and act upon data from customer interactions and customer profiles. Information is very important in this day and age, and the insights digital platforms and electronic solutions can provide businesses with solutions which enable them to make smart decisions and overhaul their decision making centers.
Finally, all of this information prepares businesses for when things go wrong, as it happens with all businesses at some point, and reduces the risks. Digital transformation can prepare better connectivity, workflow, updates, processes, as well as improving collaboration between different departments. This not only reduces risks, but can also work wonders when trying to fix them or going for contingency plans.
Finally, one of the most important benefits, you can reap the reward of better profitability. Digitally transforming businesses brings you reduced costs across the board, and helps maintain customers. It allows you to tap into undiscovered or previously inaccessible revenue sources and overall increases your control over production and sales.
This all sums up to increased profits and one happy manager.
What Should I Aim For When Implementing Digital Transformation?
You shouldn’t worry too much about “pulling it off” correctly. There is no sureshot way to do this and you shouldn’t be too absorbed by the concept. Do what makes sense to your business, whether it is increase production, substitute old systems or reinvent your revenue sources – it all depends on your own business.
However, we can help you out in some departments, read below for a leg up.
First of all, you should think about your company’s efficiency. Are your processes optimized? How is your workflow going? Can you implement any technology or hardware to benefit your team and save it hours of work – think stuff like processing paperwork and doing repetitive tasks.
On the other hand, you should also look at the lifeblood of your company, which are your customers. Particularly, you should look at how digital transformation can enhance your customer service or customer support. This will increase retention rates, and business owners know a kept client is worth more than a new one.
Finally, you should look at how you can use digital transformation as a communication tool, kind of like an intranet on steroids, to help you and your company function better as a whole, improving the overall collaboration between different parts of the company.
Why Should You Adopt a Digital Transformation Strategy: Summarizing, a TL;DR
So, to sum everything up, why should you adopt a digital transformation strategy in your company?
To increase revenue and profit margins, boost productivity, better customer relations, experience, productivity and acquisition.
Finally, you do it because you can simplify budget processing, deal with bureaucracy faster, make it easier on your employees, improve your IT infrastructure and knowledge and skyrocket your tech expertise in the process, catapulting your business to the future.
It really isn’t that hard, and has been happening for ages. Remember when ATMs started replacing bank tellers? Well, most of us don’t remember that transition and yet it was already part of the Digital Transformation revolution.
When are you and your company going to jump on the bandwagon and start rowing towards the future? It isn’t that hard as it seems and you can start small, tackling bigger transformations as you go and as you feel comfortable.
Give it a try and see how digital transformation can improve the way you do business and skyrocket your growth.