How to Use Digital Transformation to Boost Your Business
Ya, I’m doing some stuff online, but what is digital transformation and how can I take advantage of it to grow my business?
Whether your business is small or large, digital transformation is a necessity.
In every keynote, panel discussion, article, or study regarding how businesses can remain competitive and relevant in an increasingly digital world, that message is heard loud and clear.
However, many business leaders do not understand what digital transformation means.
Does it just mean that we’re moving to the cloud?
Are there any specific steps we need to take?
According to Sales Force;
Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.
To help us develop a digital transformation framework, do we need to create new jobs or engage a consulting service? How should we revise our business strategy, and will it make a difference? These are important questions and this post is going to clarify what digital transformation is and how to harness it to benefit your business.
What is Digital Transformation & How can it benefit business?
In a broad sense, digital transformation (DT or DX) uses digital technologies throughout an organization to enhance and create new business processes and deliver more value to customers. Leveraging advanced analytics and artificial intelligence (AI) technologies represents a cultural shift toward more intelligent and agile business practices.
In other words, digital transformation is integrating digital technology into all aspects of a business, transforming the way it operates and creating value for customers. Besides being a cultural change also requires organizations to challenge the status quo, experiment with new things, and accept failure.
When enacted smartly, technological solutions to outdated processes can increase productivity, decrease operating costs, and speed up the process in general. But how campaigns around self storage internet marketing can leverage your business is something that most business owners don’t clearly understand.
Therefore, to make things a bit more precise, today, we’re going to talk about ways in which digital transformation is crucial for your business and how implementing it can significantly benefit you.
6 Reasons Why Your Business Needs to Transform Digitally
Let’s take a look at 6 main reasons why digitizing your business is the need of the hour.
1. Transforming The Customer Experience
Today’s consumers are addicted to the latest technology, latest social media, and latest apps. Anything new that adds value to their lives, they want it now! They are constantly looking for solutions that make life easier. If they realize that there may be a possibility, they will immediately determine the outcome.
The digital revolution comes into play here. A key aspect of digital transformation is customer experience. Modern technology makes it possible for businesses to improve customer experiences, which businesses are seeking.
About 92% of business leaders worldwide pursue highly effective digital transformation strategies to improve customer experience.
2. Provides Data-Driven Insights
Your team members must make well-informed decisions to create business strategies that bring positive ROI. But how can they accomplish that? To achieve this, they need to go digital to track key performance metrics and analyze in-depth data to maintain a healthy balance between cost and revenue.
Hyper-personalization and real-time feedback are made possible with data-driven insights. By combining non-structured and structured customer data retrieved from basic customer information and social media metrics, digital technologies make it possible to devise business and marketing strategies related to all of that information.
3. Promotes Innovation
Throughout the digital transformation revolution, innovation is at the forefront. Many industries place innovation at the top and realize that businesses must be flexible to improve and develop continuously.
Digital technology always offers the potential for improvement. You can always do something to boost ROI without having to increase costs. Technological advancements and the rapid change occurring in the digital landscape are driving companies to adopt better solutions.
Leadership plays a large role here. Leaders need to take responsibility for creating an environment where innovation is allowed.
4. Promotes Interdepartmental Collaboration
When a work environment has resisted change for decades, it can be incredibly difficult to implement it. To achieve digital transformation, leaders at companies should foster unity throughout their workforce, from top executives to entry-level workers.
Digital transformations can only be accomplished if the whole idea must be well communicated within the organization. You must do this if you expect the entire staff to accept the change.
Social divisions can be broken down with a digital transformation, and solid leadership can be achieved. It can also be a moment when workers get serious about updating their knowledge and intelligence about going digital.
5. Supports The Adoption Of Digital Culture
The culture of work at companies must revolve around modern digital technology. It is easier to stay on track and productive when a fully digital workplace is in place.
Leaders who favor adopting and applying a company culture that views change as a positive signal has been the builders of every successful digital transformation in the world. By 2020, 90% of top companies will have a Chief Digital Officer (CDO).
6. Learn And Update Your Skillset
There are so many things to learn about digital transformation. As technology advances exponentially, the demand for people with new and updated skills will also increase. The following are some skills people will need to learn in the coming decade –
- Augmented Reality (AR) And Artificial Intelligence (AI)
- AI/Machine Learning
- Analyzing Big Data
- Using The Cloud
- Growth Hacking Strategy
According to a recent report on talent in the workforce, almost 31% of organizations lack people with digital expertise. Thus, making it difficult for organizations to change. However, it is essential if companies are looking to gain a competitive edge.
Simply put, transformations in digital technologies and customer experience are inextricably linked. Therefore, if you’re looking for ways to enhance your business’s growth and survive in the ever-changing market, you must embrace the change. Digitization is something you can’t avoid if you genuinely want to flourish your business. According to studies, companies who have invested in digital transformation have seen significant increases in earnings. Therefore, consider going digital if you also want to leverage technological innovation.