Business agility comes from your brand’s ability to foster engagement of your digital customers with the help of technology at every touch point in the customer experience lifecycle. The use of technology to improve business strategies and harbour the growth of operational processes is what digital transformation is all about. A business successfully achieves digital transformation by investing in technologies that boost the business outcomes and help the brand achieve its objectives effectively. Here are the reasons why every brand is making a beeline for digital transformation:
It Is The Need Of The Hour
The adaptability of a business often decides its success. The changing business environment requires companies to swiftly yet smoothly embrace digitization. This will improve the overall efficiency of the business and also vouch for enhanced customer experience. Ignoring the need for digital transformation may lead to stagnation of the business.
With almost 27% of senior executives rating digital transformation as a “matter of survival”, it is clear that businesses are recognizing the importance of digital transformation.
The biggest example of a company that lost its edge because of its failure to embrace digital transformation is Kodak. For a company that once dominated the photography market, digital photography ruined its reign and Kodak’s inability to adapt to the changes saw the company losing its popular fan following.
It Nurtures Business Efficiency
To stay efficient in the bone-crushing competition of industries today, businesses must take advantage of digital transformation. By moving towards a business model that utilizes robust software programs and applications, engages with its customers through social platforms and makes its services available on a variety of devices; a business can reach their goals quickly and efficiently.
With 87% of companies believing in digital transformation as a competitive opportunity, we can be sure that most brands are edging towards a more digital world. Unfortunately, while digital transformation is seen as an important aspect in business growth; only 21% of CMOs believe that their business will be able to achieve digitization completely in the next five years.
Recognizes The Potency of Big Data
Big data has been around for a long time. Many companies are utilizing the massive stores of data to improve their services. Why stay in the dark when you can do the same from the data amassed by your company? Digital transformation makes it easy for companies to access big data and make it legible and meaningful. This gives companies the chance to analyse data and use digital information to make informed business decisions.
Companies like American Express, Amazon, GE, Netflix, Capital One, and all social media platforms use big data to provide a personal experience to their consumers. The results are in favour of these companies who have been able to profit from the right use of big data.
Currently, small and medium businesses are finding it difficult to embrace digital transformation with the current IT systems. According to a survey, the existing IT systems have been rated as the third biggest hindrance for companies who are trying to achieve digital transformation.
Opens New Opportunities
Digital transformation brings a lot of new opportunities for companies. They can make their products and services more accessible to their customers. Companies can also market the brand quickly and easily. Digital transformation gives companies the ability to reach out to their customers for feedback and promotion more effectively.
About 78% of marketers believe that the existing marketing techniques will witness an enormous change through digitization in the next five years. This is why companies are beginning to focus on digital transformation to ensure that they adapt to the changing marketing landscape.
Streamlines Organizational Activities
Businesses grow quickly when the organizational activities are in sync with each other. Digital transformation helps by:
1. Connecting employees more effectively
2. Creating a congenial work environment that emphasizes the reduction of manual work through digitization.
3. Helps the company improve productivity
4. Provides leaders with tools that can support their aim of achieving the business objectives.
5. Improves employer and employee relationships by providing clarity through applications that keep employees informed on business decisions taken by the management.
Condones Geographical Limitations
The biggest advantage of digital transformation is the rapid shrinking of geographical boundaries. Many companies that were once limited because of borders, have the ability to showcase their products and services to a larger population by adapting digitization in the company.
With 39% of marketers planning to allocate more funds towards digital marketing by not just increasing the overall budget, but by reallocating the same amount of money, we can see that digital transformation is already leaving a huge footprint in businesses around the world.
This gives them the ability to grow at a new pace and create business objectives which once seemed too dreamy to achieve. Digital transformation is complex and it branches out into many forms, but it empowers companies to achieve more and succeed quickly.
If you think its the time and your organization needs digital transformation, contact us (email: [email protected]) for free consultation and we will help you with technology roadmap that leads to achieve the intended goals for your business. need any help figuring out right Digital Transformation solution.