Digital transformation has become a key initiative for businesses as they seek to improve operations and customer satisfaction through new technologies, talent, and improvements.
Companies across industries have been adopting digital technologies at a much faster pace than before. Fearing they might lose out to competitors, people and companies alike have accelerated their efforts and made advancements accordingly.
What is digital transformation?
Digital transformation is rethinking the way your organisation uses technology, people, and processes to create new business models and revenue streams. As an example, during the pandemic, retailers rapidly changed their store operations by switching to contactless options such as click and collect or curbside delivery, to assist customers with getting their goods in a safe way. In businesses, adoption of cloud computing enabled teams to work remotely and effectively communicate and collaborate on projects. Machine learning software was implemented to manage how products were moving through supply chains. Many technology trends are enabling organisations to be flexible and create new processes to enable their goals. These include mobile computing, agile development, digitally savvy customers, and of course cloud computing.Does my business need digital transformation?
Digital transformation will not happen overnight. It takes planning and more likely than not, it will take place in stages.
Having a strategy in place means asking yourself what you really want to gain from the transition – better customer service, engaged employees, getting to market faster? Every business will have their unique needs and challenges to face as they develop their strategy.
A critical part of digital transformation is the people within the business, ensuring they’re on board and given the tools to implement change. After all, your employees are your company’s biggest asset, not the technology, no matter how much you invest in digital tools. If your employees aren’t engaged and on board with digital transformation, you won’t achieve the results you hope for.
Ultimately, the cultural aspect and the technology part of digital transformation must be equally considered by business leaders. When employees aren’t engaged, or have a fixed mindset about processes, it can slow down or completely stall digital transformation initiatives.
It is important for a business to start with the basics, such as transitioning fundamental functions like communications, file sharing, and customer interactions and ensuring they work before taking the next step.
Key benefits of digital transformation include:
1. Increased productivity
Even though globally, businesses are returning to somewhat normal working conditions, the pandemic has shown remote working allows employees to be productive and engaged. Online or cloud-based collaboration and communication tools can be utilised to streamline or enhance processes and workflow. This reduces time, effort and errors, while improving productivity. Employees can then focus on more high value tasks.
2. Increased agility
Improved productivity and strategic adoption of digital technology offers companies greater agility, across projects and operations. Implementing digital tools that do the heavy lifting and free up resources and time ensures teams across the entire organisation become more agile. The insights gained from data about business operations then accelerates the ability for your business to evolve further, staying ahead of the competition.
3. Increased customer experience
Customers are more digital savvy than ever before, and it is their experience and interaction with your business that matters and should drive digital transformation. Meeting customers’ needs and expectations means placing your business where they are. Utilising chatbots, social media or other tools makes it easier for your customers to see your business as the solution to their problem. More efficient and effective customer service boosts their satisfaction and return business.
4. More opportunity
When you rethink and address strategies to challenges that can be alleviated with digital transformation, you are better positioned to take advantage of opportunity. It can create new ideas and avenues that might not have been possible before. Sticking with the same old processes and ways of doing things just because that’s how it was always done can leave your business behind as competitors edge you out. Most business executives say digital transformation initiatives have created new opportunities for their organisations.
5. Increased profitability
Every business aims to grow and increase revenue. Having a well thought out strategy for digital transformation can help businesses deal with uncertainty, changing customer expectations and leveraging the technologies needed to reduce costs and increase profitability. Prioritising your employees to ensure they’re engaged and valued will retain skilled talent and create more revenue.
To take part in the evolution of digital transformation and leverage your technology, talk to the IT experts at Network IQ and create a roadmap for success.