Digital transformation (DT) answers all the questions you have about the growth of your business.
Now the question is how it can help in improving your business and get it the desired growth.
Well, its best answer lies in understanding the exact meaning of digital transformation.
What is digital transformation?
Since DT isn’t the same for every company, therefore it isn’t easy to give its exact definition.
However, it refers to the adoption and integration of the best possible technologies and replacing the traditional ones to improve your business and customer experience.
It means integrating digital technology into all areas of your business, essentially making changes in the way you operate your business and deliver value to your customers.
Also being a cultural change, digital transformation also requires you to keep on challenging the experiment, status quo, and take failure with utmost ease and calmness.
Overall, it helps you in improving your business operations and customers’ experience.
Some technologies digital transformation leverages to get your business the desired growth are:
- CRM software (customer relationship management)
- ERP software (enterprise resource planning)
- HCM software (human capital management)
- SCM (Supply Chain Management) software
- Internet of Things (IoT)
- Artificial intelligence
- Business Intelligence
- Predictive analytics
- Machine learning
- Industry 4.0
Digital transformation statistics
- It helps improve operational efficiency up to (40%), faster time to market up to (36%) and meet customer expectations up to (35%). (PTC)
- It helps digitally mature enterprises get 23% more profits than their less mature peers. (MIT)
- Digital-first enterprises are 64% more likely to achieve their business goal than their peers. (Adobe)
- High-tech B2B has up to 10% to 20% cost arbitrage and 10% to 15% revenue growth by transforming their customer experience processes. (Mckinsey)
- 74% of business buyers are ready to invest more for an enhanced B2B experience. (Salesforce)
- It helps increase revenue up to 56%. (Gartner)
Types of digital transformation
Primarily, there are three main types of digital transformation for enterprises of all sizes.
- Customer experience — This means working hard to know and understand your customers’ needs in more detail, and then leveraging technology to improve your customer growth, and then generating more customer touch-points.
- Operational processes —This means improving internal processes by using automation and digitization, embedding employees with digital tools, and gathering data to track performance and make informed and more strategic business decisions
- Business Models — This means bringing transformation in the business by enhancing physical offerings with the help of digital services and tools, launching digital products, and leveraging technology to offer global shared services.
What are the key benefits of digital transformation?
Though the ROI of DT relies on different factors, the use of proper technology can surely and greatly help in improving your business operations and customers engagement.
- Accelerating productivity while minimizing labor costs
Using technology to function more efficiently is one of the most effective methods to revolutionize your business. For instance, for organizations, the money and time they invest in giving training to new employees and augmenting digital resources can fast go uncontrollable. The use of proper tools helps reduce costs and increase productivity.
- Improves the customer experience
Tech-aficionados customers are always on the lookout for an amazing experience through multiple touch-points —social media, mobile apps, live chat, email, etc. Digital transformations work as the driving force behind augmented customer experiences.
- Makes you more competitive in your industry
Whether you love it or not but your competitors are adopting digital transformation without any second, simply because they want to keep pace with the ongoing marketing trends and want to increase their business and enhance their customer experience.
So, if you don’t adopt digital transformation today, you are sure to be left behind tomorrow.
After reading the article about Digital Transformation, we hope that you would like to know more about the company that can help you through the entire process of digital transformation and guide you through how this approach can benefit your business growth.
If you have any questions about how to use the latest technologies, based on digital transformation or need some experts’ advice to implement the technologies such as ERP, CRM, HCM, SCM and more, we would be happy to answer them in the comment section below.