What is Digital Transformation?
Today if a business isn’t online, it is like it doesn’t exist in the market. The businesses that are yet to embrace the digital platform, are yet to increase their revenue manifold. And so, embracing digital transformation in today’s time has become very crucial, especially in times of pandemic.
Digital transformation also means adopting as many relevant social media platforms as possible and going online for business. Through digital transformation, businesses change the way they function and how they provide value to the customers, partners, and stakeholders.
Digital transformation is not just limited to acquiring new technology, but it also calls for alterations in how an organization thinks and works. It pushes organizations to try out new business models and look for new income sources.
Why this is a smart time to speed up?
With the coronavirus pandemic spreading at an alarming rate, the world is no longer the same. COVID-19 has massively impacted the whole world and how businesses operate. Due to this outbreak, various businesses have crumbled, since they were not equipped with the latest technology. This pandemic calls for us all to follow social distancing norms, technology is the only way wherein businesses can stay connected with their consumers. Digital business transformation is no longer an aspiration. Its adoption has become imperative to be relevant in the competition.
This pandemic has shifted mostly everything online – from entertainment, grocery shopping to office meetings. It has made it inevitable for businesses to reinvent their processes. In these uncertain times, businesses are focused on investing in technology and infrastructure upgrades which will fetch positive results in the long run.
Increased use of smartphones, easy access to the internet, and the government’s various initiatives to go digital has led major consumer pull towards digitalization. Today, it is very important for businesses to understand the significance of digital transformation services if they wish to survive. It is no longer an option but a necessity to opt for creative digital transformation strategies to meet consumer expectations.
Importance of digital transformation
We can say that businesses who are yet to take a leap of faith towards digital transformation, are already late in this race. Listed are a few points that state the importance of digital transformation:
Enhanced customer experience
With increasing competition around, it is tough for businesses to stand out. Product features and offerings are no longer the only criteria to choose you over your competitor. Today, customer experience on multiple platforms is a prime factor for consumers to make a decision.
The digital transformation process helps businesses to reduce the trouble points, thus providing customers a seamless experience. E.g. AI-powered chatbots attend customer’s queries promptly and serve them 24X7. This helps in the reduction of customer grievances to a certain extent.
Digital transformation solutions are significant in attracting new customers. E.g. A customer can study and scan your services and its benefits without the involvement of a customer support representative. This makes the process hassle-free and generates more valuable leads.
Informed decision making
Today businesses have access to a huge amount of data and information. But if organizations can’t read and analyze the data, it is of no use. With digitalization, you can track the metrics and analyze the data.
With the use of the appropriate analytical tools, you can gather customer’s personal information and obtain social media metrics. This will help in recognizing the customer’s behavior patterns and preferences. And this data can be used to personalize marketing strategy to achieve the best results by offering personalized products and services through advertisements. These insights help you to build strategies and assist in making informed decisions thus leading to increased profits.
Smooth collaboration
A great amount of data can be achieved through digital transformation technologies. This data when analyzed makes it easy to understand which process and technique are working efficiently. When these processes are placed in the system, it aids in increased employee efficiency.
An effective process collaborates well through various departments. Sharing real-time information across various departments aligns employees towards a common direction leading to teamwork. This helps in trouble-free communication between various teams and departments, thus improving productivity.
For eg: The digitalized lead generation software can be useful to both sales and marketing team. The sales team can use the list of leads for conversion. And the marketing team can use this data to understand their audience’s behavior. From interaction on the site, their interests, to transactions every detail can be obtained. With in-depth client history businesses can make precise and impactful decisions in the future.
Increased employee efficiency
Managing people can be a daunting job. Businesses should look out for ways to keep employees motivated and productive. Digital transformation solutions can be helpful here. With digital transformation processes, various mundane and repetitive works are automated. With less manual interference, the process becomes quick, flawless, and error-free. Because of automation, the employees have sufficient time to focus on core and productive work. This helps in increasing the employee’s overall efficiency.
Agility and innovation
With a dynamic market and customers changing demands, businesses have to be agile to adapt digital transformation trends. These trends help organizations to stay relevant in the competition. Digital transformation propels businesses to be ready to act. It doesn’t let businesses to settle. But rather offers an environment for innovation which aids in coping with the changing customer demands. So, it becomes significant to adapt to digital transformation.
Conclusion
It is high time that companies address the importance of digital transformation. Increased consumption of smartphones, easy internet availability, the internet of things (IoT), big data, artificial intelligence (AI), machine learning (ML), and the ever-changing market, and customer needs are signs enough for businesses to embrace digital transformation services.
By acknowledging these factors businesses will be able to have a sharp competitive edge. If not the leader, but to be a fast follower also requires businesses to be quick. In today’s time, speed and accuracy is the key and digital transformation is the answer to it.
