Breaking Down the Major Benefits of Digital Transformation
Is your business undergoing digital transformation? What is it, why do you need it? What are the benefits? How can we help? We'll answer all of those questions right here.
What is Digital Transformation?
According to Salesforce, "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." Straight forward, Digital Transformation is the transformation of business through innovative technology, influencing new customer behaviors, demand, and other factors. Digital transformation is not JUST about technology, it starts with it, and ends with changes throughout every aspect of your business. Its also not just one large project, it's an ongoing ever-changing journey to a better future for your organization.
Why do Businesses Need Digital Transformation?
The evolution of technology is inevitable, which means that your business needs to keep up with the times too. Staying up-to-date with the latest advancements in technology, allow you to better compete with those companies within your industry. Many organizations face the difficult decision of migrating or upgrading their systems, when and how. It can be intimidating and seem like a never-ending process, and when a company's previous solution has worked perfectly fine in the past, many people think, why would I make any changes? This leads business leaders to put it off, and ultimately keep putting it off until they are behind the competition.
1) Engage your workforce
Better organizing your business, allows you to better attract and retain talent, by clear communication of business goals and impact. For hiring, you can gain full visibility into critical Human Resource (HR) gaps to prevent business disruption. Better connect all departments with cross-device personalized user experiences, for simple decision making.
Many changes to how your employee's day-to-day work can be improved through digital transformation. Not only can you increase productivity but you can improve their skillsets too, through new knowledge on Cloud Computing, Machine Learning, Artificial intelligence, and more. According to SAP, 80% of companies that focused on culture as part of digital transformation sustained strong performance. The simpler your internal processes are for your employees, the better they do at their jobs.
2) Improve customer experience
Using advanced real-time data and analytics, you can deliver personalized products and offerings to customers, overall improving demand, and customer experiences. Tracking purchase behaviors, allows you to predict their behaviors in the future and allows you to make context-relevant product recommendations. Gain the flexibility to customize to changing customer demands in shorter planning cycles and orchestrate profitability with real-time sensing of demand-and-supply data.
According to McKinsey Global Institute, Businesses who undergo digital transformation are "23x more likely to acquire customers, data-driven organizations are six times as likely to retain customers, and 19 times as likely to be profitable as a result." Connect all aspects of the customer experience, from in-store to online, deliver