Studies reveal that businesses that leverage emerging technologies are often able to boost their revenues 58% quicker than the companies that do not adopt them. (Source: Oracle) Moving ahead with time is the only way you can restrict your competitors from trampling you and this is exactly where digital transformation and strategy can help you!
We live in a space of ever-evolving technology that opens up avenues of growth every day. It is vital for businesses to include the latest technology and trends into their stack in order to keep up with the changing times. Failing to do so can make your business outdated, giving your competitors an edge over you.
Today, we will dive into the nuances of digital transformation, why you must opt for it, and the top 10 ways to leverage it to boost your business. Let’s get started!
A Closer Look at Digital Transformation
Digital transformation and strategy refers to the act of integrating digital technologies into your business in an attempt to streamline your business operations and add more value for your end user. Digital technological advancement has strategic business progress at heart. While it might look daunting in the beginning, you can easily hop on the trend.
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Let us begin by thinking of small examples. There was a time when HR would print the agreement, hand it over to the employee to sign on, and then store it physically in a folder. Now, moving ahead from that, we have the option to collaborate digitally and sign the agreement copy online, which gets stored in an online database as well. This makes the life of HRs so easy compared to traditional functioning.
Another example is digital management software that integrates all the business operations in one place. It enables the business management to oversee the work and manage it more efficiently. There is also a customer support system that allows customers to post a text with their query or simply chat with a chatbot.
When thought about, these are small integrations, but together, they can reduce functioning time and make your business function faster, become cost-effective, and highly efficient. As a result, enterprise digital transformation isn’t a choice but almost a necessity with time.
Why Must Businesses Opt For Digital Transformation?
The overall global expenditure on digital transformation is poised to reach a valuation of $3.4 trillion by 2026. (Source: Statista) This is an evident indicator of the growing demand for digital transformations among businesses.
Let us now look at the importance of digital transformation and strategy more closely to understand the deeper nuances of this integration. Some of the most common reasons for moving towards digital transformation are:
Greater CompetitivenessA business that cannot survive the competition cannot thrive. To stay relevant, it is integral to do more than what your competitors are doing. Integrating new digital technologies can make your team leverage its benefits and become an industry leader. You can also benefit from the first-mover advantage and stay ahead of your competition if you plan the transformation timely.
Enhanced InnovationWith the new technologies floating in, the scope for innovation also increases. By employing digital solutions, the business functioning changes altogether. Some of the processes get faster, and others get streamlined.
All of this together allows the scope of expansion and growth. This includes launching new products, newer ways of doing old things, or moving towards new business models. Innovation is very closely related to growth for most businesses, and with digital transformation and strategy comes the scope for varied forms of innovation.
Better Customer ExperienceServing the customers better is directly related to having improved conversion rates and customer retention rates. The only way for a business to progress is when it serves the customers well.
Digital technologies are launching new ways of providing customer service. These include studying customer engagement across platforms to provide individualized results.
Furthermore, the possibility of launching a customer ticket and talking to automated chatbots and voice bots are all ways of serving the customer better. Artificial intelligence, cloud computing, and automation are features that have immensely affected the customer experience.
Increased ProductivityDigital solutions come together with increased efficiency in performing basic business operations. With tasks getting automated and integrated, the productivity of the business is boosted.
Moreover, with automation stepping in most of your day-to-day business operations, you have people free to focus on more pressing tasks and work towards increasing the productivity of the business.
Better ScalabilityWith more efficiency comes more productivity, which further leads to better scalability. With automated business processes and integrated cloud-based solutions, it becomes easier to scale the businesses.
Further, when you already have a setup with certain integrated digital technologies, it becomes easier to add more advancements as they launch. As a result, the future of the business becomes more promising with the support of enterprise digital transformation.
With these advantages in store, the centrality of integrating digital technologies cannot be overstated.
10 Ways To Supercharge Your Business With Effective Enterprise Digital Transformation
Now that you are well aware of how effective digital transformation can take your business to the next level, it is time to unveil the best ways to implement it.
Some of the most effective ways to supercharge your business with effective digital transformation and strategy include:
Work on the Customer ExperienceAbout 86% of customers tend to turn away from a brand after witnessing 2-3 bad experiences. (Source: Business Wire) This leaves a very small window of opportunity for your business to retain the customer with best-in-class experience.
Digital transformation and strategy can enhance the customer experience by leaps and bounds, which makes it an aspect you just cannot miss. Use technological support to gather data on your customers and leverage it to provide personalized results to your customers.
Not only this, but you can also enhance their query and grievance resolution system. This can further make them feel heard and valued.
Provide a Better Product ExperienceIn delivering a good product experience, supply chain management often becomes a hindrance. This is where modern technological solutions come in handy by taking care of your procurement process.
They also allow the entire team to access information across departments at the same time so the team can collaborate and deliver better to the customers.
Better Data ManagementData is the basis on which all companies run, and with businesses moving to the cloud, the need for data security has significantly risen. Traditionally, businesses used to be on the lookout to hire data management and security professionals to keep their data safe.
However, digital technologies enable firewalls and in-built data security systems on the cloud. These keep the data safe at all times and allow simpler management as well.
Work on Employee Productivity EnhancementTake away work from your employees that machines can do. There is a range of day-to-day operations that no longer demand human intervention. Automate all these operations and use your employees to do more focused and demanding tasks.
The more productive your team is, the better the company will grow. As a result, you must work on improving the operational efficiency of your business to reap the maximum profit from enterprise digital transformation.
Set Up GoalsYou can never truly progress if you are not aiming at something concrete. Before moving toward digital transformation, it is crucial to identify both short and long-term goals for your business.
Whether you aim to achieve quality maintenance via this transformation or reduce the costs, make a note of it.
Additionally, delve into a long-term plan as well that can be measured in figures. It is only when you track the progress that you will be able to identify the gaps.
Build a RoadmapThere should always be a sync between the technology used and the operations performed. You must never only use some parts of the new technology to keep performing operations as you did earlier.
With forward planning, there has to be a complete shift, or you will be stuck in the middle. Have a clear roadmap of how you will integrate the new technology. This will help gradually alter all your business processes to optimally utilize it.
Educate and TrainSimply integrating modern technical solutions is not where the role of business management ends. They must also ensure that they train their employees and management to utilize the software optimally.
Without proper training, it might happen that you only reap superficial benefits while the core gems remain hidden. Additionally, educating them will also help them transition seamlessly to the new ways of working.
Gather Feedback and AssessAfter the implementation of the digital transformation and strategy, it is highly necessary to gather feedback from the stakeholders about the new ways of functioning. It will help you identify bottlenecks and build strategies to overcome them timely. This also helps businesses analyze where the integration is going and how comfortable the stakeholders are with the transformation.
Scale and TransformAfter you have gathered feedback and analyzed the ROI, it is now time to plan the scaling up of the business horizontally. A strategy that proved effective in one sphere of the business can be implemented in another sphere to double the benefits. Once technical integration starts paying back, it is now time to scale them to expand the benefits across the business functions.
Seek Professional GuidanceWhile most digital technology solutions are intuitive, there is a range of customizations and unexplored features that only experts know.
This creates the need to partner with a technology expert who can assess your business requirements and enable relevant add-on features to help you achieve your goals. To get the technical solutions to their best, collaborating with experts might just be what you need.
Plan a Successful Digital Transformation With Practical Logix Today!
Digital technology is revolutionizing business functioning, encompassing business operations such as delivery management, customer support, product experience, etc. By integrating these solutions, businesses expand their capacity to function and grow within minutes.
Moving towards enterprise digital transformation is in favor of the business in the short run and mandatory in the long run, or they will slowly begin fading. Now is the time to analyze your business requirements and collaborate with a partner to integrate the most viable digital solutions to grow your business like never before.
Our experts at Practical Logix can help kickstart your journey towards digital transformation and leverage the latest technologies to your advantage. With a successful digital transformation, you can streamline your workflows, skyrocket your productivity, and increase the chances of better profits. Reach out to us today and take your first step into the future.