“Clearly, the thing that’s transforming is not the technology — it’s the technology that is transforming you.” — Jeanne W. Ross of MIT Sloan’s Center for Information Systems Research
Digital transformation changes the way a company manages its people, things, processes, and data to make the decisions that will streamline its operations, reduce costs and adopt new business models to support customer growth. As their customers evolve, companies must evolve with them to continue to meet their needs. Through workflow automation and advanced processing, companies can connect the dots on the customer journey in a way that wasn’t possible before.
We are in the age of digital. The digital economy is building ecosystems, creating space for competition, and reshaping interactions in the value chains. Transformative and cutting-edge technologies are making their presence felt at exponential speed, ushering in the change businesses need to not only survive but thrive. Some of the rewarding benefits of digital transformation are listed below:
1. Enhanced data collection
Most businesses collect tons of customer data, but there is an absence of optimizing this data for analysis which can drive the business forward. Digital transformation creates a way that different functional units within an organization can translate raw data into insights across various touchpoints. This ultimately helps in gathering the right data and incorporating it fully for business intelligence. Post the transformation of different functional units within an organization, raw data can be translated into insights across various touchpoints, producing a single view of the customer journey, operations, production, finance, and business opportunities. Adequate stress must be laid upon how customer data is being collected, stored, analyzed, and shared as part of this process.
Organizations must reconsider their tech stack; to ensure that sensitive data flowing into and out of customer relationship management (CRM) software and other platforms is protected with a layer of data encryption. Nowadays, consumers are increasingly aware of and concerned about, how their data is being used. Data privacy can act as a business differentiator while evaluating the customer’s journey. The company must evaluate how they give their clients greater autonomy over their own data.
2. Stronger resource management
Digital transformation replaces dispersed software and databases with consolidated information and resources into a suite of tools for business. It helps integrate applications, databases, and software into a central repository for business intelligence. Digital transformation encompasses every area of a business and can lead to process innovation and efficiency across units. From sales and marketing to finance, every department leverages sensitive data. It’s important to optimize and secure data while equipping teams with easy-to-use tools to get their jobs done.
3. Data-driven customer insights
Data helps unlock customer insights, by better understanding customers and their needs. Businesses can create a customer-centric business strategy, using both structured data (personal customer information) and unstructured data, such as social media metrics. These insights can help drive business growth. Data enables systems to make available more relevant, personalized, and agile content.
4. Optimized customer experience
Digital transformation alongside unlocking efficiencies for your teams helps deliver more seamless, intuitive experiences for your customers. Ranging from email communications to user portals, digital products, and even new systems. The customer experience (CX) is the new battleground for brands. Customers have high expectations for digital experiences and are used to having endless choices, low prices, and fast delivery. Gartner reports that more than two-thirds of companies are reportedly competing mostly on customer experience. “It has emerged as the key driver of sustainable business growth”, according to Accenture.
5. Encourage a digital culture
Tools are a great way to provide a seamless way to collaborate and move the entire organization ahead digitally. This digital culture shift is crucial for the sustainability of the business. By giving access to the right tools tailored to the employee environment, digital transformation encourages a digital culture. It boosts the upskilling and digital learning of team members.
6. Increased profits
Companies leading digital transformation are seeing nearly twice the revenue growth of those not so digitally inclined. According to the SAP Center for Business Insights and Oxford Economics, 80% of organizations that have completed digital transformation report increased profits and 85% have increased their market share.
7. Enhanced agility
Digital transformation makes organizations more agile as by borrowing from the world of software development, businesses can increase their agility with digital transformation to improve speed-to-market and adopt Continuous Improvement (CI) strategies. This allows for faster innovation and adaptation while providing a pathway to improvement. The ability to streamline processes and change them as fast as the market requires brings new appeal to companies in the digital era.
8. Improved productivity
Having the right tech tools that work together can streamline workflow and improve productivity. By automating manual tasks and integrating and centralizing data, the organization can empower its team members to work more efficiently.
DigiMantra Labs offer a full range of digital transformations to support clients’ end-to-end goals, enabling them to focus on delivering smarter and improved results. As industry experts, we provide strategic guidance – backed by research – on partner strategy, content audits, marketing plan creation, persona creation, digital assessments, ABM strategy, and more.