Digital transformation – driving business growth
It is without doubt that technology has had a massive impact on the way we do business, how we interact socially and how we use it in our personal lives. We also know that the pace at which it is happening at is accelerating, however their are still many business that are lagging behind in using technology to improve such things as efficiencies and profitability. If you own or manage a business and have yet to leverage the opportunities that digital technologies can provide, then this is for you.
What is digital transformation?
Digital transformation (DX), specifically digital business transformation, is the advancement of business processes and structures through the use of technology – in a strategic and prioritized manner. Transformation also includes innovation, new ways of thinking, products, services, and customer engagement.
Technology innovation, customer experience and economic forces propel digital transformation. Technology innovation, or “disruption”, must bring value and efficiencies to the business. Customer experience is at the heart of digital transformation. Customers are in control of they interactions with businesses in the digital age, they demand technological advances while making it all easy to use. Economic forces and other external factors such as laws and market competition are all major challenges that must be overcome.
Reaping the benefits
The transition to digital tools and processes has its challenges; it’s hugely beneficial in driving business performance. Here are the top 10 major benefits that digital transformation can bring to your company.
– Enhanced customer experience
– Eliminate errors and reduce risks
– Efficient product distribution
– Creation of new digital products and service
– Faster and automated processes
– Real-time supply chain visibility
– Improved management systems and decision making
– Increase sales and return on investment (ROI)
– Cultivates a company culture of creativity and innovation
– “On-the-go” operational efficiency
Strategy for change
Simply implementing technology will not bring about change. In order to keep up and stay ahead of your competitors, it’s vital that your business embraces innovation and brings in fresh ways of thinking. It is not a one-time thing! It requires a culture of constant improvements and collaboration. Strong leadership from the top, company-wide buy-in and education on digital transformation must be made part of the strategy.
No template for success
Your company must be willing to take risks and learn from mistakes. However, the path to digital maturity doesn’t have to be a painful and lonely one. Most businesses leverage the resources and expertise of third-party solution providers. These strategic partners constantly provide innovation and fresh ways of thinking; implementing new capabilities over time.