Why has digital transformation become the need of the hour?
Post Summary - Before this blog, we beheld the internal business conditions that cause delays in digital transformation and hinder the rest of the organization.
Continuing the chain of why businesses cannot delay DT initiatives anymore makes us talk about digital transformation becoming an imperative and, undoubtedly, the need of the hour for businesses' long-term growth and profitability.
Let's give a 7-minute read and make our time productive!
The business transformation that we were looking to occur in the next 10 years has now shown up with an increasing speed. COVID-19 has put us years ahead and has escalated digital initiatives into digital imperatives, creating urgent pressure on business leaders to keep digital business transformation as a necessity in their bucket list of business development models.
The current environment demands rapid evolution and infrastructure reinvention, including planned technology, and requires strategic initiatives from leaders to drive digital transformation. To fulfill customers' choices and shape businesses at customers' convenience, digital transformation is becoming the need of the hour.
Businesses and the whole inner part of an organization must keep themselves customer-centric and live up to what customers expect to enhance their living standards, thus taking stakeholders of the business, from customers to our team members, to another level of the technological horizon.
Unlike you, many other businesses are trying digital transformation and taking significant steps to avoid digital transformation delays. The market is becoming competitive quickly as many companies are rushing to digitize.
According to Prophet, the leading drivers of digital transformation are market pressures since 41% of the efforts arise out of increased competitive pressure and 51% out of growth opportunities.
The significant disruption in businesses on a global level and the race to achieve the pace is why digital transformation has become a thing of necessity to switch from old working silos to digital platforms and adapt to several creative solutions meeting consumer expectations.
This is why today we are here with 5 reasons why you should take digital transformation more fiercely ahead. Because if you take it seriously, then you are the one who has the power to beat your competitors successfully.
5 reasons to take digital as a critical part of business transformation
1. Scale your business - Revenue Growth
Wider Reach - The optimal use of technology for a digital transformation is imperative to generate more promising revenue and soar in long-term enterprise agility & scalability. For instance, performing tasks in traditional ways, updating tasks manually, or using legacy software states proves to be breakable, expensive, and unsustainable.
On the other hand, establishing an entirely new operating model that includes highly efficient, qualified, and vetted enterprise software solutions reduces the friction of buying for customers, enables wider reach to potential customers which drives revenue and growth for the business.
Turning your attention completely towards digitalization can help you achieve your goal of increasing productivity, improving the customer experience, and gaining the insights you need to innovate and grow your business.
Enhances Productivity & Simplified Operational Capacity
To scale a business, it is imperative to boost productivity in the workplace by simplifying your operational capacity, resources, efficiency, and staffing. Digitizing the information and processing the data as effectively as possible to make it easily accessible to your team leads to increased employee engagement.
Empowering employees to make informed decisions quickly allows them to experience a collaborative work environment that enables them to share innovative ideas that lead to healthy business growth.
Moreover, analyzing employees' skill sets or the ability to understand or aptitude capability will help you determine what technology can be paired with your organization's people most effectively in driving your business strategy. It would be best to consider employee skill sets before considering any technological solutions.
If you have invested in the right digital technologies at the right time more than your peers did, you are twice as likely to report outsize revenue growth compared to executives at other companies. This showcases how the survival of businesses, revenue-wise as well, has been preserved or even heightened with digitization.
2. Pace up the speed of growth - Tech Enhancement
Digital transformation can enable better collaboration between business and technology.
Utilizing digital technologies to the fullest, you can allow a streamlined workflow and accelerate the digitization of your core internal operations (such as back-office, production, and R&D processes).
Increase interactions between business intelligence, supply chain, operations management, and digital sales & marketing to produce a diverse range of products and services that address customers' demands in a more personalized way.
Today, technological enhancement is unavoidable for agile growth. Technological development goes beyond just the usability of applications for employees or external customers and includes the capability of networking with IT teams and tools.
Digital technology plays a pivotal role in helping automate core business functions, such as finance and HR, to become more flexible and faster in their primary roles both in and out of the office, enabling you to focus on broader business opportunities.
Superior technologies bring countless possibilities for other business avenues, all of which help a business grow and give it a better chance of thriving post any crisis.
3. To Level up the internal system
Digital transformation is a dimension of change that impacts all business functions and helps level up the internal system with a strong customer orientation.
Digitalization brings the technical skills necessary for digitally-enabled work. "The digital skills your organization needs are no longer highly centered in IT; they need to be "marbled" across your organizational functions and coupled to develop corporate culture with soft skills like communication effectiveness to achieve transformation success," says Gartner.
Digital transformations require a culture that can work in new ways and understands that collaboration is the most important part of managing the change process.
Changes in Attitude & Team Working
If you want to embrace digitalization in all the departments and functions, you have to show a shared interest in the success of every department and be a collaborative part of the process. Also, digital transformation demands cultural and behavioral changes consistently to recognize the latest trend.
Although change management always involves a great deal of effort from leaders and everyone involved who has decided to follow a pathway to digitalization, structuring frequently and enforcing the right attitude influences the overall success of the change process.
Organizations reinforcing new behaviors and ways of working are reported to be on track towards a successful digital transformation.
Here, digital transformation demands an internal system that is motivated to learn new information and skills on an agile basis.
It brings critical thinkers who proactively evaluate situations, spot possible issues, and enforce preventive measures rather than solely reacting to problems as they unfold.
The imperative to digital transformation is improving internal understanding and building a dedicated team that collaborates to prioritize consumers' demands better.
4. Customer - Experiences Curated for Consumers
Changing Customer Expectations
In the increasingly competitive marketplace where digital transformation can help your business to have an edge and a shot to gain momentum against your competitors, one such advantage is enhancing customer experience on online platforms through design thinking.
According to PwC, nearly half of companies' leading influencers to start digital transformation were improving user experience and customer satisfaction.
Technology has heightened customer service expectations, and customers today expect friendly and efficient service from the companies they do business with.
Users feel more impacted by businesses that interact with them through cross-communication channels, making their purchasing experience effortless through multiple digital channels.
Additionally, appointing an omnichannel approach to digital transformation is ideal for keeping today's customers engaged through their preferred and comfortable channels, including smartphones, the web, emails, chatbots, social media, etc.
Customer Demand & Habit Reformation
Customers have become accustomed to the online world where they are making repeat purchases a number of times from the brand or business that has delighted them successfully.
You will find individuals satisfying their needs or demanding things they want more of through digital channels. The consumer is now called the digital consumer. A business that leverages digital channels to satisfy the needs and exceed the expectations of current and prospective customers is driving healthy business growth.
Furthermore, you can provide a centralized experience for customers across all touchpoints and channels, as customers have become more accessible through these online platforms. You can keep consistent interactions with your customers and partners even if they switch in-between channels.
Exploring such an automation process can help you update your business instantly with ongoing customer tastes, thereby allowing maintenance and an increased customer base.
5. Make your company's future-ready - Challenges & Opportunity
The most significant changes make us believe that these shifts will remain after the crisis and that many of the changes could be here for the long haul.
For instance, many benchmark businesses that have combated COVID-19 using today's breakthrough technology will establish tomorrow's legacy technology.
To stay competitive in this new business and economic environment requires consistent practices with a range of technology capabilities; filling gaps in technology talent; use of more advanced technologies; and speed in experimenting and innovating.
Without wasting much time, you need to transform your business and make it thrive in the long term by consistently bringing forward digital transformation upgrades to stay two steps ahead of unseen events by following agile leadership and preparedness.
To Sum Up,
So basically, if you still have not engaged in the digital transformation of your business, you are overlooking an edge that your competitors likely already have.
But remember, to stay in the race, don't mess up your business with a wrongly developed digital strategy, as massive startups or enterprises are facing failure in digital transformation initiatives for several reasons, such as going with a series of ineffective programs and protocols that lead to a negative response from customers and target audiences.
To do it fast but do it right, your first footing for transformation should be correct, and that only comes when somebody is there to hold your back while you take care of your pores and technological advancement.
To scale digital transformation at your business lies on somebody else's shoulders, where you are the brain, and they are the hands.
Additionally, to allow the effects of digital transformation to be truly transformative, you should surround your business with knowledge partners that understand your business objectives broadly and can operate honestly and transparently to achieve your goals.
Tie your business knot with Global Lancers and keep up with all the innovative solutions you'll need along the way to stay ahead of the curve in digital initiatives. Check out our digital transformation blogs to gain detailed insights into the nuts and bolts of digital transformation.
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