According to Gartner, 91% of businesses are engaged in some form of digital initiative. However, many digital projects often fall into the category of digital optimisation which isn’t sufficient for businesses to be considered truly digital.
Digital transformation refers to the integration of digital technology into all areas of a business, usually driven by the need to meet changing business and market needs. For continuous optimisation, these programs require a clearly defined strategy, helping to drive direction and focus.
This fundamentally changes how value is delivered to customers and requires shifts in business culture and processes. Despite these large-scale efforts, it’s crucial to understand its inherent value and what digital transformation can really mean for your business.
3 Benefits of Digital Transformation
1. Meet Customer Expectations
Customers increasingly expect seamless and personalised omnichannel experiences when interacting with businesses. Digital transformation enables companies to deliver on these expectations, allowing them to stand out from competitors.
Data collection is a crucial piece of the puzzle in delivering personalised experiences across multiple channels and this process is significantly enhanced by the integration of digital technologies throughout businesses. More specifically, the introduction of new systems can help to gather relevant customer data and then translate it into insights across a range of touchpoints.
A single view of the customer journey equips companies with a wealth of insights and improves their ability to make informed decisions to successfully meet customer expectations. Digital transformation enables companies to provide great customer experiences throughout the entire buying journey, from access to relevant information during the consideration stage to seamless, convenient processes during the purchase stage.
2. Increase Agility and Innovation
With constant changes to the technological landscape and customer expectations, agility is the key to surviving. A common trait of many successful companies is their focus on continuous improvement, which involves constantly seeking improvements to their processes, particularly those impacting customer experience.
As technology continues to evolve, companies that have undergone the digital transformation process will be better equipped to adopt new ways to provide positive and meaningful customer experiences. Anticipating your customers' needs is the first step, but technology plays a key role in improving speed-to-market and enabling innovation through the implementation of new and better ways to meet these needs.
Continuing to reevaluate and optimise processes as technology evolves will be crucial to success. This not only has an impact on customer experience, but also on employee engagement. Having the right digital tools in place will encourage greater levels of collaboration and increased transparency within internal teams.
3. Adopt a Growth Mindset
In order for employees to successfully adapt to and leverage technological improvements, they need to be dedicated to developing and growing their knowledge and skill sets. Embarking on digital transformation programs acts as a catalyst for employees and companies to adopt a growth mindset.
While it does require employees to initially accept and embrace the necessity, there are significant benefits for them as well as the wider business. Adoption of growth mindsets results in a shift in their approach to work, but this ultimately allows failures and constructive feedback to be embraced as learning opportunities. In addition, challenges present opportunities to innovate and this renewed approach to problem solving helps drive further business development and growth.
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Why Digital Technology Needs to Be Embraced Sooner Rather Than Later
The world is primarily driven by technology these days and it’s important to note that the integration of automated intelligent processes into applications or the complete overhaul of a business’s technology are no longer just reserved for giant corporations.
Digital technology grants businesses the ability to make decisions that are actually driven by real data. In addition to this, replacing a company’s existing processes and rigid structures helps businesses to build their resilience and successfully adapt to changing customer expectations.
Tips When Planning to Become a Digital Business
Successful digital transformation programs require complete support from company leaders and the wider team, and planning for the future as a digital business involves the creation of a culture that is open and happy to taking risks. Learning to recognise that risks are an inevitable aspect of change as well as being open to new approaches and methods will open up new opportunities for growth and development.
It is also important to have a clear vision and defined goals, as they provide a consistent direction for the team to work towards and a means of measuring progress and success. This will enhance the team’s ability to understand and support the company’s efforts in achieving these goals.
Does Your Business Need to Undergo Digital Transformation?
Digital transformation is being embraced by businesses all over the world as it becomes ever more urgent to find superior methods of delivering the experiences demanded by their customers. Businesses need to embrace digital transformation either in whole or in part in order to remain competitive and relevant, to ensure they continue to grow their market share.
Digital transformation takes place at the organisational level and involves constant evolution and learning to challenge the status quo and slowly but surely improve all aspects of a company’s digital capabilities.