Digital transformation is the term that refers to the process whereby a business makes changes in how it uses technology to grow and expand into new markets. The implications of this buzz term need to be understood by all business owners in order for them to compete and thrive in the present and upcoming marketplace. Here are several key reasons that should convince companies to transform digitally.
Improvements to Internal and External Business Processes
One of the most important deciding factors for businesses to transform themselves digitally is to improve upon the efficiency in their existing business processes. Complex and outdated IT processes that were previously used, lacked transparency and accountability with their data and hinder companies’ potential to operate within agile and cloud-based environments. Their inability to adopt such capabilities significantly decreases an organization’s competitive edge over other companies in the marketplace that are already digitally equipped.
At the same time, the necessity exists to use new technologies to collaborate with other companies to produce goods and services. Sharing of communication documents and the need to perform contractual duties are some processes that require the use of online software technologies. In general, the greater extent a company is able to utilize digital processes, the more opportunities that can be accessed and allow them to achieve a better position for their business within the marketplace. In addition, there are plenty of resources available on the internet, including the use of professional assistance that offers the best IT services to help businesses transform digitally. These commonly include cybersecurity solutions, cloud computing, project management, and more.
External technologies such as analytics, automation, AI, machine learning, and blockchain are other catalysts that are driving companies towards digital transformation. Companies positioning themselves to take advantage of these technologies can attain greater market share by improving simple daily processes like analyzing business data, automatically generating documents, utilizing software to forecast growth trends and performing digital accounting tasks.
Creating Superior Customer Experiences
Digital transformation results in improvements to the usability of applications for customers, as well as meeting their expectations for on-demand service. Specifically, customers can obtain help in real-time that is directed towards their individual needs. Digital technologies also allow for improved communication capabilities by sending out rapid responses by systematizing enquiries according to order and priority.
Providing customers with these experiences and other incentives help to increase their engagement and how they relate to a company’s brand. Loyalty incentives and other programs can be provided based on information collected about their preferences and purchasing habits. Understanding and keeping a record of this information can be used to enhance customer relationships, and thereby increasing their retention, regardless of the time they have been a part of the company.
An example of how maintaining a database of customers’ profiles can facilitate company loyalty includes the relaying of information through blogs and social media posts, based on what customers expect and want. Directing marketing strategies and email mailouts providing information on the company’s products and services with customer needs in mind is another example. Adding personal touches such as sending birthday wishes and reminders to make new orders or renew documents can also solidify relationships with company users.
Increasing Employee Productivity
Besides targeting customers, engagement of employees should be another reason to transform digitally. With more and more employees transitioning to working from home, digital processes need to be implemented to improve work-from-home efficiency and capability. This is especially true when it comes to communicating with the team through the use of virtual meeting platforms and calendar features, sharing documents and files and providing access to software programs and technologies. Even indirect technologies such as automated payroll systems can benefit employees. Ultimately, creating satisfied employees translates into increased productivity.
Applying measures to secure data with respect to access, compliance of data and preventing external attacks is of paramount importance. With corporate files and various other data, such as customer information all stored on the cloud and throughout various points in the network, safety protocols need to be set up. Detecting, mitigating and remedying threats to data security should be the focus of a cybersecurity plan. Ransomware protection is among the best options to protect against attacks and failures within the network. It also facilitates recovery of data, should a company’s network system be hacked into.
Additional considerations for cybersecurity maintenance is to find solutions that can accommodate both remote and in-office work processes, with an increasing number of employees needing and choosing to work from home. The challenge will be to keep external and private networks safe, as well as those systems in the workplace.
Key reasons for businesses to transform digitally include a wide range of considerations and create a compelling argument for companies to undergo digital transformation. As it can be an overwhelming task, calling upon outside professionals experienced in this process can greatly facilitate this change and can support your business’s ability to quickly reap the benefits of accessing technologies.
Image Source: BigStockPhoto.com (Licensed)