Thanks to today’s increasing online accessibility, businesses are more connected than ever. A survey has shown that 88% of companies are digitally transforming, with 85% considering it’ll help them grow.
But sometimes, this transformation isn’t as easy as it seems. Some traditional businesses consider these changes unneeded, which is why we compiled the several ways digital transformation can improve your company.
What’s Digital Transformation and How Does it Benefit Your Business?
Digital transformation relies on digital technology to create a unique goal. With the help of digital technology, operations can be run faster and smoother. A digital transformation can affect all aspects of a company, from its business model to retail sales, which can help to increase revenue.
Digital transformation has several other benefits, which we’ll be covering below.
Streamline and simplify processes
With the right technology, businesses can simplify several tasks. Companies can improve their communication, analytics, data storage, and speeding tasks up. By running their operations faster, companies can allocate resources towards other areas, such as R&D.
Reaching the market faster
Companies can create faster marketing channels and advertise their products across new platforms by using automation and other digital transformation tools. This increases how rapidly products reach the market.
Improved data analytics
Digital transformation allows companies to collect, store and analyze data efficiently. With these tools, raw data is fully optimized and organized, creating an overview of the clients’ journey and lifespan.
Outstanding customer support and experience
A connected company can improve its relationship with clients. By offering more ways to connect, users can easily report issues or contact the team at any given time.
At the same time, this technology allows customers to make decisions regarding their data. They can choose which data is collected and how it’s used. Valuing privacy is one of the most important steps in digital transformation.
Improves staff confidence
Allowing employees to use this technology enables them to gain new skill sets. These can benefit their workflow, knowledge, and confidence. Companies can empower employees by teaching them how to process and analyze digital data.
Giving staff the right tools for their job can have a deep impact, turning them into highly capable and productive individuals.
On the other hand, employees can be highly productive by optimizing tasks and using data to improve efficiency.
As we’ve mentioned, this is one of the main goals of digital transformation. A digital company can with the right digital tools upgrade its efficiency and profits.
According to SAP, 80% of companies that underwent digital transformation improved their profitability. On top of that, 85% have reported an increase in market share.
Examples of Digital Transformation Success
Connected companies and enterprises have a better chance of success when compared to non-digital companies.
It’s impossible to list every area where digital transformation proved its worth. Hence, we’ll see how two sectors used this technology to improve their work:
Nowadays, users can access their bank accounts with only a few clicks. Every action you could only perform at a bank is now doable on your mobile device. Several banks don’t even have physical branches anymore.
Companies don’t need to resort to television, radio, or newspapers to advertise their products. All they have to do is use advertising channels like Google Ads for advertising to users worldwide.
Companies can target specific audiences with data collection tools, increasing their ads’ turnover and reach out to their target audience with the help of social media.