The fact is, the world is going digital, yet many businesses are unprepared. The technologies, skills, and processes they have in place do not translate to a digital world. The modern company must transform itself to adapt to the technology and processes needed in today’s digital world. Now, as explained in this article, this process is no small undertaking. You’ll encounter roadblocks along the path to digital transformation. Here are 5 huge benefit of digital transformation.
1. Improved efficiency
Let me ask you a question: What slows your business down? What roadblocks exist in your current processes that harm efficiency?
For some, it’s manual data entry. Their systems don’t communicate with each other, so they must manually enter data into different areas.
For others, it’s a process bottleneck. One process goes through a single department, and creates a bottleneck. For instance, reporting still goes through the IT department in many businesses, creating delays.
I could go on, as there are any number of areas that could slow a business down. The good news: Digital transformation eliminates many of these bottlenecks. When you replace legacy processes with automated workflows, and truly examine your current processes, you reduce friction in your business.
2. Improved decision making
Over the past few years, we’ve seen a data explosion. As a business, you have access to more data than ever before, and data volumes are only increasing.
However, very few businesses actually capitalize on this data. Many lack the tools and processes needed to turn it into meaningful management information.
This is where a digitally-driven company has the upper hand. Using modern BI tools, they can take this flow of data and gain insights immediately. This lets them react far faster (and more accurately) than businesses who lack these capabilities.
3. Improved reach
A while back, I explained how mobile makes 24/7 even longer. In short, it puts your product or service at your potential customer’s fingertips at any time.
Think about it: What if your customers/prospects could learn about your business and make a purchase at any time, and from anywhere? Or, on the other hand, what if they wanted to make a purchase…but your company had no mobile presence?
Part of the digital transformation process involves making your business available to your customers/prospects, from anywhere. When your business website and applications adapt to any device, you’re in front of your prospects and customers all the time.
4. Improved Customer Acquisition and Retention
By relying on legacy systems infrastructures, businesses risk losing customers to digitally equipped competitors. To have a chance in this hyper-competitive market, companies should deploy digital technologies that enable personalized, unified and responsive experiences. Digital transformation allows companies to tap larger online markets while delivering additional value to existing customers. For example, utilization of social media platforms and geo location lead to increased customer engagement. According to Rosetta, “engaged customers buy 50% more frequently, spend 200% more each year, and are five times more likely to turn into repeat customers.”
5. Extended Global Reach
Digital technologies have eliminated the barriers imposed by geographical locations. Mid-market companies can streamline their communication processes across borders with the aid of advanced collaboration tools. Customers and prospects can learn about and engage with you at anytime and anywhere.
By tracking IP addresses, companies can personalize customers’ experience based on their geographical location. Online retailers display personalized product recommendations depending on the local weather conditions of the visitor. For instance, retailers promote jackets and umbrellas if it happens to be raining in the prospect’s location and sunscreen for visitors living in hot, sunny weather conditions.
Feel free to contact E-SPIN for digital transformation infrastructure and application security, infrastructure availability and performance monitoring.