Digital Transformation – Reimagining the Business World in the Digital Era
In our current technology-oriented business climate, digital transformation is imperative to a firm’s survival. Research shows that 89% of companies have already adopted or plan to adopt a highly digitally-focused business strategy. As digital technology continues to evolve, more and more businesses are beginning to question how much they can achieve with digital transformation.
Defined as the integration and adoption of digital and electronic technology, digital transformation in a company is used to create or modify existing business processes or tasks. It can fundamentally transform the way an organization operates and manages its workload, financial resources, and available funds.
Digital transformation can help facilitate creativity and accessibility by providing valuable opportunities for innovation and growth within the organization. The implementation of digital transformation in your organization has a wide variety of potential benefits such as greater organizational productivity, higher employee efficiency, reduced operational costs, and greater company achievement.
According to Gartner, an average of 4 weeks is lost every year due to misfiled, mislabeled, untracked, or lost physical paper-based records and documents. As the amount of data and information that businesses are expected to collect, record, and track increases exponentially, paperless documentation is becoming an increasingly viable option for achieving a streamlined and effortless documentation process.
Traditional record documentation involved a significantly large amount of physical records in the form of spreadsheets, xeroxes, and faxes. This form of record-keeping can prove to be tedious, time-consuming, and inaccurate. However, in the age of digital transformation, data is now being stored in the form of cloud-based architectural files. Cloud-based storage infrastructure can then allow files to be easily stored, retrieved, and shared across multiple different departments of an organization.
This allows data to be accessed much more easily and efficiently than ever before. During sales interactions, your company’s representatives will be able to communicate more appropriately with clients and consumers if they have complete and unrestricted access to company data. This will then allow your organization to provide a much more satisfactory experience to clients and consumers; which will increase the productivity and profitability of your business.
Digitally available data and information storage can exponentially simplify the way your business processes organizational workload. Digital cloud-based records will allow your sales representatives to access customer data within seconds, which will allow them to perform customer service responsibilities such as addressing queries or concerns much faster than ever before.
Digital transformation also allows your business to facilitate cross-departmental collaboration through DevOps models and combined development teams so that your business can achieve much more in significantly less time. Additionally, digital applications can help your business automate several key business processes related to accounting and finance, marketing, compliance, transparency, and much more.
Automation can allow your business’s employees to work on more intellectually stimulating, higher-level organizational functions instead of having to spend time performing repetitive, time-consuming tasks. With the help of communication, collaboration, and automation tools, organizational work has been simplified significantly.
Better Resource Management
Similar to digital transformation, the goal of resource management is to help organizations adjust to the changing business landscape. However, as the number of enterprise applications that businesses are required to utilize and maintain daily, increases, resource management can become hectic and confusing. Digital transformation can be used to integrate and consolidate non-compatible enterprise applications, communication platforms, software, and databases into one streamlined cloud-based central repository.
Management systems can further help businesses track, distribute and analyze financial and human resources to increase the firm’s overall performance. Resource management systems can also be used to present data and information so that valuable insights can be drawn from them. Digital tools such as real-time analytics can help management make more informed decisions that will better benefit the entire organization as a whole.
Add Value to Customer Interactions
Digital transformation has completely redefined what businesses can do with their pre-existing resources. This includes internal departmental interactions as well as client and customer interactions.
Technology such as automated chatbots equipped with intelligent machine learning capabilities can create automatically generated responses to customer queries and concerns so that your business can address queries and concerns in a timely and accurate manner.
The ability to provide satisfactory client and consumer interactions can give your business a significant competitive advantage over other businesses in your industry. Today, customers expect timely responses to their interactions with businesses.
Digital transformation can also be used to develop self-service enterprise applications that can assist consumers almost completely autonomously without the interference of a company representative. Studies show that approximately 67% of customers prefer self-service options when compared to directly communicating with a sales representative.
A rapid and significant increase in competition in several different industries means that businesses must take advantage of the power of automatic customer interaction tools. In fact, according to McKinsey, 38% of executives plan to invest more in digital technology to increase their company’s competitive advantage.
Digital Transformation- The Future of Success
By the year 2024, investments and funding in digital transformation initiatives are expected to reach a total of $7.8 trillion. As digital technology continues to evolve, digital transformation is becoming the roadmap for the survival and success of modern businesses.
By allowing modern businesses to quickly adapt and tailor their day-to-day business processes, digital services are current rapidly changing the business landscape. Artificial Intelligence (AI), Machine Learning, and other intelligent digital technology are the future of organizational success.
Digital tools can automatically track the success and progress of newly implemented strategies so that your business can reduce the financial risk associated with them.
Digitization of office processes has a variety of advantages that modern businesses can benefit from, such as paperless documentation tools, simplified work strategies, better resource management systems, and better customer service provisions.