What is a digital transformation?
Digital transformation is a tricky subject to define. Because it is a completely customizable practice, digital transformation looks different for every company.
In general, we can define digital transformation as the process of integrating digital technologies into a variety of areas within a business. The goal of a digital transformation is to efficiently advance the way your company operates and delivers value to its customers.
This transformation can be implemented to advance business processes, culture, and customer experiences in both new and already existing spaces within your company. Digital transformation is not an end-all solution; it’s an integration process that advances any and all aspects that your company needs.
This customizable experience gives you the chance to reimagine the way your company conducts business. You are in control of how your company moves forward with the age of technology; digital transformation is just the process to help you get there.
Why should your company be digitally transformed?
Whether you are running a small business or an enterprise, technology is changing the way every company advances and operates. It doesn’t matter if you are a solopreneur looking to grow your business or a CIO looking to make your IT department more efficient. Leading your company toward a successful future likely involves a taking dive into digital transformation.
Your Competitors Are Doing It
It’s likely that some of your competitors have already digitally transformed their business, and if they haven’t, they’re considering it just like you.
In 2018, reports from IDG, a technology media, data, and marketing service company, showed that over 89%of businesses were interested in or committed to a digital transformation. Those numbers have only grown since 2018, meaning that your competitors could currently be a step ahead of you.
If you aren’t the first in your field to digitally transform your company, it isn’t the end of the world. That being said, you definitely don’t want to be the last to hop on the wagon.
A digital transformation doesn’t just give you the tools to advance your company, it provides a malleable experience that can continuously be shaped to advance beyond your competition in the future. So, if you are a step behind, taking action to digitally transform your company can be the key to pushing you into the lead for years to come.
You Can Exceed Your Goals, Rather Than Just Reach Them
You might be struggling to reach this year’s goals or even hitting the mark you set last year. Maybe you’re exerting all of your current resources just to get where you are, yet you aren’t seeing the advancement you hoped for.
Hitting your goals means increasing profit and profit is important to everyone. According to Adobe’s 2019 Digital Trends report, digital-first companies are 64% more likely to exceed their 2018 top business goals than their competitors.
A digital transformation puts the odds in your favor when it comes to exceeding business goals. When you surpass these milestones, you’ll see a direct correlation to your company’s success.
Improve Your Workplace Culture
A digital transformation within your company means more than just technological advancement. Your employees can be relieved of repetitive, mundane tasks through this process, allowing them to focus on the work that only they can accomplish. This can help employees feel accomplished, producing higher morale in the workplace.
Workplace culture will continue to improve alongside trust and transparency within a company. The tools of a digital transformation provide employees with the ability to effectively communicate and see what their peers are working on. Your employees can feel that they are working as part of a team, rather than just individuals within a company.
How will your company be changed?
A digital transformation is not as scary as it seems. Sure, your company will be improved, but is it really going to change?
Digitally transforming your company doesn’t mean that your core values or offerings change, it just means that the approach is more efficient. This process is more about acquiring the necessary tools that will support the strategic goals already in place at your company.
Remember, a digital transformation is a unique process for every business. You can integrate as little or as much as your company sees fit. In the end, the amount of change that you want to accept is the amount you will get.
Your goals are the same; your employees are the same; your company is the same. This process just provides opportunities for improvement and efficiency.
What tools can drive your digital transformation?
We’ve already covered the fact that a digital transformation is essentially the process of giving yourself the right tools to merge technology with strategy. So, let’s cover the tools that can help your company succeed in a digital transformation.
Artificial Intelligence (AI) is a technology that is becoming more important across all aspects of business. AI has the ability to assist a range of needs that a company may not have covered. Whether you are in business management, e-commerce, or marketing, AI is one tool that can help you advance exponentially.
One tool that AI covers is process automation. Process Automation, at surface level, allows you to automate any aspect of your business. Specifically, Robotic Process Automation (RPA) applications use software “bots” to complete tasks that humans would otherwise have to manually enter. It can be implemented in any existing business system or application, so nothing really changes. Essentially, you teach your bots the job that needs doing and they execute it.
Another powerful tool that falls under the “AI blanket” is predictive analytics. Predictive analytics allows your company to predict future insights through data collection. These insights can range from predicted customer service outcomes to fraud prevention. Predictive analytics can help you see future scenarios and make the best, informed decisions for your company.
Customer Relationship Management
Customer Relationship Management (CRM) is a tool that allows your company to efficiently engage with current and potential customers, while also providing a platform for effective, transparent communication between employees.
CRM software in your business means that everyone is on the same page and working in the most productive way to benefit your company. Integrating CRM into your business will push results beyond productivity, ultimately helping you retain customers and achieve your goals.
Some CRM services are cloud-based, proving CRM to be an adaptable, easy-to-integrate software that works wherever you do. If your company is comprised of employees who work remotely, you have even more of a reason to bring your company closer through a digital transformation.
Applications (apps) are probably something you are already aware of. You might even have a favorite app that you use to check the weather or news, but are you using apps as a tool within your company?
When traveling or working remotely, phones and tablets can often be easier to access than computers. Apps can be extremely helpful when attempting to work across different technological platforms.
Having programs accessible on the go can make working when traveling or sending a time-sensitive reply possible. Apps might be the easiest-to-incorporate digital transformation tool you haven’t thought of.
Are you ready?
If your business hasn’t already divulged in a digital transformation, now may be the time to consider it.
Whether you are a small business or a corporate company, there is a reason for you to experience a digital transformation. It might be to increase profit, improve efficiency, beat competitors, or create a better company culture. Whatever your reason is, it’s time to take action and start using the tools that best suit your company’s needs.
You’re ready, your company is ready, and your employees are ready for a digital transformation. Stop waiting and start advancing.