What is digital transformation?
Digital transformation is integrating technology into all business areas to change the way you operate and deliver more significant results in any size organisation. It involves changing the processes and the culture of the business, encouraging change, experimentation and challenging the status quo in your industry.
Digital transformation can involve a variety of levels of complexity and integration depending on your business needs. It also embraces a problem statement, a clear opportunity, or an aspirational objective. With a clear “why” within the organisation, it will be easier to create change and implement digital transformation in your business. The organisation’s objective in utilising digital transformation can include increasing brand awareness, elevating profitability, increasing productivity, and reducing resistance.
Digital transformation entails more than simply using new technologies. It requires utilising the power of emerging technologies to accomplish previously unattainable goals. Finding new markets and new methods of conducting business, and communicating with consumers in new and different ways are all part of digital transformation.
Digital transformation frequently leads to additional income streams, higher margins, enhanced competitiveness, and the achievement of other company objectives.
Some examples of digital transformation:
- Converting brick and mortar sales to ecommerce
- Data mining and processing to turn your raw data into useful information. Learn patterns in your data for you to utilise and benefit your business.
- Business system integration to unify all software and systems in your business to allow for centralised processes and workflows.
- Business process automation to eliminate repetitive tasks and free up your workload, allowing you to focus on the more important tasks in your business.
- Cognitive services tools that verify identities and documents, through facial recognition, optical character recognition, voice recognition, algorithms, and machine learning.
- Bot development to improve business efficiency through streamlined communications and improved online engagement using bots or chatbots
- Application Programming Interfaces (APIs) to integrate and share data between different business systems and developing RESTful as part of broader software development projects
- Integrating new technologies like Internet of Things, digital twins, blockchain and others directly into products.
- Converting traditional advertising methods to digital marketing and social media
Why do you need digital transformation in your business? Answer – the pandemic!
Technology is clearly not a choice in this increasingly digital world but rather a core business strategy that must be weaved into every aspect of an organisation. It is proven by studies conducted with over 4000 business leaders worldwide during the pandemic in which 89% of respondents stated the pandemic demonstrated the need for a more agile and scalable IT setting. Better cooperation inside and across organisations, more personalised customer interaction, more incredible staff innovation and productivity, and more accurate data insights are benefits of transformation, all of which help a firm expand and thrive.
Support better and faster decisions
Businesses may take advantage of big data by putting data and analytics at the centre of their digital transformation plan.
Because of the Internet of Things, businesses now have access to higher amounts of data than ever before. This data may be transformed into essential business insights with the correct combination of analytical tools, allowing you to make better, faster decisions. The greater the integration and impact of analytical tools, the deeper they are ingrained in company processes.
Using AI-based solutions to unlock the potential of big data might be the key. Data and analytics innovations are continuously emerging. Many of them include sophisticated AI capabilities that both modernise old systems and filter through data at a quicker and more reliable rate, all assisting executives in their efforts to make better and faster choices.
Generates increased profits
Companies that “go digital” are more efficient and thus more profitable as a digital transformation improves the productivity and profitability of businesses. A SAP Digital Transformation Executive study (2017) shows that 80% of businesses that have completed digital transformations have seen an increase in earnings - 85% percent of respondents mentioned that their market share has grown and on average, leaders anticipate a 23% increase in income over their competitors.
Profit growth means your business will have more funds to invest in digital transformation in the future, allowing your company to thrive and reap the benefits of digital transformation.
Employers are constantly seeking new methods to boost productivity in their businesses. Nowadays, companies are eager to switch from on-site to remote or hybrid working. Integrating your data and automating manual operations will save time across the board, allowing teams to do more in a single day than they could previously. It is evident because technology plays an integral part in linking geographically distributed teams. Automating your procedures will also increase your employees' efficiency, regardless of where they work.
Enhances data collection
Businesses may use it to track engagement rates and spending patterns, and monitor the customer lifetime. According to a 2019 analysis by Splunk, most data generated worldwide (55%) remains under-utilised. If you don't examine the data you acquire, you might lose out on crucial information about how, when, and where your consumers' shop. With a centralised CRM, your business can simply collect and store data, and also analyse it. As a result, your business will have a better understanding of the target market with the support of digital transformation.
What you need to know before creating your digital transformation strategy:
Align objectives with business goals
- What kind of outcome do you want to achieve? Understanding the problem your business is trying to solve and aligning your goals with the outcome will ensure you discover the right solution.
IT and the business must collaborate
- It’s important that the business understands the tech and how it will benefit their business whilst IT need to understand the business to be able to deliver valuable results.
Redesign your business and products around customer experience
- Put yourself in your customers shoes. Digital transformation will change the way your business interacts with your organisation. You want to provide them with a positive experience that reinforces the image you want to portray.
Retrain employees around digital
- Employees need to be on the same page as you. They need to understand why you are undergoing these changes and the value that can be brought. Digital transformation can be a daunting change, educating your employees will allow you to have the same strategic abilities as a software company.
Digital transformation has four key talent areas: technology, data, process, and organisational change capability. Transforming your business needs talent more than anything else. Putting together the right team of technology, data, and process experts who can collaborate and combine with a strong leader who can drive change can be the single most essential step for a firm in transforming the business
Ask Ascend 7 about transforming your business today!