Gone are the days of paper filing systems and fax machines. Even on-computer storage is considered outdated.
Nowadays, businesses use increasingly sophisticated technology, leaving previous methods in the dust at an alarming rate. While you might think your systems are up-to-date, and your software is the latest and greatest, just how well optimised is your business’ technology?
Are your systems holding you back without you realising it? Do your competitors have a technological edge over you? If so, it’s time for a digital transformation strategy. Read on to find out exactly why it’s worth investing in.
What is digital transformation?
Digital business transformation (sometimes known as ‘DBT’) is the process by which improvements are rolled out across a company through the introduction of digital innovation.
Technology can be incorporated into a business’ products, solutions, customer interactions, and general processes to elicit a positive outcome across many metrics.
Digital transformation is often confused with ‘digitalisation’ which refers to the gradual increase of technology in everyday processes and interactions. However, it is the phenomenon of digitalisation in the industry that gives rise to a need for digital transformation in the first place. By harnessing the possibilities of emerging technologies, companies can appear at the forefront of their sector.
Improved data handling
Any modern business has plenty of customer data to deal with. And, increasingly, consumers are becoming more conscious about how their data is collected, shared, and stored.
Data should be encrypted for protection and should be stored in a way that is accessible to the right people, but impenetrable to others. Not only do companies have to keep their data safe but, if they want to work smarter, they also have to optimise this data for analysis as well as create an effective data strategy.
The processing and transfer of data should also be conducted safely and securely — and digital transformation can help with this. IT transformation allows for an analysis of a business’ current data handling and analytics processes with the aim of easily identifying improvements. Digital transformation also helps combine data from multiple sources to produce a more unified outlook on factors such as customer journey, operations, and business opportunities.
Another reason why undertaking digital transformation is worth it is the competitive advantage your business gains.
If your systems are enhanced, your processes refined, and your communication speeds improved, then you can deliver a more competitive service than your rivals.
Advertising your improvements and other metrics such as contactability, response times, and data safety on your site and to your customers is likely to bring in more business too.
Added value to customer interaction
Did you know that two-thirds of companies say they are competing mostly on the basis of customer experience? In fact, customer experience has been described by Accenture as ‘the key driver in sustainable business growth’. And, what every digital innovation strategy strives to achieve is to refine or improve the products and services being delivered to customers.
What digital business transformation all boils down to, then, is an improvement of your business’s customer experience. With faster response times, safer data handling, and more efficient processes (to name just a few benefits), your customers can enjoy much more intuitive and seamless service. This can refer to anything from helpdesks, emails, and even digital products.
On the other side of the same coin is your employee experience. Digital transformation does not just affect client-facing technology, but can also improve internal processes and employee satisfaction as a result.
Improved productivity & resource management
While you may think your current IT processes are optimised to their capacity, having a fresh pair of eyes to review them may reveal some interesting insights.
Working with professionals like Cantium exposes your business to all the latesttechnologies and shortcuts that you may never have even heard of. Getting the experts in can lead to revelations for your business, such as automating processes that usually would have taken an employee hours or even days to complete.
As well as automate processes, digital transformation programmes can also help with the allocation of resources. Did you know that the average number of applications used in enterprise business in 2020 was 900?
Digital transformation can help integrate such applications into a centralised resource for businesses as well as integrating databases and software too! As a result, every area of a business — from sales to finance — can have their tools and processes optimised.
Experience financial gain
Lastly, the largest indicator that digital business transformation is worth it is the financial gain itself.
While there is an initial fee to pay upfront for the rolling out of digital transformation services, eventually they pay for themselves. Be it in the money saved on account of greater business efficiencies, or increased competitiveness bringing in more business, digital transformation undoubtedly benefits your business financially. And there are statistics to back this up.
According to a recent study by Gartner, of the 61 company senior leaders interviewed, 87% identified digitalisation as a business priority. What’s more, over 80% claimed that digital transformation was creating new revenue streams for their company.
So, when you put it all together, it makes sense to invest in digital innovation upfront as, in the long run, it more than pays for itself.
If you have any questions about digital business transformation, get in touch with our experts today.