Discovering the true meaning of digital transformation can greatly benefit your organisation or grow your business.
What is Digital Transformation?
Digital transformation is a fundamental change in the way a business uses and thinks about digital technologies to create value for its customers. It impacts the entire business across its processes, technology and people.
It's all about implementing digital solutions that improve efficiency, collaboration and communication among your team, while also enhancing your customers experience with your business.
Given it has the potential to drive greater efficiencies and revenue, it’s critical to the success of your business.
The digital explosion
Revealing just how important digital transformation has become to businesses is that in 1958, the average time taken for a business to be listed as an S&P 500 company was 61 years. By 2011 it had fallen to just 11 years.
Underlining this point is that by 2020, a significant number of US companies will be spending 10 per cent of their revenue on digital strategies. By 2022, spending on digital transformation will reach USD $1.97 trillion.
Your digital transformation journey
Unfortunately many businesses only start to think about digital transformation when their old processes and technologies start to become inefficient and problematic.
To avoid this, smart business can work to bridge the gap between people and technology with digital collaboration tools. These tools are specifically designed to enhance communication and improve information sharing within workplaces.
Here’s some great examples:
Marketing automation can help to improve the customer experience by enabling businesses to create fast, personalised messages at scale.
Meanwhile people can interact with chatbots on websites and social media platforms in order to find solutions to simple problems.
Personalised content via email automation flows integrated with CRM tools give customers a succinct experience.
Being aware of the trends and finding the right digital collaboration tools for your business is one of the most important parts of your digital transformation journey.
Becoming a leader in Digital Transformation
Critical to digital transformation is having the internal capability to implement projects successfully. This means getting the right people in the right digital roles and being able to prioritise the sourcing of digital talent.
We’ve compiled a guide to the top roles your business needs to ensure your digital transformation project is a winner.
To become a leader in digital transformation, your business needs to continually think of ways to align new technologies with its people and processes.
Addressing other barriers to digital transformation
Now you have the right tools and the right people to smoothly implement your business’s digital transformation, you’re almost there. But unfortunately digital transformation projects rarely go as planned. Many businesses face Barriers to Digital Transformation that can cost valuable time and money.
Financial restraints, security and bridging the gap between people and technology are all factors you’ll need to overcome in order to implement a successful digital transformation agenda.
Acknowledging there will be problems and knowing how to address them will be a key part of your efforts.
Digital transformation is a complex project for any business to undertake. However, the benefits of doing so can be greatly advantageous, while businesses who don’t attempt this process risk being left behind.