Digital transformation is moderately a long-run process that enables businesses to implement online innovations, scale to completely different markets, and adapt to new niches. The core values of digital transformation are high speed, productivity, agility, and scalability. However, there are many myths about digital transformation that confuses someone who is considering this improvement.
The process of using digital technologies is no longer a competitive advantage. It is a must for any business in all modern B2B and B2C industries. Even non-technical fields such as agriculture or construction are actively embracing technological advancements.
Businesses can see growth in employee satisfaction, customer engagement, and business innovation through the introduction of business transformation strategies and the implementation of technology solutions.
STRATEGY
A digital transformation is an overwhelming approach, it will be easier once you break the process into four different steps
- Digital Data- Gathering information about the market and customers allows for assessing risk and making informed decisions.
- Automation – Implementation of Artificial Intelligence to business operations helps to redirect teams to important tasks, while algorithms handle mundane work.
- Connected devices – Use of the Internet of Things to synchronize supply chains, connect team members and provide real-time reports.
- New customer access – Providing a transparent view of the company’s process and communicating with the team or a chatbot.
TRENDS
Digital transformation is built on the successful combination of business and technology development vectors.
Business digitalization trends should be implemented at the very beginning before you even start investing in tech digitalization
- Digital transformation should always start from top to bottom. CEO must have a clear vision of the company’s development and must know the strategy to involve the team
- All digital practices must be scalable.
- Familiarize yourself and your team with privacy regulations and GDPR compliance.
- Integrate tech implementation in daily processes like communication, task management, and client support
Tech digitalization trends Companies focus on making smaller changes like Tech debt reduction by fixing bugs, getting rid of redundant code, making it readable, performance testing, and refactoring before you start building new functionality.
- Digital transformation comes tied with a large volume of data and hence moving to cloud computing is recommended
- Setup the analytics to get any of your transformation metrics to work like establishing KPIs and creating data channels to check progress
FRAMEWORK
The digital transformation framework is based on four factors
- Process transformation – reviewing business activities and adopting digital solutions
- Transaction automation – order processing and payments finalization must be done using automated software
- Digital adoption – the company has to move towards a connected network of devices both internally (inner management ) and externally ( company-to-client)
- Digitalization – after automation of most primitive operations, power up your digitization using AI solutions
WHAT DRIVES DIGITAL TRANSFORMATION?
- Enhanced customer acquisition & retention: The success of any business depends on the customer experience. By using modern technologies businesses can enhance the customer experience and can improve customer loyalty and retention
- Employee performance: Digitization of businesses also includes employee satisfaction, skill advancement, work collaboration, and employee performance.
- Data analytics: Businesses that are able to analyze their data can build smarter companies that make better decisions. It also provides valuable insights into future business objectives, products, and services.
- Gaining Competitive Advantages: businesses that depend on outdated technology risk losing their competitive advantage. Digital transformation allows you to find new business opportunities more efficiently and grow your customer base effectively
WHY BUSINESSES MUST ADOPT DIGITAL CULTURE
Digital transformation leads to
- Motivated workforce – The more clarity employees get about the company’s vision, the more they will be motivated to work and bring a change to the company.
- Growth in profit – Digital transformation not only impacts the positioning of the organization but also enables them to increase their ROI
- Increased customer engagement – Businesses must digitally transform all their processes and minimize the time it takes to buy anything on the website. This improves customer satisfaction and increases customer engagement
- Speed-to-market – It is important for businesses to change quickly and must work seamlessly to meet the changing expectations of the customer to deliver value
VISUALIZE THE DIGITAL FUTURE
Mobile – Mobile platforms help businesses to showcase products and services and thus you can build innovative applications that suit customer needs
Real-time insights – As the world shifts to IoT devices, businesses need to have 360-degree experiences across multiple platforms and devices
Smart machines – The latest advances in ML & AI are leading to the rapid automation of jobs in order to keep pace with the digital transformation
Cyber security – The increase in malicious attacks against organizations has led to additional vigilance and security against cybercrime.
INNOVATIONS OF DIGITAL TRANSFORMATION
Blockchain is a decentralized digital ledger used for multi-device transactions. It facilitates the process of recording transactions and tracking assets in a business network.
Blockchain is successfully used in different industries:
- Fintech
- Education
- Real estate
- Healthcare
Voice assistants: Alexa and Siri are examples of smart voice assistants that can deliver the experience of receiving information and ordering products and services.
Voice assistants are used in various industries:
- Tours and Traveling
- Hospitality
- E-commerce
AR/VR: Augmented and virtual reality is already at its peak point and widely explored in many industries:
- Automobile
- Healthcare
- Retail
- Tourism
CONCLUSION
A digital transformation is a critical process that businesses must undergo to remain competitive and relevant in today’s digital age. It involves integrating digital technologies into all aspects of the business, from operations and processes to customer interactions and experiences.
Through digital transformation, businesses can improve efficiency, reduce costs, and enhance their customer experience. However, it is not a one-time process, but an ongoing journey that requires continuous innovation and adaptation.
To successfully undertake digital transformation, businesses need to have a clear understanding of their goals, prioritize their efforts, and invest in the right technologies and talent. They must also be willing to experiment, learn from failures, and pivot as necessary.
As we continue to witness the rapid advancement of technology, digital transformation will become increasingly important for businesses of all sizes and industries. Those that embrace this change and invest in digital transformation will be better positioned to succeed in the long run.