How Digital Transformation can elevate your organization to new heights: increased customer satisfaction – and increased profits.
Do you ever wish you had a crystal ball to help you see your organization's future?
You're not alone. But there's a better alternative for companies of any size: Digital Transformation.
And while it can't tell you with certainty what's going to happen, it will give you a single pane of view, in real-time, into all aspects of your company's operations so that you can make informed decisions quickly and accurately.
It's like a crystal ball on steroids because it ensures that you take affirmative action rather than having panicked reactions.
What exactly is Digital Transformation?
Digital Transformation isn't just a catchphrase. It's now an essential component of businesses worldwide and a top priority for astute CXOs. But what exactly is true Digital Transformation?
Why is it necessary for companies?
Effective Digital Transformation integrates technology into a company's domains, fundamentally reshaping its function and providing customer value. It's also a cultural shift; that means organizations must challenge the status quo, experiment, and become comfortable with failure.
Companies that want to embark on a Digital Transformation journey should be well-versed in the concepts and approaches. With a thorough understanding, you can extend Digital Transformation beyond IT and have a positive impact on business performance as well.
What is driving Digital Transformation?
Three interconnected and collaborative factors drive the seismic shifts necessitated by Digital Transformation: innovative technology, customer behavior, and external factors.
Technological innovations disrupt because they produce better results with incredible speed, less effort, and lower cost. This technological disruption influences behavior as customers develop new tastes, requirements, and business expectations. This market shift will soon herald external factors such as new regulatory legislation and industry competitors.
For example, Uber's innovative ride-sharing technology has transformed the transportation sector by making it more accessible, enjoyable, and efficient to hail and take a cab. As people developed a taste for on-demand services, this shift reshaped the taxi industry's user experience and consumer expectations.
Why is Digital Transformation necessary for your company?
All of the high-level discussions on the subject may fail to answer the fundamental question of why you should care in the first place. After all, why bother fixing something that isn't broken? Why shake things up if the established processes and workflows can achieve the job? These are legitimate concerns.
There are several costs associated with Digital Transformation. It takes much dedication to make it all work. Is it worthwhile for your company to invest time, money, and human resources in this process?
Yes, in a nutshell.
At the risk of overstating things, it is a matter of survival. Perhaps not soon, but certainly in a few years.
What potential advantages does Digital Transformation offer organizations?
While it kept our heads above water during the COVID-19 crisis, Digital Transformation also allows organizations to reap the following benefits:
Enhanced efficiency
At its core, Digital Transformation makes workflows and processes faster, simpler, and more effective. For example, digitizing paperwork management to move documents to the appropriate location automatically frees employees' time to focus on more revenue-generating activities.
Enhanced user experiences
By implementing Digital Transformation, you can eliminate friction points for your customers.
For example, if new customers must fill out some onboarding documents, digitizing and automating the process can alleviate a significant burden, resulting in increased customer loyalty and a higher customer lifetime value.
Increased profits
With increased employee efficiency and improved customer experience, Digital Transformation invariably leads to bottom-line improvements. According to a recent Gartner survey, 56 percent of CEOs said digital advances have already resulted in revenue gains.
Faster and better decision-making
Businesses can now access more significant volumes of data than ever before. With the right analytics tools, companies can turn this data into valuable, real-time business insights to make more informed, faster decisions about their strategies.
Increased agility and innovation
Companies must stay alert as a result of Digital Transformation. The rapid evolution of digital innovation means businesses cannot afford to rest on their laurels. To stay ahead, even those in the lead must remain adaptable and improve their business innovation. There will always be new competitors in the industry, new technological tools, and recent innovation trends on the horizon.
Where do I start with the Digital Transformation process?
It can seem daunting, but the good news is that Digital Transformation does not have to be another great project that brings the entire organization to a halt to succeed.
The CEO doesn't need to gather everyone and declare, "Let's do Digital Transformation!" The only thing required for Digital Transformation is for the department or team to decide, "Let's all be better and faster at everything we do."
The first step is determining what you need to do to begin a Digital Transformation. Any employee in a business with a budget who wants to be more efficient at work can start Digital Transformation by developing a new digital tool that will make their job easier and more enjoyable.
The times are a-changing...
The "If it isn't broken, don't fix it" principle is no longer valid. Technology is advancing at warp speed, and your competitors are keeping up. But it's not a matter of keeping up – it all comes down to not falling behind.
It will be challenging to implement a company-wide Digital Transformation. However, this is a practical necessity. Increased efficiency, customer satisfaction, and revenue have positioned you for long-term success.
Last but not least, select an agile, successful, and productive agency that meets your needs and your budget. A knowledgeable and experienced partner will guide you through the phases of Digital Transformation – and ensure that you are still operational throughout the process.
Ready to start your Digital Transformation journey?
For more on the subject, here is an additional blog for your review:
Contact Turnkey Technologies – and find your north star for Digital Transformation, improved efficiencies, and increased profits.
ABOUT THE AUTHOR: Turnkey Technologies has empowered B2B, mid-sized to enterprise organizations to optimize their data and processes to achieve more, in less time, with less expense, for over 27 years. As a Microsoft Gold Partner, we turn our magic using Microsoft technologies, our singular focus. We support Microsoft Dynamics 365 Business Central, Finance & SCM, CRM, and more with a dedicated and trained professional team in all things Microsoft. www.turnkeytec.com
