Digital technology has changed the landscape of commerce, client engagement, marketing and more, in such a way that it can influence every area of the business in which it is used or deployed. Currently, virtually every relevant company is now a technology company. This means controlling and managing your transition to a digitally driven business model isn’t just significant because it helps you to beat competitors; it’s integral to corporate survival.
Businesses that digitally change are likely to connect more closely with clients, can speed-up the pace of innovation and, hence, claim a greater share of turnover in their divisions. Today digitally transformed companies have a valuable edge; in the future, some believe that only digital businesses will survive. Companies like Burberry and Nike have moved from being providers of conventional consumer goods to digital leaders and technology service providers, enabling them to create value across physical / digital products, and experiences. It’s the digitally – driven lives of customers that are transforming the rules of engagement – customers demand interactions with technology as part of their buying experience, because they are used to such interactions. The impact on businesses is that their customers’ loyalty grows stronger, if they are able to offer digital interaction, which leads to ongoing brand recognition.
Here are the top reasons why businesses need to focus on digital transformation in order to remain efficient in an era where the expansion of technology has shifted the goal posts – not just on the basis of consumer expectations, but also in terms of the expectations of your employees and the entire business eco – system.
- For customers, it’s all about the user experience
Whether it is through a company’s app on their cell phone, an automated phone call or a website visit, digital transformation is now firmly at the heart of the customer’s experience with your brand. That experience requires you, as the seller or service provider to be responsive, seamless, and efficient.
For a digitally transformed business, every customer interaction is a golden chance to glean insights and information about what is working & what is not.
- Digital innovation is your competitive advantage
While the message that your business is heading towards decline if it doesn’t change may be a frightening one, it comes with a positive flip-side as well: digital transformation is your chance to score a competitive advantage. The Internet and technology have combined to remove regional barriers to business and in doing so, they have opened up huge new markets for any project that is able to hold an opportunity.
Embracing digital prospects and opportunities also allows businesses to accept a new nimble-thinking approach. Increasing the speed of executing ideas enables a “fail fast, to succeed faster” ethos that keeps them relevant in the global market.
- AI (Artificial Intelligence) will be a game-changer
Beyond the analytical power that is derived from big data is an even greater step-change: Artificial intelligence is already increasing the number of everyday business tasks that are being automated, freeing up employees’ time to deal with more intimate consumer issues. But this automation will be the tip of the iceberg for the problem-solving ability that emerges through AI (Artificial Intelligence) in the coming future. Advanced learning machines capable of working jointly with human business professionals to solve intricate commercial issues are just around the corner.
As with the help of big data, companies can take the lead on Artificial Intelligence development, in order to gain a huge competitive benefit.
- Data and analytics reign supreme
Those important digital interactions with your consumer can rely and generate an increasing volume of all-important information. In turn, that data feeds the analytics functions that offer digitally transformed businesses the insights that they need to drive the perpetual cycle of fulfilling consumers’ expectations and needs.
A thriving digital transformation involves readying a business for the demands of “big data” – the ability to analyse all aspects of customers’ behaviours and to use those insights to understand the impact on a brand.
- It all comes back to the cloud
At the heart of the digital transformation story – be it a focus on data, user experience, analytics or AI, is a foreseeable migration to cloud services. The cloud is an essential facet of digital transformation because it provides the agility businesses require to scale up their data needs.
With a cloud platform combined with a focus on data-led innovation, a business doesn’t have to worry about the constraints of its digital infrastructure, but can instead focus on growth through customer insights.
Digital business transformation is the critical challenge in transforming management control over businesses. Its impact is not restricted to business structures. In fact, it impacts strategic positioning and processes at all levels of an organisation (each activity, task, process). Furthermore, its influence extends to external supply chains. Companies in all regions and industries are experimenting with and benefiting from digital transformation using mobility, big data analytics, cloud and social media. Adapting quickly to this transformation opportunity is becoming a make-or-break proposal for companies globally.
Digital Transformation is the new must!
If you’d like to discuss your Digital Transformation journey, contact a Venturiq team member today.