In the booming digital era, the course of the global economy is rapidly changing, and business models are transforming in unpredictable ways. In their efforts to adapt to this disruption in work and business ecosystems, organizations are changing their operations from the ground up – the key to which is digital transformation.
Simply put, digital transformation is the adoption of digital technologies in all areas of your business. It fundamentally changes your operations and helps you deliver more value to your customers through improved offerings. However, it also necessitates a cultural change, as it requires organizations to challenge their status quo and re-approach their operations with a digital-first mindset.
As digital channels are becoming the primary driver of customer engagement, and companies increasingly require a data center to manage the immense amounts of data that inform their everyday processes, digitization is becoming the core tenant and growth driver for businesses in almost every industry. To that end, let’s look at the specific ways digital transformation can help your business grow.
Streamlines Your Processes
If you’re a business owner or manager, you know that operational processes can be extremely time-consuming. This is especially true of outdated, manual tasks where more time is spent recording or coordinating than on activities that contribute to your bottom line.
By using digital technologies or software, you can automate your processes and speed up your operations a few times over. From sales trackers to customer support platforms to expense management software, there are countless tools that can streamline your communication, storage, and analytics – maximizing your results with far less effort.
Just think of how many hours your employees must spend on filing, checking, and approving expense claims – and by how much you can reduce it by implementing expense management software that does most of the job for them. By simply redirecting their time, your employees can focus on growth-related projects instead of redundant and outdated tasks.
Empowers the Workforce
Streamlined processes mean that employees can accomplish their tasks quicker and avoid spending time on redundant tasks that might make them feel less appreciated. These changes empower them to become more productive and engaged in their other day-to-day tasks, resulting in positive work culture and business growth.
With improved communication technologies, you can also boost collaboration between different stakeholders and create a sense of shared purpose. That will help you set organizational goals, work better on projects, and solidify your teams. As people are your greatest asset, digital transformation gives you a boost from the ground up.
Improves Your Products and Offerings
As customer expectations rise with the advancement of digital platforms, supporting and improving their experience is vital to the growth of your business. Naturally, utilizing digital tools can take you several steps closer to competing with other digital companies that are on their paths to customer-first products and offerings.
About 80% of users feel more motivated to shop from businesses with an easy-to-use website or other digital features. With the right technology, you can build a website that is easy to navigate, communicates important information, and delivers a great overall experience. You can also use digital applications to integrate your customer channels and offer quick and effective support.
Offers Data-Based Insights
Digital technologies can single-handedly track your metrics, organize your data, and produce analytical reports with almost no manual input. These data-driven insights can help you understand your customers better, improve your strategies, and help with your decision-making processes. Essentially, if you focus on the most relevant areas of your business, you can grow more skillfully and successfully.
As more of your organization becomes digital, you will collect and integrate more data. To make the best use of it, you should consider which tools align with your business goals and can be easily managed by your employees.
When used right, data can expand the capabilities of your business exponentially. It will optimize your analytics behind the scenes and create powerful algorithms that inform both your internal processes and customer experience.
Investing in digital technology might be costly in the short run, but by improving your efficiency and productivity, these tools can significantly reduce your costs in the long term. This will allow you to dedicate more of your finances to innovative practices that can improve your products and your business.
These include improving the design of your products with digital features or data-backed insights and connecting your services to those of other companies with the help of APIs – allowing you to expand into new channels or ecosystems. There are countless opportunities for businesses that undergo a digital transformation. As long as you follow a strategy, you will most likely find the tools that help you achieve it.
Digital transformation has accelerated over the past few years but experienced the heaviest push after the digital disruption of the pandemic. In light of these changes, companies are instilling a digital-first strategy to adapt and grow their businesses.
If you’re on your way to a digital transformation, you should consider the following ways in which digital technology can support your growth:
- It streamlines your processes;
- Empowers the workforce;
- Improves your products and offerings;
- Offers data-based insights; and
- Fosters innovation.
Be prepared to iterate and adapt your strategy as you progress up the growth curve.