Digital Transformation fundamentally reimagines how an organisation operates.
It elevates systems, processes, workflows, and human capital. Every aspect of the organisation is transformed and data is amalgamated to provide a new level of insights, enabling real data-driven decision-making. The advantages of workflow automation and advanced data processing through artificial intelligence and machine learning, are enabling companies to connect the dots on the customer journey in ways that weren’t possible before.
The elevation effects digital transformation has on operations, human capital, customer satisfaction, and profitability are strong enough to counter any argument against transforming.
Cost is the primary driver of digital transformation decision-making in many organisations. However, a deeper understanding of how digital transformation impacts the organisation, reveals that it drives down costs and frees up resources. The driver of this conversation should be ‘when’ and ‘how’.
Here are the 10 most significant benefits.
In the new world where playing grounds are equal & winning demands absolute significance, outperforming competitors through innovation has become exceedingly difficult.
Through Digital Transformation, organisations can innovate internally, and gain industry advantage from the inside, behind closed doors.
ENHANCED DATA CUMULATION
Most organisations accumulate large amounts of customer data but very little operational data. The holy grail of data-driven decision-making is optimizing both customer and operational data for analytical insights that provide a never-seen-before perspective on the organisation. These insights allow for better decision-making that drives the organisation forward.
These digital technology-driven processes and workflows allow different functional units within the organisation to produce translatable raw data and insights across various touchpoints. This in turn produces a single view of the customer journey, operations, team-and-individual capacity, production, KPI’s, OKR’s, finance, risks, and business opportunities.
OBJECTIVES & KEY RESULTS MANAGEMENT
Digital Transformation enables organisations to turn operational strategy into results-driven execution. Transformation connects the dots from strategic decisions to ground-level execution and aligns the operational objectives to the core goals of the organisation.
The digital tools that facilitate this process, bridge the expectation gap between the organisation and the team responsible for driving objectives and delivering key results.
GREATER RESOURCE MANAGEMENT
Enterprise businesses make use of hundreds of technology and software applications, making it extremely difficult to maintain data accuracy and consistency. Digital Transformation consolidates information & resources across various business units into a single suite of digital tools which can integrate applications, databases, and software into a single source for business intelligence.
Digital Transformation is not a department or functional unit. It encompasses every area of an organisation and enables process innovation and efficiency across every business component.
DATA-DRIVEN CUSTOMER INSIGHTS
The greatest source of customer insights is data. Authentic customer-centric business strategies are built from a deep understanding of the customer. To drive business growth, this understanding requires data-driven insights from structured data like personal information, as well as unstructured, such as social media metrics.
Authentic data enables strategies to provide more relevant, personalized, and agile content.
ENHANCED CUSTOMER EXPERIENCE
Expectations in customer experience have never been as high. With endless choices, brands are forced to compete on an experience level as well as price and speed of delivery. Everyone can deliver similar costs at similar prices, so the experience is the new battleground.
Gartner reports that more than two-thirds of companies say they are competing mostly on customer experience. In 2020, they expect that number to rise to 81%.
Accenture reports that CX “has emerged as the key driver of sustainable business growth.” They suggest that even a single-point increase in CX scores can result in millions of dollars in annual growth.
ELEVATED CULTURE & COLLABORATION
Digital Transformation ignites a digital culture by providing teams with digital tools tailored to their unique environments, processes & workflows. In parallel with enhancing collaboration, communication, and automation, these tools also move the organisation forward, digitally. It equips the organisation with competitive advantages for the digital playing field. This digital culture will prove vital as we approach the all-digital future. It ensures that upskilling and digital learning is reserved for everyone on the team, and not just for the digitally accomplished.
REVENUE & PROFITABILITY
Companies that are successfully digitally transformed improves efficiency while lowering operational costs, thereby directly influencing revenue streams and profitability.
80% of organizations that have completed digital transformation report increased profits.
85% say they have increased their market share.
On average, leaders expect 23% higher revenue growth than competitors.
AGILITY & ADOPTABILITY
Digitally Transformed organisations are much more agile and capable of adopting new tools, solutions, and strategies (Continuous Improvement ). This improves speed-to-market, speed-of-innovation, and customer satisfaction with a new mindset of “how can we do things better?”
PRODUCTIVITY & PERFORMANCE
With the right tools in place that streamline & improves operational efficiency, teams are able to maximise productivity. Through automation & integration of data throughout the organisation, team members are empowered to work more efficiently and elevate the organsation’s overall performance.
Digital Transformation is redefining how we do things and even how we think about things. The more the New Normal becomes the norm, the Digital Transformation movement will only pick up momentum. The opportunity available right now is the top-to-bottom reimagination of how work is done.
Digital-HQ’s [ PEOPLE-FIRST ] + [ TECHNOLOGY-SECOND ] approach ensures the longevity and sustainability of a complete end-to-end transformation of the organisation.
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