Digital transformation is still key to success for organizations big or small?
Over the years, the gradual but steady adoption of transformative technologies has revolutionized the business landscape across every industry. This has helped organizations to innovate and thrive in the fast-changing digital space.
The COVID-19 pandemic accelerated digital transformation and caused the technological advancements and implementation that were supposed to take years to happen within one year. According to Dell’s Digital Transformative Index 2020 which surveyed more than 4000 leaders globally, 8 out of 10 organizations accelerated their digital transformation programs in 2020.
The restrictions that lead to this acceleration have been eased. With the mainstream rollout of vaccines, life and business are expected to continue to return to the “old normal.” That being said, do you think digital transformation is still key to success for organizations in the post-pandemic world? Yes, it’s still essential for success, irrespective of the size of an organization.
Why is digital transformation still key to success in the post-pandemic world?
Digital solutions implementation trends show that organizations across the globe are investing extensively in their digital transformation programs. It shows that business leaders know that adopting transformative technologies is still key to success.
According to ICC, digital transformation investment is growing at a Compound Annual Growth Rate (CAGR) of 17.5% from 2020 to 2023. And as companies continue to build on existing strategies and investments, it’s projected to reach $7.1 trillion.
Let’s take a look at why transforming your business digitally is essential for success.
The need for transformative technologies will continue to rise
There is already a massive shift in how organizations implement business processes. Adoption of digital transformation during the pandemic further revealed how technology can be used to streamline and automate tasks, thereby leading to improved business operations as well as productivity.
The need for faster delivery of products and services will always be there. For instance, with some companies and job seekers preferring the remote work model to the traditional office setting, demands for solutions like collaboration and project tracking tools will continue to rise. Trends like software-aided recruiting, AI-powered customer experience, new product delivery tactics, and so on, will continue to drive growth in the adoption of digital technologies.
The world is undergoing massive digitization
The world, in general, is undergoing massive technological advancement. Any organization that wants to be successful must as a matter of urgency embrace digital transformation. An average person on the street uses more technology than ever in their day-to-day endeavors. So, every company needs to incorporate digital solutions at every level of business operations. This is to resonate with the tech trends revolutionizing the business landscape and the world at large.
Customer expectations have changed
Given the unprecedented implementation of cutting-edge solutions and marketing strategies during the pandemic, the “taste” of consumers has changed forever. Customers expect improved service & delivery methods and a state-of-the-art approach to customer relationships.
It’s difficult, if not impossible to meet customer expectations without using transformative digital solutions. Great customer service, short response time, and personalized experience that consumers seek can only be achieved with AI-based technologies like chatbots and recommendation engines.
Digital transformation leads to enhanced customer experience
According to a report by SAP, about 92% of leaders said they use transformative digital solutions to enhance the overall customer experience. In addition, 70% of the leaders reported a measurable improvement in customer engagement and satisfaction after integrating digital transformation in their framework.
Customers want to have a technology-powered experience with organizations the same way they have with technology in their day-to-day lives. For some companies, this can be very challenging since making the necessary shift requires more agile IT services, networking capability, and an advanced IT team.
However, companies that are ready for the future must shift their focus from the traditional tech approach to digital solutions capable of giving them the leverage required to satisfy customers and compete favorably in what is now a digital-first business world.
Actionable insights are among the major drivers of success. Business leaders across the globe rely on data-driven insights to make critical decisions that drive growth. Digital transformation enables companies to use structured and unstructured data to create custom, actionable insights.
It enables organizations to drive growth with data-driven, timely decisions. With real-world insights, companies can raise their bottom lines by creating targeted campaigns and focusing on important areas instead of blindly taking steps that don’t attract customers.
Improved operations & productivity
Digital transformation provides state-of-the-art solutions organizations need to enhance business operations to meet their goals and the needs of customers. These technology solutions include automation, collaboration, employee tracking tools, and so on. These tools help companies to get things done faster with fewer resources – thereby improve productivity.
With automation technology, employees can overcome the limitation of manual, repetitive tasks. Automation tools allow companies to get more done in less time and resources.
Collaboration among teams and between departments is made easier and faster with software. Employees can share files, work on projects concurrently, and address feedback effortlessly.
Given the changes in how employees work, productivity tracking tools help companies to keep tabs on projects to make sure that all hands are on deck. With companies and workers choosing the work-from-home model, employee management tools are more important now than ever.
Improved innovation and agility
Digital transformation helps organizations to adjust and improve continuously. Things change often and companies need to implement solutions necessary to enable them to thrive in the fast-changing digital landscape. About 68% of organizations say agility is among the top 3 things they consider when it comes to digital transformation. With appropriate digital solutions, companies can quickly adapt to changes to avoid losing out in the market.
Any company that wants to be successful needs to adopt transformative technologies. From product design, service delivery, internal business operations, general management, to supply chain optimization, and customer experience, cutting-edge digital tools are needed for optimal delivery. Staying ahead of the curve in any industry requires a strategic adoption of digital transformation.
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