Is Digital Transformation Still Relevant?
Is Digital Transformation just an over-used buzzword, or is it something more? If you’re wondering if Digital Transformation is just as important today as it has been in the past, the answer is a resounding yes.
We would even go as far as to say that Digital Transformation has never been so relevant. Never before have we seen such drastic change across a range of industries, as organisations compete to stay relevant in a post-COVID19 era. Now is not the time to become complacent, now is the time to set yourself apart from your competition through digital enablement.
What is Digital Transformation?
Digital Transformation is the process of integrating digital technologies into a variety of business systems which fundamentally changes the way that your business operates. It is estimated that worldwide spending on digital transformation will hit $2.3 trillion in 2023, a clear indication that not only is it still relevant, but it will continue to be relevant for years to come.
Transformation is a fundamental shift in how you do business. It changes the operational model, team structure, roles/responsibilities and processes of a team or business unit. It requires a culture of innovation and strong leadership to drive behaviour changes. When we integrate new technologies, it's not just about the software itself. We can't ignore the other business changes that go along with the technology change.
Why do you need it?
Digital transformation allows you to stay ahead of the curve. When done properly, this transformation can positively impact both top line revenue and bottom line profit. But, more importantly, it meets your customer’s needs seamlessly and efficiently, allowing you to exceed their ever-increasing expectations.
What’s involved?
Our digital transformation programs take place across two distinct dimensions:
Integration of digital technology. Technology creates fundamental changes in business models.
A cultural shift. Businesses must learn to innovate, push boundaries, experiment, and accept the associated failures. This potentially involves abandoning well-established processes for new ones — ones that are often still being defined.
Here are some examples of Digital Transformation projects:
Cloud Migration - IDC expects 70% of enterprises will deploy hybrid/multi-cloud management across their digital infrastructure by 2022 and that more than half of new infrastructure will be deployed at the edge (including all sites outside of corporate data centres) by 2023
Digital Solutions - A McKinsey survey indicated that at least 80% of customer interactions are digital in nature. This reinforces that companies and industries have been forced to respond quickly as consumers move dramatically toward online channels.
CX Transformation - Redesigning your Operating model which can include: process simplification, user experience and customer journey design, workforce optimisation design, omnichannel platform deployment and optimisation, unified agent desktop/agent-assist, natural language speech recognition and biometric verification, robotic process automation (RPA) solutions, intelligent virtual agents (IVA), advanced data analytics and Internet of Things (IoT).
ERP & CRM Replacement - Because the new core business systems such as ERP and CRM are all cloud-based, organisations need to shift their processes and how their teams work when replacing these systems.
Digital Payments and Payment Gateways - There are a myriad of new Fintech payment technologies available, and integrating these into your business can be complicated if you don’t have the right expertise on hand.
Still not convinced?
Here are four reasons why digital transformation is more important today than it has ever been…
Use data to make better business decisions
Once you utilise big data and place it at the centre of your business strategy, you’ll not only be able to make better decisions, you’ll be able to do it faster. Chances are, you have access to more of your customer data today than ever before, so it’s important to be putting it to good use. With the right tools, your data can turn into valuable insights to accurately inform your business decisions going forward. Not only will these decisions become easier to make, you’ll also be able to automate the process of actioning them, which means faster results.
Keep things secure in a hybrid workplace
With half of your staff (if not more) currently working remotely, there’s no denying that security is an ongoing concern. Going forward, businesses will need to find a way to keep their data secure, while their teams continue to work remotely. It is important to get on top of your cyber security needs whenever any type of organisation-wide change takes place. A successful digital transformation strategy will keep you ahead of the curve, anticipating risks and implementing security measures accordingly.
Boost productivity across the board
Keeping your employees engaged is crucial to keeping them at the top of their game, especially while your team is dispersed. Whether it’s communication software, such as Slack, or productivity tools, such as Monday, new technologies play a key role in ensuring that your business is functioning optimally. In fact, studies show that businesses can save 528 hours per employee per year by simply digitising data collection. With this in mind, what have you got to lose?
Exceed your customers’ expectations
Your customers expect more from you than they did in the past. Consumers have never had more choices than they do today, which means you are more replaceable than you’ve ever been. Agility, usability and capability are key, and the combination of these is only achievable with the right technologies. Not only do your key processes need to be operationally effective, but your customer service needs to mirror this.
Want to find out more about how we can help you upgrade your tech? Watch our video on Digital Transformation here.