Digital transformation is a term that’s heard a lot these days, but many business leaders misunderstand the concept. Digital transformation is not just about new technologies; it’s about finding new ways of working that solve traditional problems.
What is digital transformation?
Digital transformation usually introduces types of innovation and cost efficiency in a particular domain, such as streamlining your supply chain using pioneering portal platforms that are uniquely delivered within SAP ERP software. However, digital transformation looks different for every company, so there is no “one size fits all” definition.
In general terms, digital transformation results in fundamental changes in how a business operates and provides value to its customers. It can involve changes in leadership, significant shifts in approach, and the transformation of management systems and processes.
Digital transformation is not necessarily about digital technology, but about the fact that technology allows people to solve age-old problems in new and innovative ways. Here’s how digital transformation could benefit your business.
1. Digital transformation improves the customer experience
Customer experience (CX) is another buzz term you may have heard, but in reality, it is more than just a fad.
Consumer marketing is more competitive than ever. This is partly due to the variety of mediums companies use to market and sell their products, such as social media and email marketing. In any case, there is a new focus on the customer experience. Businesses must undergo digital transformation to close the gap between what digital customers want and what the company delivers.
However, digital transformation extends beyond the customer experience and can benefit businesses as a whole.
2. Digital transformation will make your business more profitable
One of the goals of digital transformation is to improve profits for your business. Although it might involve an initial investment, the results will be worth it if your company transforms successfully.
According to a 2017 Gartner survey, 56% of companies who recently went through digital transformation said the changes had already improved profits. What’s more, research shows that company decision makers helped make business operations more efficient, thus saving on operational costs and staff wages.
3. Transformation is crucial for survival
Many businesses struggle to evolve in today’s digital landscape. Therefore, transformation is not a choice for many. Instead, it is a necessary strategy to ensure their business survives in the present and the future: eat or be eaten.
With technology developing at a rapid rate, there is no longer room for companies to “grow” to meet the expectations of a digitally-driven audience. Instead, they must transform to improve efficiency, boost profits, and remain competitive.
The key to digital transformation: staying true to your values
Of course, transformation doesn’t mean you should abandon your company values and ethos. Businesses who rely on the use of software are encouraged to transform their digital customer experience while remaining mindful of their industry-specific nuances and requirements.
There is no use transforming for the sake of utilizing new technologies. You must do so to make your business more efficient, improve customer relationships, and help your business thrive as more and more of your competitors go digital.
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