The vital role of digital transformation in the evolution of business operations and organizational growth.
Digital transformation is defined as the transformation of a business to modernize the way they work, improve their processes, enable technological penetration, and nurture employee expertise to drive success.
Many organizations across various industries are leveraging the benefits of digital transformation to improve operational efficiency, streamline processes, and drive faster, consistent results.
Why is Digital Transformation important?
Digital transformation enables a technological framework that funnels all the data and services offered by an organization into a digital format. The goal is to reevaluate and reimagine existing systems or processes in order to make them flexible and efficient.
Currently, 90% of businesses already do business in the cloud. However, digital transformation is more than just migrating your business data to the cloud—true digital transformation has an impact across an organization.
The Need for Digital Transformation
Digital transformation is imperative for 21st-century business. It doesn’t matter if you’re a small business or enterprise, if your company’s vision of the future involves growth, then implementing a digital transformation strategy is necessary.
Here are some of three crucial reasons why is digital transformation important for business:
According to Dell’s Digital Transformation Index, Eight out of ten organizations moved to fast-track their digital transformation program in 2020. Similarly, the 2021 Digital Business study revealed that up to 91% of organizations have adopted or have plans to adopt a digital-first business strategy. A well-executed digital transformation strategy provides an edge against the competition.
Customers want better services
According to BusinessWire, businesses will spend $641 billion to improve customer experience in 2022. A PwC survey revealed that nearly half of all companies adopting digital transformation are doing so because it can potentially improve customer experience and satisfaction.
Employees need it to be efficient
Digital technology plays a pivotal role in helping employees become more efficient. According to a survey of business and HR leaders using AI to help workers in their organizations by Statista, 58% of them say AI helps improve the consistency and quality of their work while 26% say AI can help workers improve productivity.
What are the Benefits of Digital Transformation?
The benefits of a well-implemented digital transformation plan are multi-faceted. The following are some of them:
1. Manage resources better
Digital transformation helps to consolidate all the dispersed databases and software and organization uses into a complete suite of tools. On average, enterprise businesses may use as many as 900 apps. Digital transformation takes all of these apps and data from their siloed form into a single central repository that supports business intelligence better.
2. Data-driven insights and decision making
Benefits of Digital Transformation includes unlocking valuable insights for your business. It helps you get a better understanding of your customer, their needs, and the market in order to create an efficient business strategy to drive business growth.
3. Improved customer experience
The modern customer has high expectations from businesses. A recent Gartner report revealed that two-thirds of companies believe they’re competing with others in their niche based on customer experience.
Digital transformation benefits your team with a new level of efficiency that allows you to deliver intuitive experiences for your customers in terms of communications, product delivery, marketing, and other customer-facing aspects of your business.
4. A digital culture improves team collaboration
Equipping your team with the right tools and creating a digital culture creates a tailored environment for them to collaborate seamlessly. Teams also get to collaborate beyond the confines of office spaces or even the same geographical location.
Improving the efficiency of your business processes through digital transformation benefits in greater profitability. According to a Gartner report, up to 56% of CEOs say digital improvements have led to increased revenue for their business.
Digital transformation helps businesses grow faster. Businesses that adopt this strategy can improve speed to market while making continuous improvements to their product and services in a flexible environment.
What is Included in Digital Transformation?
Digital transformation is not a sprint. It is more of a long journey with multiple interconnected paths working towards the same goals of optimizing processes, improving teams, and transforming your entire business ecosystem. Leverage the benefits of Digital Transformation with Kissflow Work Platform.
It involves building a solid bridge between your people, the technology they use, the tasks they perform, and the data they work with.
You can summarize digital transformation this way:
Apps + Workflows + Projects + Collaboration + Integrations + Analytics
Digital transformation is hinged on finding the right applications to simplify complex business functions. This is one of the most crucial steps in implementing a digital transformation strategy for your organization.
Digital transformation prioritizes complete oversight of projects. This allows managers to see what’s happening in real-time, manage resources, and assign project steps via efficient digital tools.
Digital Transformation is not just about tools. In fact, it’s more about people than it is about tools. Hence, inter-departmental and cross-functional collaboration is a major factor that determines the outcome of a digital transformation program.
How does it all fit together? This is the integration part of digital transformation. It involves connecting new and existing digital technologies in a way that they all work together seamlessly to advance your digital transformation goals.
Digital transformation is meant to eliminate the common pain points of employees and customers. The only way you’ll know these pain points and implement a strategy that addresses them is through an efficient data analytics framework.
How Can You Leverage Digital Transformation?
The outcome of your digital transformation drive is strongly dependent on how you plan and implement your strategy. The results differ from one organization based on the strategies they choose to implement to attain their goal.
In implementing a digital transformation, you must take your past and current position into account and then plan long-term strategies that scale your digital transformation efforts as your business grows.
While thinking about technology, your people are important too. Your team must be flexible enough to undertake the changes needed to meet your digital transformation requirements.
Agility is key to the success of your digital transformation efforts. Once you have formulated the set of strategies you want to follow, you should follow through with them, while adapting any changes if necessary as your progress. With right plan and implementation you can make use of the benefits of digital transformation for your business.
Digital transformation is in two folds. The people and the technology both go hand in hand in optimizing your business and achieving set goals. Choosing the right digital transformation platform is crucial to tying all the various aspects of your digital transformation efforts together. And that’s why you need a solution like Kissflow. Kissflow’s digital transformation platform helps companies embrace change, drive adoption, and simplify operations with ease.