Why Digital Transformation Is Important For Every Business In 2018
Updated: Aug 4, 2018
Digital business transformation is a popular concept, and is a term used widely these days. Digital technology seems to be woven into every aspect of our daily lives. In this evolving technological world we live in, technological achievements and advancements are continuously being made, and have a greater impact on the global market and consumer behavior than ever before.
However, are businesses adopting similar profound new changes, and adapting to this global digital transformation? We have witnessed the dire consequences before – huge movie and music companies, and other big box businesses, failing due to the inability to adapt and change to technological and digital advancements, as well as consumer demands, in this fast-changing and technological world we live in.
Losing customers to rapidly evolving competitors is definitely a real threat to all businesses and organizations, especially for those who are not constantly updating and refreshing their products or services in line with technological and consumer expectations. The importance of digital business transformation cannot be understated.
Digital business transformation give an organization the ability to succeed from many angles, and has removed many barriers to entry for many, even very small, companies. Technology allows business to expand as far as it wants, with the ability to reach the global market without limitations.
Importance of Digital Business Transformation:
Never before has technology and digital business transformation played such a significant and important role in business success and the consumer relationship. Companies who can effectively implement appropriate technology and applications, that can manage and organize large amounts of data available, will most likely float, while business’ that fail to do so, will drown.
Digital business transformation is generally defined as the acceleration and enhancement of business activities and processes, to fully take advantage of changes and opportunities of digital technologies, allowing for a more strategic and prioritized approach to business models. Implementing appropriate strategies and plans allows a business to fully utilize the beneficial impacts technology can have on business.
At a fundamental level, technology and the ability to harness mass amounts of data and information is completely changing the consumer relationship and consumer experiences. Consumers are demanding a more flexible, easy approach to consuming data and information.
With clear objectives and IT professionals, a business has the ability to adapt and change to demands and digital transformation, without losing sight of their business ethics, goals, and already successful established models. Adapting requires transforming and enhancing models, to make them more efficient and easier for both the consumer and organization.
However, many organizations are still to this day slow to adopt new technology, mainly due to the concern of costs and a focus on short-term gains. The real issue is not whether a business should or should not adopt a technology, it’s whether they are able to successfully integrate the technology into existing operations without disruption. Digital business transformation in 2018 will be essential if your business wants retain customers, grow, and ultimately survive.
Don’t all business’ want faster, smarter, more productive employees? Adopting innovative programs and solutions can make it easier for employees to communicate and exchange data and information without restrictions.
It has become extremely important to encourage teamwork and cooperation within the work team, as there are more competitors than ever before, ready to take on your customers. With social media, the internet, and mobile smartphones, the team member can share calendars, files, and exchange notes effortlessly.
Engaging with Consumers and Enhancing Consumer Experience:
What could be more important to a business than it’s loyal customers? Without them, a business is nothing.
Customer loyalty, satisfaction, and retention have been important for every business’ survival and fosters continuous growth. Strong customer relationships result in more sales, and through referrals, new customers.
Understanding how to interact with your customers at the appropriate times and in the right place is important, and time needs to be spent researching the tools and technology appropriate to do so. This allows the business to plan accordingly and make the right decisions based on their customer behaviours.
Digital Security and Data Protection:
Today, many organizations are using what are called cloud solutions for applications, storage, and backup. These cloud tools are designed to keep data and information well protected.
Cloud is one of the hottest technology trends today. Traditional backup systems and solutions tend to be resource intensive, expensive, and complex, meaning important data may not end up being protected.
With cloud technology, everything can be backed-up and restored if disaster strikes. From a financial standpoint, it also allows for major cost savings. There is no longer the need to run a major data centre. It’s very feasible, which is a bonus for smaller companies.
What Will Digital Transformation in 2018 Look Like?
So, where do you start?
What does this digital business transformation consist of?
How will businesses successfully implement digital transformation in 2018?
Although digital transformation will differ widely based on a business’ specific challenges and consumer demands, there are common themes and frameworks that all business and technology leaders and managers should consider as they embark on digital business transformation in 2018.
A successful digitally transformed business is like a well-oiled machine, with technology enabling efficient operations and processes, and allowing for easy communications and collaborations across all departments.
The level of digital business transformation on each operational level will allow for accurate sales and forecasts, which improves the business’ ability to plan for the future and make decisions.
For example, common digital business transformation elements include:
Customer experience and applications
Culture and leadership
Digital technology integration
When an organization is eager and ready to adapt and transform business models to provide better experiences, pertinent questions must be asked. Do the new innovations bring any value to the business? How easily can they be adopted into the business? What difficulties might exist when attempting to integrate new technology?
Additionally, what are the consumers demanding, from both you and technology, and what are they expecting from their experience with the business? Paying close attention to the relationship with consumers and their behaviour is critical if a business is to continuously adapt and integrate new technological tools or processes successfully.
Any good business knows that it is crucial to deliver top quality consumer application and customer service. What type of experience are consumers having with your business? Adapting to digital transformation is not only about adopting new technologies but involves a change in thought and culture of the organization.
By adjusting practices and models, integrated with strong leadership skills, open-mindedness, and an encouragement to improve the experience of employees, customers, suppliers, and stakeholders, your business can implement technology and applications that deliver results.
Such impacts of technological tools and benefits of digital business transformation:
Reaching the market faster
Implementing new business models, products, services
Improving the end-to-end customer experiences
In addition, Harvard Business Review defines the following mega-trends in today’s technology:
Mobile devices access and management
Implementing digital business transformation and tools used will gather, analyze, consumer behaviour and trends, and help management identify opportunities and risks. Equipment and machinery should be used in such as way as to aid in the formation of effective and efficient processes.
Furthermore, the smartphone and internet are not the only digital technologies organizations have readily easy access to. Other technologies include sensors, scanners, GPS, Bluetooth, social media, news feeds, web clicks, beacons, fitness bands, video, drones, robotics, smart watches, and more! All of these technological tools can contribute to an organizations digital business transformation in many ways.
To succeed in today’s marketplace, companies must think about transitioning core processes and digitizing customer and business processes. Even though there may not be a one-size-fits-all solution for every business, the first step is thinking about which applications, platforms, and solutions fit into the culture and daily operations of your business. This process requires a personable approach, not just strategic, as well as the ability to follow and notice trends in the market.
Is your organization or business embracing this digital business transformation successfully?
Benefits of digital business transformation include enhancing customer acquisition and retention, improving workflow, operations, and management and marketing decisions, and being able to develop new products and services. It is therefore essential that all organizations understand the importance of digital transformation will be on the success of your business, and relationship you have with your customers.
What the takeaway message seems to be, is that the understanding of the interconnectedness of all elements is the driving force that will ultimately decide whether your business floats or drowns among the sea of competitors who will also be implementing digital business transformation in 2018.
Get in touch to find out more about how your business can successfully implement digital business transformation in 2018, and the digital tools and applications available for your business. There is no time to waste to learn about the ways you can lead your business into this digital era, and take advantage of the opportunities that exist.