From tech-oriented businesses to supermarkets, from the world of financial banking to the realm of insurance, every single industry, company, and platform stands to be influenced by digital transformation.
But why should you keep tabs on this extraordinarily impressive digital trend? Because you will be able to get to know not only one but four insightful reasons why you must take digital transformation into account.
What is Digital Transformation?
Digital transformation is actually the systematic integration of tech into different areas of business, informing and influencing the way corporations deliver effective value to their clients. This phenomenally important trend marks a tremendous cultural shift that will demand that all enterprises get to experiment with different digital services, challenge assumptions, and ignite the future of technological development.
This is a continuously developing journey which has a wealth of different goals. Ultimately, the aim is to optimize diverse processes and empower a new business ecosystem for a mighty connected digital age.
Whether it is different technologies, crucial human resources, front-end development, specific teams, and particular players in a corporate market, digital transformation is widespread and will impact businesses to the very core.
4 Reasons to Own Digital Transformation
1. It Reduces Costs
Every business leader wants one and one thing only: to reduce costs, get new clients, optimize resources, and increase revenue every single year.
How will this boom help achieve just that? By being able to allow you to take remarkably keen advantage of cloud-based solutions, Artificial Intelligence, and machine learning.
Here are some statistics that showcase that organizations are investing in this transformation with the aim of reducing their overall costs:
- 55% of startups have adopted a digital business strategy
- By relying on digital-oriented strategies, the average enterprise will see revenues increase by up to 23%
- 27% of executives rate digital transformation as a matter of corporate survival
- 45% of business leaders believe digital transformation will increase their ROI
2. Employee Efficiency
When companies decide to invest in digital solutions, their employees feel the benefits. In fact, digital transformation enthusiasts believe that - by investing in exceptionally advanced technology - they can ensure their employees become more motivated and much more efficient.
In fact, on the authority of the latest research on digital transformation, employees that are part of a corporation which has invested in this trend become 39% more productive and efficient. Moreover, employees will take less time to make decisions, since they will be able to take full advantage of chatbots, AI, machine learning algorithms, Big Data, Data Science and the Internet of Things to ensure they become optimal tech-aided professionals.
3. Performance Management
By allowing CEOs and executives to gain deeper data-driven insights into their organization, digital transformation is set to increase overall business performance. In the future, employees will be able to make decisions that are fully based on analytical data, taken from Big Data storage systems which can be controlled by powerful AI algorithms.
This means that performance analytics will reach an impeccably high level of detail, allowing managing officers to relocate product manufacturing capabilities or compare different statuses across diverse websites in no time.
Digital transformation will effectively contribute to a mindset shift, ensuring digital entrepreneurs come up with a whole new process for strategic thinking. This torrent of analytical info will ultimately enable a better input into the processes and a much better understanding of an overall business vision.
4. Customer Service 2.0
With the advent of digital transformation, you can expect to become able to kickstart highly-competent, personalized, and unique customer management relationships.
Taking advantage of AI, sentiment analysis, predictive lifetime value, and a plethora of other digital possibilities, you will be able to personalize campaigns, create a tailor-made customer service, and improve customer retention through data-driven, AI-maintained customer loyalty.
For instance, using Artificial Intelligence chatbots, you can expect to answer customer queries more rapidly than ever before. By using the incredible power of chatbots and machine learning to learn and memorize staggering amounts of client data and psychological patterns, you will be able to know when to approach customers, and what exactly should be said taking the client’s behavioral patterns into account, becoming able to use technology to cater to every possible consumer need.
The End Game
Digital transformation is all about supercharging the right tech tools, educating organizations, and combining the power of technology and human capabilities to concoct a successful technological change.
By taking advantage of AI, machine learning, and an array of newly-minted advancements, you can be sure to optimize your digital game, increase revenue, retain more customers, and offer a unique experience to every single product user in the future.