Digital transformation empowers companies to work more efficiently and profitably by implementing the latest digital technologies. We live in a digital age and businesses need to know how to adapt and update to retain a competitive advantage.
What is digital transformation?
Digital transformation integrates technology within a company to create a smooth-running and sleek operation. It runs across all departments and creates a sense of cohesion, rather than working separately. It takes some change management within the organization to make this happen, but the end result is worth it.
What’s the purpose of digital transformation? It connects people. An example is a company with remote workers across the globe. Effective digital transformation means they can communicate with each other in real-time, through an intranet, chat apps or video calling.
Ten years ago this cloud collaboration wasn't as available or so simple as video conferencing or expensive telephone calls were the only way to communicate internationally.
What is a digital transformation strategy?
Digital transformation drives efficiency through all levels of an organization. The ideal business models encompass a clear digital transformation strategy.
The strategy, a long-term digital transformation framework, identifies:
- Which areas of a business need digital transformation.
- What form of transformation the business requires.
- How to implement the transformation.
- How to monitor the transformation.
The strategy will take the business forward with defined steps for digital transformation that will enhance both the customer experience and the employee one, too.
Whether your business is financial services, landscape gardening or food retailing, a digital transformation strategy will drive your operation.
What are the benefits of digital transformation?
Digital transformation efforts will reap benefits for companies that implement them smartly.
- Profitability – According to a survey by Gartner, 56% of CEOs stated that their digital transformation initiatives have led to an increase in profit.
- Efficiency – Emerging technologies allow a digital business to run at full capacity, which results in time-saving and streamlining.
- Profile – A company with the latest systems that operate smoothly attracts new customers. It shows innovation and a determination to be part of the digital future.
- Motivation – As millennials start their careers, they want to work smart with the technology they’ve grown up with. And the rest of us want things to run smoothly and embrace the latest technology, too. Employees with access to state-of-the-art systems are happy employees.