Digital transformation is about unlocking your business’s most valuable assets and finding new ways to use them. Simultaneously, digital transformation is an evolution, not just a one-time change. It’s the ongoing journey of looking at where your company is today and where it wants to be tomorrow.
If you’re in the middle of a digital transformation project, parts of your organization may still struggle with change management or don’t yet have all the tools they need to succeed.
However, this doesn’t mean that digital transformation isn’t about using technology; it’s about using technology differently than before and understanding how people fit into the equation. This post looks at how the latest benefits of digital transformation can unleash your company’s potential.
- Digital transformation empowers your business to:
- Unlock new revenue streams
- Close deals faster
- Cut down on IT costs
- Make the work environment more collaborative
- Become more resilient and agile
- Make better business decisions
A digital transformation can help you unlock new revenue streams. A robust digital presence can also grow your market share through new sales channels. As your customers become more comfortable buying online, they’ll also be more likely to take advantage of new digital experiences that allow them to purchase your products in more ways, whether on their mobile devices, social media channels, or your new app.
You can also gain access to new markets. In today’s interconnected world, it’s easier than ever for businesses to expand into other regions and countries. Through the proper customer engagement techniques and localized content delivered on an ongoing basis, your business can reach out to customers further afield.
You can close deals faster with the right digital solutions. Your customers can find and purchase the products they want quickly using digital systems that make it simple to research your offerings and organization benefits without waiting around or leaving the comfort of their home or office.
What’s more, you can track where each customer is in your sales funnel to have their complete information whenever you interact with them. The more you know, the simpler it is for you to help the customer find a product that serves his needs. Plus, your company can use automated service systems like chatbots (artificial intelligence programs that “talk” to prospective customers) to deliver rapid responses to inquiries.
By analyzing your current IT setup, you can find ways to optimize costs. Maybe you’ll realize that your current IT system doesn’t provide sufficient automation and that you’re paying too much for manual work.
Similarly, you could discover that your system is a bottleneck, preventing your employees from doing their jobs as well as possible. In either case, digital transformation can undoubtedly help save on IT costs, but it does not have to involve replacing one expensive system with another.
Legacy systems are often a source of problems for IT departments. Often, they cannot be upgraded because the original source code has been lost or no longer exists. Legacy systems also tend to be less reliable than newer systems because they were not designed with today’s standards in mind. And they can be very expensive to maintain because old code tends to be fragile and difficult to understand.
This scenario can be avoided by modernizing your infrastructure with open source solutions that allow for easy installation and maintenance of new services like databases, messaging systems, web servers, and more. These tools are built using modern programming languages, which means they’re easier to manage than legacy software. The result is less downtime and improved efficiency, meaning fewer IT resources are required to get your applications up and running again when something goes wrong.
You can cut down on IT costs by hiring an external agency to handle setup, implementation, and maintenance while focusing entirely on what matters: growing your business and meeting customer expectations. Of course, there are also ways to reduce internal costs without developing or maintaining staff in-house by outsourcing them.
Digital transformation has changed the face of the modern business landscape. To stay competitive, organizations need to invest in technology that allows them to innovate, drive revenue, and maximize efficiencies. A collaborative work environment sets the foundation for a company to achieve this goal.
Organizations must compete and thrive in today’s workforce while keeping employees engaged and satisfied with their jobs. Custom automation solutions can transform the workplace to focus on higher revenue-generating opportunities that allow financial institutions to transition from legacy systems into the new work age.
Your organization can leverage digital solutions to streamline communications, empower staff to work more productively with robotic process automation (RPA) and make existing staff more efficient with intelligent automation.
These solutions can transform the workplace to focus on higher revenue-generating opportunities. A little bit of RPA and IA can go a long way in implementing cost-effective digital transformation for your business.
Your business becomes more resilient and agile as you implement a digital transformation. You gain the ability to adapt faster to market changes. Additionally, you can streamline your supply chains and proactively react to disruptions that would have otherwise halted production or even made it impossible to deliver products or services.
You’ll be able to quickly respond to crises instead of waiting for the problem to work itself out. If an issue arises down the road (and it will), your business will be much better prepared for how to handle it.
Digital transformation can help you make better, faster business decisions. Data analytics and other digital tools streamline processes and give you a more holistic view of the company. As a result, it’s easier to understand how customers interact with your company, how your business processes are going, and how your performance measures up to industry standards.
For example, say you’re thinking about implementing a new process for replying to customer complaints in real-time on Twitter. You could dedicate resources to testing this new protocol for 3-6 months before deciding whether it’s worth continuing. But with the right analytics software in place, you may be able to evaluate its effectiveness after just one week.
RD Global has helped many companies with their digital transformation journeys. RD Global’s team of experts has years of experience working with businesses from small to large. If you’re unsure about how to start your digital transformation journey or would like some help along the way, RD Global can help you create a plan for achieving your goals and reaching your potential.