5 Ways Your Business Can Benefit From Digital Transformation
As a business owner, you must have faced a mysterious term ‘digital business transformation’. In practice, it implies a modification of existing business processes or the creation of new ones with the help of technologies. While some entrepreneurs are scared of new software products, employment, working hours spent, and, of course, expenses, 56% of CEOs admit that digital improvements have resulted in revenue growth. Whose side are you on?
Even the businesses understanding such transformation as a disturbance do not deny that well-defined changes add value to a business entity and create favorable conditions for further growth. In this article, we’d like to show you future prospects and benefits you’ll get in case of a shift towards digital transformation development.
1. Accurate and Valid Data is Always at Your Disposal
Data collection is a daily routine for most companies. You can audit performance, add information to a clients’ database, or review an employee’s performance. In any case, you need a correct representation. 77% of CEOs are convinced that their bottom line is affected by inaccurate data. Nonetheless, a data quality initiative requires continuous efforts and focus.
Fortunately, digital transformation companies know how to put a focus on consistent data collection. That’s why you’ll find a plethora of data collection & analytics tools on the market. It goes without saying that having a website, you must use Google Analytics. However, you can add more sophisticated tools for surveys, usage data, checklists, voice data collection to the kit. In case you won’t find anything suitable, you can contact app development specialists and create a custom product to be adopted at your company. Such an upgrade will not only make you an owner of the latest data but let you analyze the different aspects of your business correctly and in short terms.
2. Your Employees Won’t Waste Time on Routine Tasks
Apart from data collecting your team members spend a lot of time on simple, repeated but quite effort-consuming tasks: creating and sending emails, maintaining and updating schedules, writing reports, monitoring social media, searching for documents. On average, people lose 219 hours annually performing recurring tasks. At the same time, an average US company loses nearly $1.48 million per year because of the routine work of its employees.
In order to avoid the losses, invest in software development for business. Tech solutions will release your workers from repeated manual tasks and reduce your expenses in the long term. Your team will be able to concentrate on more creative challenges and discover new potential for the company’s growth.
3. Keep the Pace With the Competition
Digital transformation can be a perpetuum mobile of your business. Integrating new technologies makes it possible to maximize the efficiency of your daily efforts. Moving towards and changing to the better means you’ll keep pace with your competitors. According to the service Get2Growth, 100 million inborn digital startups are opening each year. Established companies are introducing new services. This is a good reason to adopt new technologies.
We live in the times of turbulence when new challenges suddenly appear. Sticking to a sustainable digital transformation strategy and having created an appropriate infrastructure, you’ll be able to stay afloat and compete within the market.
4. Multiply Your Products and Services
Developing new products requires huge efforts. Engage tech tools and give a second, digital life to your actual assortment. You may offer digital versions of the products as well as new services like online sales, communications, post-sales support. All of these things attract and retain customers whose preferences are also changing under the influence of modern technologies. 81% of purchasing managers admit they would choose a supplier that offers online ordering over an equal one who doesn’t.
Multiplying an assortment is a great way to target more customer segments and get a competitive edge. Do not miss such an opportunity.
4. Increase Profits
While the business community is scared of expenses caused by the adoption of new technologies, it forgets that transforming an enterprise leads to increased profits. Nike, for example, has managed to get a 69% growth of stock price in 2 years as a result of transforming into a cloud-based business. Digitally mature companies are 23% more profitable than their less experienced competitors.
The numbers look inspiring. If you choose the right tools and apply them correctly, the profits will overcome the expenses.
Making a Choice
Now you see that digital transformation isn’t really about some sort of hype. It means valid information, productive employees, effective workflow, competitive products, and a company’s prosperity. To align your organization with such a successful vision, you need to make a choice. Well, you’ll have to. While you’re thinking about possible modifications, your competitors are making a deal with a web development company or buying online tools to make their work more effective. So, start acting today. A journey of a thousand miles begins with a single step.
If you have any doubts, questions, or a need for a supportive technical partner, contact Fively.
