By Matt Louden
For most companies, digital transformation is too complex to handle alone—88% rely on third-party providers for at least one component. Despite this drawback, organisations are making their tech-savvy transformations more rapidly than ever. Why?
What’s all the fuss about?
It’s still early, but so far the evidence for companies leveraging digital technology is encouraging. After reorganising operations and successfully changing company culture, here are 10 benefits your enterprise can expect:
Reduced costs: Optimising business technology and operations around digital technology means cost-per-transaction savings and increased sales.
Improved customer strategy: New technologies create capabilities that can help a company acquire, retain, and assist customers while simultaneously reducing marketing spend.
Consolidated operations: The introduction of cost-effective, customer-focused digital tasks streamlines business workflows and eliminates overhead associated with outdated solutions.
Analytics: Digitalisation gives companies the ability to combine data from all customer interactions and formerly unstructured sources into a useful, actionable format to optimise customer experiences and expenses.
More customer-centric focus: Digital transformation’s main concern is using technology to enhance the customer experience. By shifting focus and paying more attention to what customers want, service is improved consistently across all touchpoints and channels.
New products/services: With this new, customer-centric focus, an enterprise is better equipped than ever before to adapt to its customers and the competitive industry landscape.
Accurate market segmentation: New technology enables businesses to discover more adaptive and agile models based on customer parameters that were impossible to uncover and/or track in the past.
Improved silos: Identifying silos that span multiple functions and processes becomes much easier, allowing an organization to increase its efficiency and impact.
Universal customer experience: Connecting enterprise-wide systems and technologies simplifies and universalizes the customer experience, regardless of when, where, or how they choose to interact with a brand.
Increased agility and innovation: By eliminating the dependence on slow legacy IT systems, transformed businesses make themselves more nimble and responsive to current market trends and demands.
Making transformation a success
While each organisation leverages its technology differently, there are a few universal keys to making the most of digital transformation. Here are three things your company needs to focus on when making changes:
Connecting old and new technology: Digital innovation can only be as effective as the rest of your technology allows it to be, so understanding current workflows and how technology impacts them is critical. Review operating model differences and their speeds, agility, fluidity, and customer involvement ahead of time to prevent problems from occurring down the road. Don’t let past technology investments or failures affect future adoption.
Establishing a new culture: Making sure your enterprise technology is ready for the digital age is great, but transformation falls flat if employees don’t believe in it. A workforce needs appropriate training and continuous learning opportunities to cultivate the knowledge and skills necessary for maximizing digital transformation’s impact. Start by making changes to critical processes that link legacy systems to new ones.
Fostering collaboration: During your transition, the coexistence of two different models has the potential to bog down operations and bring decision-making into question. These negatives only get worse without open lines of communication. Organizational leaders should communicate clear expectations regarding employee responsibility and accountability on a continuous basis to minimise disruptions.
As more and more companies transform themselves, the potential is exciting and the possibilities are largely untapped. Digital technology has the potential to revolutionize industries, so don’t be afraid to think outside the box and try something new.
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