Our previous article discussed the basics of digital transformations and gave a few examples of what they are. Now, it’s time we go over some of the main reasons why you and your organization should consider undergoing a digital transformation of your own!
Why Are Digital Transformations so Important?
It is estimated that 90% of companies use some type of cloud service, but when they move their data into the cloud, the vast majority are simply replicating their current services on a cloud platform. To undergo a digital transformation in the true sense of the term, your organization must have a technology framework that can convert your data and services into actionable insights—these, in turn, will help you optimize nearly every facet of your company.
A digital transformation doesn’t simply take your data and put it on the cloud, it helps you reimagine your processes, systems, workflow, and culture! Every level of your organization will be affected by this, while data from all areas can be brought together to work seamlessly and more effectively.
Digital transformations allow you to use workflow automation and advanced processing (like artificial intelligence and machine learning) to provide a customer experience that was unimaginable a decade or two ago.
So, What Are the Benefits?
1. Drive Agility and Innovation
What do all of the largest, most renowned companies in the world have in common? They place innovation at the core of their values. Think of all of the incredible technology and new products we have today. None of that would exist without innovators.
A digital transformation allows your organization to stay as agile and nimble as possible. You can rev up your speed-to-market and adopt continuous improvement strategies. This will help you turbo charge your innovation and adaption, while giving you constant pathways to improvement.
2. Increase Profits
If transformation and innovation are not a priority for your organization, changing outdated and, frankly, expensive systems can fall through the cracks. By operating on something that was built during the ‘90s, you can expect to have a slower work rate and higher level of maintenance costs (due to its impending obsolescence). More importantly, your employees, who are accustomed to all of the cutting edge technology the 2020s have to offer, probably have lower morale from having to work with such old and frustrating systems.
With new technology and a corporate mindset that buys into a digital transformation, expect things to run much faster and smoother. With improved efficiency, output, and morale, your profits will increase.
3. Collect Better Data
Every business collects tons of data. Digital transformations help you optimize all of that data and use it to drive your business forward by making informed decisions. Moreover, they let you create systems that allow you to collect the right data and then use it for better business intelligence. Most importantly, perhaps, they create a method for your company to translate all of your raw data into critical insights, letting you have a singular view of your processes, systems, finance, and business opportunities.
4. Provide a Top-Notch Customer Experience
With all of that data from #3 being put to good use, your company will be empowered with the ability to unlock new customer insights. You can use structured data (like customer information) or unstructured data (social media metrics) to interact with your customers in a more relevant, personalized, and agile manner.
These days, customer experience has become the main driver of a company’s ability to achieve sustainable growth. With a business strategy that is customer-centric, you can satisfy consumers’ skyrocketing expectations.
5. Manage Your Resources Better
A digital transformation brings all of your information and resources into a suite of business tools. In the past, organizations had to use a wide array of softwares and databases. As a result, providing a consistent experience was next to impossible. With integrated applications, databases, and software bundled into one central location, every area of your business can lead to process innovation and improved efficiency. This means your resources are not being wasted!
6. Create a New Digital Mindset
It wasn’t too far back that we were still typing documents, printing them out, and either hand-delivering or mailing them to their intended recipients. Then the Internet and email came along and multiple generations had to rapidly adjust to a new digital world. Newer and more advanced tools have been developed, but some organizations have not grown with the times.
When you provide your company with tools that are modern and tailored to your specific environment, you encourage an entirely new digital culture among your team. Sure, these tools help you operate better and more efficiently, but having a digital mindset means you’ll be able to adapt faster and easier to technological developments in the world. In other words, your organization will be primed for future innovation.
At CTR, we can make your digital transformation dreams a reality. If you’re ready, we invite you to learn more by contacting us at firstname.lastname@example.org