Every business that wants to survive on the market needs to embrace digital transformation.
As a result of the pandemic, this transformation became even more critical as the need for distance and lockdown has highlighted the need for alternative collaboration and operations methods.
Despite the end of the lockdown, some companies choose to continue using the new modes of doing business, like remote working and conducting online meetings only.
The advancement in technology also led to the implementation and replacement of old technologies with new ones.
Keep reading if your business is heading in this direction as well. Throughout this post, we'll look at how to achieve quick wins in digital transformation.
Let’s get right to it.
What is digital transformation?
As the name implies, digital transformation is the comprehensive integration of digital technologies into your business, which radically alters the way you operate and provide value to your clients.
An example of digital transformation is introducing AI-based chatbots that can answer simple questions on your website, decreasing the length of time customers wait to speak with an agent.
Areas of digital transformation
Digital transformation in the integrated and connected sense it requires can encompass, among other things, the transformation of:
- Business activities/functions: marketing, operations, human resources, administration, customer service, etc.
- Business processes, including business process management, business process optimization, and business process automation (using new technologies, such as robotic process automation).
- Business models: include the way businesses take on alternative revenue sources, transform their core businesses, and, sometimes, even eliminate their traditional core businesses altogether.
- Business ecosystems: partnerships and stakeholders, as well as economic and governmental factors that affect a business.
- Business asset management: involves managing assets, both tangible and intangible, such as information and customers.
The top reasons for adopting digitalization
There are many reasons that explain why your business should go digital. Some of the most important ones are outlined below.
Enhance customer experience and engagement
Clearly, one of the reasons businesses go digital is that they can offer their customers an efficient experience through digitalization.
By automating or at least speeding up some processes, new technologies will allow customers to get answers to their questions or problems immediately. Therefore, their satisfaction level will soar.
Improve business decision making
A technology-driven approach can improve the yield of data collection, enabling managers to make quicker and more informed decisions.
For example, having a data analysis software that connects the company's central database to consumers allows the company to collect current sales data and make smarter and quicker decisions based on new information received.
Think and act more innovatively
In this sense, digital transformation can also be a catalyst for innovation ideas and exclusivity. Through adopting technology, you can find additional and innovative solutions that can improve certain tasks or processes.
Transform the business
Companies are constantly subject to external changes and influences. Without adaptation, they will fail. This explains why flexibility is essential for every business, no matter what industry they operate in.
As a result, undergoing a digital transformation within your company will allow it to keep up with the competition, and in some cases, even gain a competitive edge, establishing it as an authority in its niche.
Ways to succeed in digital transformation
You can implement digital transformation across your organization in multiple ways. The following are a few of the most relevant ones.
1. Give customers the option to self-serve by using digital tools
Having your team complete every task and satisfy every customer request will make your business less productive and grow slower.
Fortunately, new technologies have made it possible to overcome such work overload for your employees by letting machines do the work for them, saving time, effort, and increasing customer satisfaction.
With a self-serve App, for example, customers in-store can scan product barcodes for inventory information, styling suggestions, and alternative recommendations if the size they need is not available.
QR codes can also serve as a direct means for users and consumers to download your app, send and receive payment information, verify login information, and more.
2. Recruit a new team and combine it with the old team
For digital transformation, it may also be necessary to bring some freshness to your team. As such, if you only have old-school people in your staff, you might want to consider hiring people who are more comfortable with new technologies and innovation.
Your business may have to pay a higher price for this, but it is worth it. New resources could provide innovative ideas for the digital transformation of your business, potentially enabling it to gain a competitive edge.
3. Adapt day-to-day tools to the digital age
The digital transformation does not necessarily mean replacing outdated tools with new ones. Upgrades to a more advanced, technology-driven level are possible with some of them.
The goal of a digital upgrade is usually to resolve technology challenges by patching existing systems or upgrading to a new platform. An institution can enhance hybrid learning, for instance, by purchasing a whiteboard tool as part of a digital upgrade.
As a general rule, digital upgrades improve the end-user experience, reduce system downtime, and free up staff time.
4. Communicate frequently via traditional and digital channels
In the case of a business that is just getting started in the digital world, changes shouldn't be drastic.
You might confuse your audience and customers if you make the switch from traditional to digital in one go. Rather, you should do it gradually.
Therefore, you can implement a mix of traditional and digital communication methods to satisfy any type of audience. For example, you may still use print flyers and magazines, along with social media posts.
5. Take advantage of cloud computing services
As digital transformation involves technologies Artificial Intelligence, Machine Learning, Big Data Analytics, and the Internet of Things (IoT), etc. you’ll need heavy computational power and storage space, cloud computing comes as a solution to integrate these technologies.
Cloud computing can reduce or eliminate many of these issues. Taking advantage of cloud services and tooling, however, requires changes across all IT functions and many business functions-in effect, a different business-technology model.
You can also make use of cloud computing services in order to speed up your digital transformation.
6. Make effective use of digital technologies that people want
Modern users are used to some technologies and expect to see them when visiting a website or entering a store, for example.
Instead of developing brand-new, never-before-seen digital processes or tools, you might do better by studying what people value and want.
For example, if consumers complain about the delay in receiving an answer after submitting a ticket to your customer service department, you may want to implement Live chats and chatbots.
Digital transformation: essential steps
Now that you know some of the best ways to drive digital transformation within your business, it's time to learn about the steps you should take to get there.
1. Have a vision before you begin
As part of your digital transformation process, you will have to rethink the way your business achieves success and interacts with customers and stakeholders.
Therefore, you have to consider what you want to achieve and how you want to make a change. Basically, you need to create a vision that clearly outlines the direction in which your business should move.
2. Build a story-based digital transformation pitch deck
Getting an organization to align around digital transformation may be the biggest challenge for a leader. To accomplish this, you will need to tap into the most powerful influence tool: storytelling.
It is crucial to use stories to get people to not just pay attention but to be receptive to change. For this purpose, a pitch deck may be useful.
A great pitch deck for digital transformation should include:
- An outline of the current situation with a focus on problems (e.g., declining sales, decreasing customer satisfaction).
- An overview of a scary picture of the current trajectory (what will happen if you don't act to fix the current situation and emerging problems).
- The details of your plans (describe how you intend to overcome the problems through digital transformation).
- Proof that your strategy will work.
- An ending that is satisfying (review what's involved and define the meaning of victory both on a company and personal level).
3. Invest in the right technology
Adoption of new technologies is an essential part of a digital transformation. Yet, choosing the technologies to implement into your business should not be a random act, as this would result in unnecessary and inefficient costs.
Rather, choose a technology that fits well with your business, taking into account the processes, customers, and budget.
4. Get your employees involved
Your digital transformation will not succeed if nobody supports it in your company. Getting employees involved in the process is therefore paramount.
In order to be successful, you have to educate and train your employees in the digital business world and get them onboard as quickly as possible.
Digital transformation is becoming an important part of every company's strategy today.
In the competitive digital space, those who fail to implement it will not survive.
We've looked at a few of the benefits of digital transformations, the necessary steps to implement them, and ways to run them successfully.
Using them and putting them to use will provide you with the most beneficial results.
Thank you for taking time to read this blog post. We hope it was informative and helpful to you.
If you want to read more, please check out this article on eight business innovations that will outlast the pandemic.