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The Benefits of Digital Business Transformation
Does the Disruption of Digital Transformation Outweigh the Business Gains?
Many people confuse digital transformation with the use of technology. Digital transformation includes the adoption of technology but there is a lot more to it than that, and it all starts with leadership.
Therefore, the true benefits of digital transformation can only be realised when the technology you use is aligned with your business goals, and it is ingrained deeply within your operations.
When the stars align for your digital business transformation, what results can you expect?
As part of digital transformation business processes will be up for review, providing the opportunity to automate manual processes and simplify the complex. By digitising it is possible to break down cross-functional silos and do more with less resource, ultimately reducing costs and increasing profitability.
A by product of new information management systems is more data, they also provide a means of structuring that data to extract insight. By implementing systems to streamline your processes you can harness your data enabling you to can make better, faster decisions to move your business forward.
Most digital business transformations are driven by growth opportunities (51%). And, whilst there is no single metric for business growth, growth aspirations usually focus on revenue, profits, number of customers and/or sales. Depending the objectives you set for your transformation, you could expect:
More New Customers – With data-driven marketing you can market smarter, attracting more new customers for the same spend.
Increased repeat business – Digital tools enable improvements to the customer experience, which will ultimately increase retention artes and repeat business.
Higher conversion rates – Being data-driven can help you focus your sales on the deals which are most likely to close, resulting in higher conversion rates.
Legacy systems are holding back many businesses. Moving to modern technology means you can avail of functionality that has been designed for use now and in the future. For example, cloud applications mean you can avail of updates as they are released and are no longer limited to an annual release.
Digital transformation can help look after your future by creating building blocks for growth. New technology helps you to be more data-driven, increasing awareness of growth opportunities available to you. This combined with process efficiency makes scaling up easier and future growth more sustainable.
In Summary: Digital transformation is not a destination it is a journey. When you set out it is important to have clear goals in mind and use them as your ‘true north’ in every business decision.