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We Live in a Digital World
Digital Transformation is No Longer a Choice it is a Necessity to Survive
Why is Digital Transformation so Important?
The business landscape is changing, and business leaders need to focus on driving results through continuous improvement. In the ‘Digital Age’ digital transformation cannot be ignored. Many consider transformation to be disruptive, but it doesn’t need to be. Digital transformation should be thought of as leveraging the opportunities technology presents in a strategic way, to accelerate business activities, processes and models.
Here are three key reasons why digital transformation is essential for any business that wants to grow in the digital world.
In business everything you do needs to be focused on your customers – because, without customers you don’t have a business. however, attracting and retaining customers is becoming increasingly difficult. We live in a world where customers are well informed, and expectations are higher than ever.
Before a customer engages with you, they will have researched you online, and if you aren’t there they will find your competitors. Once you are found and a transaction takes place, it is no longer acceptable to provide a ‘good’ service. A proactive service, with personalised interactions and a fully connected experience is expected.
To attract and retain customers you need to adopt technology that helps you not only meet your customer expectations but predict them and exceed them.
In an increasingly crowded marketplace with better informed customers, competition is fierce. If you want to succeed you need to build a competitive advantage.
In years gone by, the biggest competitive threat would be the larger players in your space – the businesses with more resources and larger budgets. In the digital age the reverse is true, often the biggest threat is the new entrants, the startups with modern business models that offer unrivalled agility.
If you want to outperform the competition you need to adopt the models and technologies that can fuel your success, leveraging the opportunities for growth.
Data is both used by and a product of transformative technology. And, when harvested correctly it can be immensely valuable. Those that succeed in the digital age are those that are adept in managing their data and transforming it into insight.
Data is a problem and the solution – When you adopt digital tools you have access to lots of data. If it is not processed and maintained in the correct way it offers little value, as the old adage says ‘if you put rubbish in you get rubbish out.’ Get it right and you will gain valuable insights that can be used to spot trends and make predictions, resulting in faster and better-informed decisions that shift the dial and drive a business forward.
If you want to make confident business decisions based on reliable data it is important to consider how you capture and use your business data.
In summary: It is no longer a question of if you need to digitally transform your business. It is a question of how you do it! Technology should not be thought of as a silver bullet, it needs to be well thought out and a key component of the overarching strategy.