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Digital transformation is implementing technology into your business and products, essentially changing the way you work and deliver value to your clients. It is a change that businesses need to consistently overcome challenges, shape a winning strategy, experiment to win with the competitors.
It can also mean that you will have to move away from your years old business process that was built in the favour of relatively modern practices that are still going through a transformation.
Digital Transformation also results in implementing technology that reduces the manual work of businesses and ultimately the cost. Data reveals that it also increases your employees' satisfaction by reducing repetitive, non-value-added work and enables faster responses to clients.
If you plan to opt for digital transformation solutions for your organizations, you must prepare yourself by having a solid understanding of the market dynamics, its approach, and concepts.
An insight into this allows you to take this digital transformation beyond technology and make a positive impact on your business. Here you will find an answer on how to start with a transformation roadmap for your company.
Insights from IDC Worldwide Semiannual Digital Transformation Guide highlights that the spending on technology and related services that leads to transformation solutions would reach a whopping amount of $1.97 trillion in 2022 worldwide.
According to the data by The World Economic Forum, by 2023, the revenue streams of digital transformation for both industry and society can reach up to $100 trillion.
Digital transformation is taking place because of the numerous benefits that it provides to industries. Now let us take a look at the list of benefits that digital transformation brings.
According to data by HBR, 40% of people say that customer journey and experience are their top priority for digital transformation. Every customer experience impacts the overall perception of the brand. Focusing on creating a relationship with your customer is a wise strategy.
Another data by experts reveal that 67% of the consumers are willing to pay more money for a positive customer experience. So, it is wise to invest more of your resources and time in technology solutions that enhance the business relationship. It will lead to an improved customer experience overall.
Digital transformation services not only improve reputation but also allows your organizations to save money. It will let your business save time and money.
There is automation software available in the market to handle all the repetitive tasks or pain points like producing dynamic content and data, sending welcome emails, or doing research for SEO keywords to write articles and blogs for your website.
Digital transformation allows your team of employees to focus on other business needs and finding solutions to other issues. It reduces mistakes, decreases the time spent on repetitive tasks and the overall workload of the organization's team.
Clients' tastes have been changing in every industry. Insight shows that digital transformation solutions have made this competition even more powerful. A few years back, the competition was about app development, research & development, and advertising campaigns.
However, today, the competition is based on customer expectations and experiences directly associated with digital transformation.
As per the prediction by IDC, by 2020, 30% of the G2000 businesses will invest more than 10% of their revenues towards the development of digital transformation.
Today, companies are competing by taking the help of digital technology. You can see the same in the Artificial Intelligence (AI) industry. Leaders like Samsung, Amazon, Google and other organizations have dived into the world of the intersection of Artificial Intelligence (AI) and the internet of things.
Each of these companies offers similar services with some unique features, benefits, and distinctions. All of them aim to be more accessible, personable, and convenient.
If you plan to move forward with business transformation services, you must make yourself aware of the steps involved. Digital transformation services consist of three steps- digital transformation consulting, digital transformation strategy, and digital transformation implementation. Let us have a look at the steps that transformation consultants follow:
Digital Transformation Consulting is about analyzing your company's technological infrastructure, process, and people. It strengthens the short-term performance of organizations while maintaining sustainable long-term improvement and solutions.
Consulting for digital transformation services enriches you with experience and knowledge. It ensures that the technology landscape of the organization is connected and the possibility of failure is reduced.
Digital Transformation is not only about adopting investing in fancy gadgets, adopting the latest technology, or upgrading the operating models and technology. Describing how an organization must vitally transform in the digital economy is a digital transformation strategy.
It involves creating winning operating models for business just like the customer expectations. Digital transformation strategy changes operating, business models, innovates and takes advantage of the developing technology solutions. It is a vital step to lay a strong infrastructure to launch digital transformation.
Remember, if you take business decisions ahead of the time today, you will be setting up yourself for better business outcomes in the future.
The final step of digital transformation services is the digital transformation implementation. The representation of modified and the new business process usually turns into a hurdle in the diverse IT processes.
It is where implementation comes into consideration by the experts. It aims to provide solutions to the organization's processes in synergy with the existing business landscape.
The implementation of digital transformation services includes studying your technical and business architecture, software, system, and a future-proof development of service-oriented results.
Elements of digital transformation have become a priority for most organizations today. According to experts at Statistica, spending on digital transformation services has increased by 10.4% by the end of 2020.
This trend will continue in the future, and if believed, more and more businesses will move towards remote work and operations in the future. According to experts at BCG, 70% of digital transformation are lacking in their objectives, often with serious consequences.
In recent years, IT leaders have extensively modified the elements of digital transformation. For more chances of success, you must focus on the following type of digital transformation:
Customer experience plays a vital role in the development of many organizations and brands. While imperative experiences are easy to perceive, they are difficult to create and deliver as it requires equal measures of technological excellence and creativity.
For example, experts at Sephora brought innovation to the business requirements by bringing change to the customer experience. The company converted the business strategy of cosmetic and sampling into a fascinating business intelligence idea of technically-powered experience.
It uses AI to match the customer's skin tone to recommend the most appropriate items from data and for sampling the product. Insight shows that this UI and UX change on their website attracted 8.5 million users between 2016 and 2018.
Now since AI has started achieving the innovation that it has initially promised. It has become possible to provide highly personalized UI solutions, insights and deliver proactive services like best offers and recommendations on their websites.
Stitch Fix is one such type of online styling platform that creates a personalized collection of accessories, shoes, and clothes for all its clients. It came up with digital transformation solutions where they have curated data based on returns and preferences. It made the business grow from $1.6 billion annually to $37 million net income since 2011.
To create a compelling customer experience, having emotional connections with customers is necessary. Experts reveal that emotionally engaged customers are 52% more valuable than satisfied customers. It is the reason fortune 500 companies are using digital technology to solicit and enable customer participation.
Digital transformation varies for different organizations based on their challenges and demands. There are a few content themes among the existing insights that all leaders from the business world should consider on the way to digital transformation.
Some of these are operational agility, customer experience, workforce enablement, digital technology integration, culture, and leadership.
There are varying steps and considerations that you can consider. We always recommend the leaders of the industries to take a look at their requirements.
The bottom line of this article is that if you are not online, you don't exist. What will help you is careful planning and strategy. Both your team and your customers are interested in getting the best opportunity and experience. The business now has no other option but to look out and repeatedly improve to engage and maintain them. Innovation and development is an important aspect of every organization in today's world.
