Businesses put themselves on the path to success when they implement digital transformation solutions and best practices. ‘Digital transformation meaning’ is a common question on the Internet because many people do not know what it is and why it matters. Let’s see its relevance for your business.
You remain in your comfort zone if you continue to run your business traditionally in a world of digital solutions. It is all about realizing that you have outgrown legacy systems. Imagine yourself at the tipping point where you manage a project for a high-profile client, and you face multiple challenges. Your ordering and billing systems are far from smooth, not to mention the unorganized accounting processes. There are silos in practically every department, as well as shipping and inventory challenges.
What does all this mean? To stay relevant and competitive, you must embrace digitalization as automation and machines become increasingly common. Start by reviewing your business model, systems, processes, and workflows. Doing so will ensure that DX has a positive impact at every level of your company.
Now, let’s understand the meaning of DX before we look at what it does for business growth and revenue.
What Is Digital Transformation?
Primarily, DX integrates information, mobile, and computer technologies into all areas of business operations to secure the future of work. The intent is to ensure infrastructure flexibility, scalability, and reliability in the long term. Your company goes beyond benefitting from better collaboration and innovation. You uncover modern ways of engaging with your customers and capture actionable insights from data.
So, how do you connect the dots, and what’s in it for you? Let’s have a look.
Superior Customer Experience (CX)
‘Customer experience is king’. As tech developments continue to improve how businesses interact with customers, it comes as no surprise that the latter will consistently have high expectations. These range from having low prices, unlimited product choices, and quick delivery, to great after-sales support.
Meeting customer demands is the secret sauce to surviving and thriving. Part of delivering great CS is speed because everyone expects ‘on-demand’ which is not always easy to achieve. So, startups or enterprises that embrace DX have greater chances of designing and digitizing customer journeys. They can tap into rich customer data and use it to draw actionable insights that place CS at the forefront, making every digital touchpoint worthwhile. They can:
- Identify each client by name.
- Study purchase history to understand customer interests and preferences.
- Suggest products based on past customer purchases along with the best deals.
- Track other historical data related to their interactions with the company.
Better Data Analysis
DX enables businesses to monitor metrics and analyze real-time information they gain through digital marketing initiatives. This offers greater visibility into operations which helps optimize strategies and processes. For example, a sales professional can leverage AI software to interact with their enterprise information systems for report generation and analysis. Or, they can use an add-on for Salesforce for transparency into a sales pipeline.
A finance expert in the same company can utilize the add-on to conduct a forecast based on existing sales deals in the pipeline. Complete CRM services such as Salesforce can import information to create dashboards, documents, and reports to further assist users.
The idea is that when all teams have access to project data, they can brainstorm and exchange ideas more efficiently. Utilizing data-based insights paves the way to hyper-personalization that utilizes Artificial Intelligence (AI) and real-time information for dynamic marketing. Ideally, combine data like customer information, market research, and social media analytics to guide your DX journey. Then, optimize the data for analysis, and fully integrate it for Business Intelligence (BI) purposes. Make the most of data explosion by using BI tools to convert it into meaningful information.
Improved Flexibility & Collaboration
DX allows startups and enterprises to free themselves from restrictive and inconvenient legacy systems by utilizing sophisticated, scalable options. Relying on outdated technologies that require manual input jeopardizes operations because this leads to bottlenecks when workloads spike. This can create problems when users address service requests, process claims, provide technical support, or carry out other business functions.
It is easier to integrate modern processes and software to connect various aspects of a business rather than siloing data by task or team. So, when a function is complete, modern systems connect the next function or data and push it forward to its destination, all without manual intervention. This involves individual teams and functions utilizing tech solutions to optimize operations, or even experiment with previously unexplored business strategies.
For instance, your Customer Support team uses a new digital tool to determine customer satisfaction while your Finance department leverages fintech applications to streamline global transactions. By breaking down silos, DX does not limit changes to individual business units. It transforms the entire company and brings departments together towards achieving mutual goals.
According to Acquire, a recent survey by Deloitte reveals that 45% of organizations reporting a favorable business outcome of DX also communicated greater net revenue. Ultimately, the goal of running a business is to generate revenue and maximize ROI. With rising competition and continuous transformation of the modern workplace, investing in digital platforms and upgrades is a feasible first step.
Let’s consider an example. If you are a DevOps engineer, you will use lean and agile methods to accelerate speed-to-market or implement Continuous Improvement strategies for improving product and service quality. These measures will improve your company’s image and favorably impact your bottom line. If you adopt end-to-end DX, you can increase revenue as you get to capitalize on untapped markets and sales channels.
This is not all. When you introduce digitalization, your employees get to acquire new skills through knowledge and training programs. These include Big Data analytics and AI/ML-guided decision-making, applying IoT in marketing campaigns, syncing data management and security protocols, etc. In turn, they improve productivity and maximize long-term profitability for all stakeholders.
Digital transformation can do so much more for your business than what you have read in this article. The opportunities and possibilities are endless, so knowing where to begin is essential. Regardless of your company’s vision for the future, our experts at Clouve can custom design and engineer cloud-based, DevOps, and automation solutions that complement your DX project plan. Whether you are an SMB or enterprise, we effectively manage your digital workplace program.
From collaboration tools, remote access, AI, analytics, to multiple-point solutions, we offer full coverage. Feel free to ask us any questions you may have.