Benefits of Digital Transformation

May 21, 2021

Digital transformation is the integration of (digital) technology into all the functions and departments of an organization or business, turningall operations that are currently manual to digitalin order for the business to function better, faster and deliver more value.

The term “digital transformation” has become the latest buzzword in the business world, and organizations that don’t or haven’t yet transformed digitally are believed to have been left behind. If you’re wondering how true this is – read on.

Almost every company is now becoming technical. Statistics reported that Digital Transformation adopters in India have grown from 33.5 % in 2018 to 55.3 % in 2020 (COVID-19 being a primary cause, along with all the advantages that come with digital transformation) – and this is too huge a number (of companies), to be taken lightly! Also, now eventhe transformed digital business models are being disrupted by “born digital” start-ups – that is, companies whose processes are established digital right from their inception, and these have proven to be much better in their digital expertise. The competition, clearly, is tough.

Since most companies are transforming digitally, it is highly likely that your competitors might also be a part of these. So then, it is critical for you too, to adopt digital transformation – not only in order to beat your competitors, and be able to provide relatively better service to your customers, so they will prefer your services/productsbut also to survive and thrive in this changing digital era of businesses.

Some of the benefits seen due to digital transformation are:

1. More efficient operations–Digital technology has proved to be more cost-effective for companies once adopted, andenabled them to be more efficient and customer-focused, streamlining the business workflows and eliminating the overheads associated with manual processes.

2. Analytics: Digital processes enable organizations to efficiently combine data from customer and partner interactions and other unstructured sources into a clearer and more accessibleformat that helps optimise customers’ as well as employees’ experiences.

3. Improved customer focus: Digital transformationprovides helpful tools that help the company to enhance the customer experience. consistently across all touchpoints and channels.New and right technologies give the capability for a company to acquire, retain, and satisfy customers while reducing marketing expenditure.

This will not just be a technical change but also a cultural change and requires businesses to work on adapting to it and understand the processes and technology well in order to work with them efficiently. And if (and only if) done right, digital transformation will provide the aforementioned and many other benefits to any organization, and significantly add to its success and returns.