8 Benefits of Digital Transformation in 2022

Digital Transformation

The global spending on digital transformation (DX) is projected to reach 1.8 trillion U.S. dollars in 2022 as per a survey by data platform Statista published in February this year. By 2025, the digital transformation spending is forecasted to reach 2.8 trillion U.S. dollars. Digital transformation is the integration of digital technology into all aspects of a business. It has a significant impact on the way a company runs. The advantages of digital transformation can be found in a variety of industries: It enables firms to upgrade legacy processes, streamline operations, improve security, and boost profitability.

The way a company runs changes as a result of digital transformation. This process includes systems, processes, workflow, and culture. This transformation affects every level of a business and brings data from many departments together so that they may collaborate more efficiently.

Here are 8 benefits that businesses can derive from digital transformation:

Gain data driven insights:

One of the most valuable aspects of digital transformation is the capacity to manage metrics and evaluate data collected during digital marketing campaigns. Furthermore, firms can use these insights to improve their plans and processes for even greater results.

CASE STUDY:

A Fortune 500 technology business has multiple manufacturing partners, distribution networks, and clients across the globe. The company aimed to establish an analytically driven, closed-loop, and integrated demand planning method in this complicated supply chain environment. By using data driven insights and using Machine Learning ‘best fit’ algorithms, the company improved its previous forecasting method.

Improve customer engagement:

Improve customer engagement: Digital transformation enables organizations to quickly and precisely collect, store, and analyze customer data, allowing them to gain a full understanding of their customers and develop a successful strategy. Companies can utilise data analysis and Artificial Intelligence (AI) to acquire deeper insights, allowing them to develop customized products and services.

CASE STUDY:

Amazon Business is an example of ‘digital customer’ expectations making their way into the B2B world. Free two-day shipping on orders of $49 or more, exclusive price discounts, hundreds of millions of products, purchasing system integration, tax-exempt purchasing for qualified customers, shared payment methods, order approval workflows, and enhanced order reporting are few features it introduced post a digital transformation drive.

Consolidate process and operation: