Much has been spoken and written about digital transformation that is a part of our everyday life now. But only when you sit back and think can you comprehend the plethora of changes it has introduced in our lives.
Digital transformation doesn’t concern only technology and machines. It is also about the people. And no digital transformation journey can yield true results, if it lacks the right digital transformation mindset.
What does digital transformation look like?
Digital transformation is a transformation in every sense- a change in business processes, marketing, culture, sales, and customer service. It has revamped the way we plan, strategize and deliver IT and Digital Transformation Consulting Services.
Digital transformation is a cumulative terminology for the phenomenon where the line of separation between the physical and the virtual worlds is blurred. The evolution of technology is what has helped design new digital models that align with the needs of employers and employees.
Let’s take a look at some concepts that go hand-in-hand with digital transformation:
Digitization
How far have we come in data storage? Not so far away in the future was a time when all information was stored in the form of files, documents, and records on wooden shelves. Come to the era of computers and we have information stored as files and documents on the system.
Digitalization
An IDC survey indicates that 65% of global GDP is expected to be digitalized by 2022. Digital technology made many unimaginable things possible in unimaginable ways. The advancement in digital technology has made businesses look at everything from a new perspective while encouraging innovations. Take the example of The Taylor and Francis (T&F) Group, a UK based academic publisher with offices across the US, the UK, South-East Asia and Australia. It engaged with a digital publishing solutions service provider to digitize the entire T&F frontlist and backlist. This created fresh opportunities for T&F to deliver content to a wider audience and helped to sell the books online.
Digital innovation
As machines get smarter with new technologies like Artificial Intelligence, Machine learning, the importance of digital innovation has shot up. Technological progress is preceded by innovation. Research and development in the areas of new technologies have seen an increase with the changes that digital transformation has brought in.
Social media
A new platform formerly considered a subsidiary media has now tremendously influenced and impacted the way businesses look at marketing their products and services. Social media has become a channel to reach out to a greater audience, engage with them, sell your products and achieve validation. It would be the same as shutting shop if a business doesn’t have a social media presence.
Skillmine Technology Consulting has been leading this trend by bringing in new technologies in designing products and services. Skillmine has made the right use of data science and cloud to make use of opportunities that digital transformation opens up. The advancement in digital technologies has raised the bar of customer aspirations. Hence it’s only natural on their part to crave equivalent service experience from the business.
So now that you know why digital transformation matters in your business journey
Benefits of Digital Transformation:
• Precision in data generated helps businesses make better products and decisions concerning consumer behavior. A study by McKinsey suggests that digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%.
• It ensures more opportunities to share intelligence across your entire business. A rvey by MIT suggests that digitally mature companies are 23% more profitable than their less mature peers.
• Enhanced collection of data helps you make use of data to generate more quality leads, thereby engaging closely with customers. A study by Salesforce says that customers are 2.1x more likely to view personalized offers as important versus unimportant.
• It enables analytics tracking, marketing automation, and dialogue with customers. A survey by Deloitte shows that two-thirds of a company’s competitive edge comes from its customer experience.
All that said, like any transformation, there are a few challenges that digital transformation brings in. The lack of the right competency, technology, and support can handicap the efforts of the business. Hence understanding what digital transformation is and planning to shape the business’ future accordingly will enable a smooth sail in the digital transformation journey.
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