Why Digital business transformation is important: NOW!

Businesses operating in the digital age have one of two options: sink or swim.  In order to thrive in today’s business world, digital transformation is a necessary step that must be taken in order for businesses to continuously evolve, grow, provide positive customer experiences and increase business efficiency. 

Google defines the digital transformation of business as “an acceleration in the conversion of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way.”

Simply put:  businesses operating today must use available technology to change the way they operate in order to improve efficiency, enhance customer value and empower employees.

Globally, it would seem that businesses have embraced digital technologies. The use of social media platforms, mobile technology, cloud-based solutions and the continuously evolving ‘App’ generation are just some of the digital solutions used by many global companies.  But digital transformation are enabling many global companies to use the available solutions to capitalize on shifts in economic activity by not just focusing on existing markets but through international co-ordination within its global companies, identify new ways to flourish in faster growing markets.

Consumers are also changing at a rapid rate.  They are now more tech-savvy, more digitally connected and more discerning in their tastes and preferences. 

Technological advancements dictate how consumers tackle what were previously considered as life’s simple tasks.  Tasks such as shopping, communicating and even meeting up with friends take on new meaning with the digital age.  Businesses that offer the types of interactions previously mentioned must have tech-driven operations that include ecommerce, Voice over Internet protocol (VOIP) and virtual meeting capabilities.

Likewise businesses must take the necessary steps to improve their business efficiency by using the right digital tools.  The right digital tools streamline the business’s operations and improve decision making capabilities, thereby driving revenue in the right direction.

Digital businesses:

1.       Deliver greater customer value – Businesses with a digital base have the capacity to be in constant contact with its customers.  That is something that a traditional, brick and mortar only business cannot boast.  These businesses can also track customer preferences through surveys, questionnaires and feedback forms as well as by carefully their purchasing preferences and habits. 

2.       Empowers its employees – Decision making is paramount to effective business operations, and employees who have the necessary tools to do their jobs will not only be more productive and proficient but will also be more empowered as they are able to be in continuous contact with both their peers and management in order to effect the changes necessary to benefit both the business and the customers.

3.     Improves the business’s bottom line -  In business, the bottom line refers to revenues and profits but imagine operating a business in which all the stars align; increased market share, positive impact on employee morale, increased customer engagement, increased web and mobile traffic and increased customer revenues.

The future of business in the digital age seems bright but it is important for businesses to know that technology alone does not bring real digital transformation; instead, real digital transformation begins with process innovation.   This means that infrastructure alone will not suffice in this new age.  Both customers and competitors are more aggressive when it comes to getting a true customer experience; and outdoing the competition in providing that true customer experience.