Digital Transformation & Why Your Business Needs to Embrace It
November 5, 2020 | Joyce Ibrahim
Digital transformation, or the integration of digital technology into all areas of business, has been harnessing the power of big data to change the way companies operate and bring value to their clients. Although the term may still inspire novelty to many business owners, Deloitte found that there were more small businesses that had high levels of digital engagement in 2019 than businesses with basic levels of engagement. And with COVID-19 moving most marketplaces and daily operations into the digital sphere, digital transformation is no longer optional.
Besides optimizing your company’s performance by automating redundant processes like payroll and HR operations, digital transformation is a portal to the data insight you need to survive and grow in an increasingly connected world.
Adopting digital transformation can help you:
Make Better Decisions
In a digitized world, the most competitive businesses are the ones leveraging big data insights. With many analytics tools allowing businesses to monitor and analyze their websites, social media content, and marketing campaigns, they have a clearer vision of what works well and what doesn’t. Such insight not only reduces risks of making the wrong decision, but also cuts down the time and back-and-forth that too many companies fall into when urgent decisions have to be made.
Data is also the key to the most valuable information for your growth and success: what customer want. You see it every day, in Instagram quizzes and polls and website cookies, and the list of digital tools that can collect data only grows longer from here. In fact, with 73% of consumers expecting businesses to understand their needs and expectations, customer-centric approaches are fundamental for companies’ growth. Machine learning and AI transforming this information into detailed insight, businesses can design their products, services, and entire customer experiences with a better picture of their target audiences.
Wherever you’ve been working for the past few years, it was probably a business that started incorporating more and more digital tools to either reduce paper waste or save time on regular processes. You may have noticed it in minor transitions, like using cloud storage to refer to documents instead of emailing them.
And there are tools for even the most specific processes. For example, employee management tools can help you track attendance, work hours, and leaves for each employee. And with that operation simplified, calculating salaries and bonuses has also become quicker and easier. There are also spend management system that streamline procure-to-pay processes, allowing you to cut costs and better manage your spending.
According to a study conducted by IDG, 89% of organizations have already adopted a digital-first strategy or have made plans to implement one. And with more and more businesses going digital to keep up with the wave of tech-dependency that the pandemic brought, those who fail to embrace digital transformation in time will likely fall behind, and stay behind. Though small businesses hesitate to invest in implementing digital tools, the price will be much heavier once these tools become the only option. And at that point, it would still be difficult to keep up with digitally-engaged businesses, as digital transformation goes beyond systems, to include the staff’s skills and knowledge, and the company culture itself.
Are you looking for solutions to grow in a transformative market? Find out how Brakket Consult can help you.