The fast-evolving nature of the digital world calls for scalable solutions to meet the complex demands in the operating environment. Unfortunately, businesses are often unwilling or unable to keep up with the revolutionary digital demand, which poses a significant threat to their ability to grow. The excessive use of digital technologies in business changes the dynamics of competition and ensuring that companies try to survive in the digital era is vital.
What exactly is digital transformation?
Digital transformation refers to the process whereby businesses digitize their operations, including processes, goods, and assets, to create new value for existing stakeholders. In the modern world, companies must commit to constantly challenging the status quo and welcoming constant digital transformation changes. 70% of businesses have stated that their business already has a digital transformation strategy in place or is currently working on one. For those who don’t risk not meeting the demands of consumers, who are already operating in a digital world. Technologies such as big data, machine learning, and artificial intelligence (AI) can be utilized by businesses to improve overall efficiency and effectiveness and provide a smoother customer journey for consumers.
So, how does digital transformation change the game?
Businesses that follow the path of digital trends have more opportunities to grow. New and transformative technologies are entering the workforce quickly, allowing companies to thrive and innovate in the digital world. Utilizing technology for businesses is not a choice but a need, and simply – it changes the game.
Streamlines existing processes
In any business, executing any operational process can be highly time-consuming and takes up many resources that might be more valuable in other areas. Using new cutting-edge technologies allows companies to divert resources away from redundant processes and enable them to use digital tools to automate existing business processes. As a result, digitization can benefit many business areas, including supply chain, asset, and project management. In these areas, operations that usually take time and require unnecessary resources can be automated and reduce the risk of human error.
Make better decisions faster
Through digital transformation, businesses are allowed to make use of big data. Companies have access to more significant amounts of volume than ever, and through analytical tools, companies can convert this data into valuable information. Businesses that use digital transformation are provided with a modern set of analytical tools that allows them to analyse insights quickly. In turn, they can make fast and well-informed decisions. 86% of organizations rely on the power of AI to help them influence decision-making. Technologies that utilize AI can work to help businesses process big data like never before, as well as divert their resources to other areas of the company. Ultimately, businesses that tap into the digital world can not only save costs, build growth and streamline processes, but they are also provided with the tools necessary to enhance decision-making initiatives and are often one step ahead of those who don’t.
Empowers the workforce
54% of businesses that have implemented AI tools because of technological advancements claim that productivity has increased significantly. In other words, digital transformation empowers the workforce to be more productive in their day-to-day tasks. Working alongside automated processes allows them to divert their attention to more valuable tasks and will enable them to capitalize on their efficiency. Using AI-powered tools allows the workforce to get more work done in less time. They are also entitled to boost their personal growth through learning advanced skills that stem from technological development.
It makes businesses more agile
68% of business owners stated that they believed agility is a significant driver toward success. For businesses operating in this digital era, ensuring they can recognize the need for change due to digital advancements is crucial to ensure a company can remain sustainable in its operating environment. Without agility, businesses cannot keep up with digital advances, which can determine your business’s overall success. Those who follow the trends in technological advancements are ahead compared to those who do not. Being agile in the digital era is a game changer for businesses that are more able to respond to the wants and needs of the market.
Enables growth into the future
Businesses that respond to changes in the digital world are more likely to survive than those that don’t. 75% of business owners fear that if they don’t invest in technology, they will be out of business in the near future. Simply, companies that do not make changes in response to digital transformation risk becoming obsolete. Those who commit to making changes are changing the game in their market. By taking a leap and being open to transformational changes, businesses uphold a significant competitive advantage and are more likely to succeed in the future.
Digital transformation has been a game changer for a long time and will continue for many years. They are showing no signs of slowing down, and those who do not effectively respond to technological changes fall behind. In the modern era, we naturally develop new digital habits. Businesses must recognise these habits and meet the needs of their target audience.
Want your business to change the game? Contact one of our expert consultants at Marketing Eye to learn how your business can take advantage of digital transformation.
Image Source: Shutterstock_1932042689
