Digital transforms. More than the act of integrating technology, a digital transformation is focused on restructuring an organizations’ business strategies to enable an agile, innovative, and customer-focused future. The key to reaping benefits from your own organizations’ transformation is founded upon your forward-thinking approach to your business operations, customer experience, business models, and employees.
Digital Transforms Business Operations
Use technology to reduce, eliminate or transform processes where people don’t need to be involved.
Digitizing Business Operations
From going paper-less to how employees perform their work, technology can transform how an organization operates. Digitizing the information-intensive processes helps reduce operational costs and provides employees with more time to focus towards the strategic tasks that support the organizations’ growth.
For instance, Xerox commissioned Coleman Parkes to survey organizations across a variety of industries on the digitization of their paper processes. Xerox found that “paper slows down business” with nearly 50% of organizations responding that they wasted a significant amount of time on paper-intensive processes each day.
Resource Management Improvements
Successful organizations are habitually seeking opportunities to improve profitability levels, streamline costs, and eliminate resource waste. Organizations that replace their manual processes with software can achieve greater visibility and insights into their operations; especially concerning the performance of assets, and gain a deeper understanding of a processes performance, cost drivers, and causes of risk.
The ability to automatically capture and analyze operational data, through real-time dashboards and reports, empowers organizations to identify and respond to problems quickly and objectively, as they occur and before they become critical. And, as data consumption and analysis continues to strengthen business operations, organizations will be able to make even better and more informed decisions that were not previously possible.
Digital Transforms Customer Experience
Use technology to target, understand, and engage with the people who buy your products and services.
Granular Customer Insights
Just as technology is empowering organizations with data-driven insights on their assets, it is also enabling a better understanding of customers. Between social media and e-commerce, customers are sharing a significant amount of data about themselves that organizations can transform into actionable insights that provide a stronger customer value.
Three-quarters of online customers said they expected help within five minutes, have used comparison services for consumer goods and trusted online reviews as much as personal recommendations, based on McKinsey’s research. These expectations will continue to evolve, challenging organizations to understand and respond to their customers with new levels of speed, agility, and precision.
Enhanced Customer Experience
With greater insights and understanding of customers, organizations can transform the customer experience through a personalized approach to delivering the promotions, products, and services that customers want. Additionally, translating those insights into actionable opportunities, such as how to interact with customers at the right time, in the right place enables organizations to improve their service across the most impactful touchpoints and channels.
After all, customer satisfaction, loyalty, and retention are integral to an organizations ability to grow and survive in today’s competitive landscape. Providing a strong customer experience means stronger customer loyalty, more sales, and more new customers through referrals.
Digital Transforms Business Models
Use technology to solve your business challenges, not just for today, but for the challenges to come.
Developing New Digital Products & Services
Beyond the experience, customer-driven data provides insights that were previously impossible to identify or track, helping organizations discover more adaptive and agile business models. Organizations are now better equipped than ever before to adapt to the needs of customers’, increase go-to-market speeds, and to navigate the competitive business landscape.
This transformation is crucial for all organizations, as it stimulates the adoption of new and innovative business models, and improves the experience of employees, customers, partners, and stakeholders by using technology.
Changing Business Landscape & Competition
Technology enables creativity and innovation, allowing organizations to enter new markets as they discover new solutions to addressing the needs of their current and future customers. Organizations can leverage technology to strategically bring together people, data, and processes to create greater value for customers and to maintain a competitive advantage.
Earlier this year, Target announced that they are expanding their new Drive Up curbside pickup service that they plan to introduce to nearly 1,000 locations over the next year. Customers can place their orders online through Target’s main app, using the Drive Up feature, and then within a couple minutes of arriving at the store, a team member will bring their online orders to the customers’ vehicle. While the service is still in its infancy, Target’s use of technology enables them to serve customers quicker which will leave industry competitors scrambling to keep up.
Digital Transforms Employees
Use technology to stimulate collaboration and knowledge sharing among your employees.
Digital transformations can empower employees to work better and faster to produce smarter results. To achieve the last goal organizations must make it easier for employees to communicate, collaborate, and exchange data through innovative technology solutions that enable productivity.
As competition continues to increase, it’s more important than ever to encourage and facilitate teamwork within the organization. Together, employees can leverage business technologies to be more efficient and effective which empowers them to lead the organization towards new opportunities and growth.
Simply put, technology has already transformed the business world and things are likely to rapidly ramp up before they slow down. Digital transformation is no longer a choice. Organizations that can rapidly adapt their technologies and strategies, beyond today’s challenges, will benefit by being able to grow with the change to face tomorrow’s competition.
Whatever the size of your organization, it’s important to start with a strong digital transformation strategy that utilizes technology that fits your business goals and works for you.