In an increasingly technology driven world, the benefits of digital transformation are clear.
Introducing the right software systems not only enables businesses to modernise legacy processes and accelerate more efficient workflows. Effective digital transformation actually strengthens security and increases profitability.
“More than half of retailers believe they will have to introduce more technology into their business strategy.
Doing so will allow them to remain competitive over the next five years.”
Nexer
This is where evolving processes, and improving digital literacy, goes beyond simply adding more systems to your stack.
When enacted properly, digital transformation can revolutionise how your team approaches their tasks, generating significant internal improvements to the benefit of the external customer experience.
Why Does Digital Transformation Matter?
There is comfortability in the familiar. But there is also risk.
Maintaining outdated infrastructure at the expense of advancement can quickly become more of a hindrance than a help.
“More than 75% of business leaders say their current system does not meet the needs of their business”.
VANILLA TECH
What worked before may not have the flexibility to mould its use to accommodate an ever changing business landscape.
Competition is fierce enough without businesses hamstringing themselves with systems that simply aren’t up to task.
Investing in digital transformation is investing in your customers. And by extension, your future success.
Benefits Of Digital Transformation
So how can introducing technology to your operation allow your enterprise to evolve in practice?
We’ve picked out 6 headline benefits to digital transformation that could improve your operation almost immediately.
Enhanced Data Collection & Insights
It’s one thing having customer data. But it’s another thing entirely to be able to act on it.
“Data can be the key to unlocking customer insights.
By better understanding your customer and their needs, you can create a business strategy that is even more customer centric.”
Virtru
Disparate data has limited use. Whereas digital transformation provides the ability to combine data from all customer interactions and share it across the organisation.
Siloed spreadsheets can suddenly be transformed into a useful, accessible gold mine of information. Having this to hand allows individuals across the business to better serve their customers.
Having a single source of truth will also impact on your ability to make fast, accurate decisions.
Would you be willing to risk your success by basing revenue defining decisions on out of date information?
Enhanced Customer Experience
Improvements across internal operations will, naturally, have a positive knock on effect for customers.
Experience is new battleground. Harnessing the power of technology to establish a more enjoyable buying cycle will pay dividend time and again.
“New enquiry leads are 10 times less likely to respond after 5 minutes.
Whilst conversion rates are 98% higher when following up within 5 minutes.”
HBR
Small, seemingly innocuous actions can have a major influence on customer experience.
With resources being stretched ever tighter, embracing digital transformation can alleviate internal pressures freeing your team up to do what they do best.
• How To Embed Best Practice Behaviours
• Operational Transformation: From Where You Are Now To Where You Want To Be
• The Evolutionary Process Of Continuous Improvement
Improved Collaboration
Effective digital transformation encompasses every aspect of an organisation. Because of this, previously isolated departments are able to integrate, share insight more easily and collaborate with one another.
“The average worker spends nearly 20% of their time looking for internal information, or tracking down colleagues, who can help with specific tasks”.
MCKINSEY
When technology provides a more seamless way to collaborate, it helps to move the entire organisation forward.
By aligning separate units, your operation can act as one enterprise.
Improved collaboration ensures everyone is pulling in the same direction, with every action undertaken enabling progression toward your ultimate goals.
Increased Agility
The covid-19 pandemic proved that, now more than ever, businesses need to be able to adopt and adapt to ever changing dynamics.
Embracing technology, through digital transformation, improves a company’s ability to react to change efficiently and stay one step ahead of the competition.
“To stay ahead of the competitor curve, you must be constantly reviewing and revising your operations.”
The Evolutionary Process Of Continuous Improvement
Whether agility is required to avert a resourcing disaster, or to be best placed to respond to shifting market trends, having the insight at your fingertips to make decisions efficiently, and the technological infrastructure to enact them, can catapult a business from an also ran into a industry leader.
Enhanced Productivity
Let your technology do the heavy lifting for you.
Having the right tools in place can streamline workflows and enhance productivity.
“Automation is proven to boost sales productivity by 14.5%, lead to a 30% increase in deal closures and reduce sales administration time by 14%.”
ADOHM
Automating laborious tasks and connecting data systems empowers team members to work more efficiently.
Whilst removing time consuming processes allows staff to spend more time satisfying clients and hitting organisational targets.
All of these benefits add up to a more productive operation that can save time, money and resources.
Improved Profitability
Finally, a business that is…
- Able to effectively collect and act on customer insights.
- Deliver an enhanced customer experience.
- Collaborate across teams and locations.
- Respond to shifting market trends.
- And operate at optimal levels of productivity.
Will, undoubtedly, be a more profitable company.
“On average, leaders undertaking digital transformation expect 23% higher revenue growth than competitors.”
SAP
By improving the infrastructure of your business, you are improving the advantage you have within your industry.
Likewise, maximising opportunities through the recognition of flaws within existing processes is key to driving a company forward.
Digital transformation facilitates reflection and optimisation.
To become, or remain, an industry leader, adopting effective digital transformation is non-negotiable.
Updated 18/10/2022
Ready to explore how Anthill can help you achieve the benefits of digital transformation? Schedule a demo today.
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- October 18th, 2022