“Digital transformation is a must” is no longer an understatement – it is a fact. These digital transformation drivers will tell you why.
Digital transformation (DT) is the integration of digital technologies in all aspects of an enterprise. When done right, it comes with a lot of benefits such as streamlined operations and better customer experience.
However, many companies still don’t implement DT. According to Gartner, 87 percent of senior business leaders say digitalization is a company priority. Yet, only 40 percent of organizations have brought digital initiatives to scale.
If you’re still reluctant on investing in DT, the key digital transformation drivers might convince you to embark on the journey.
The Importance of Customer Acquisition and Retention
Customers are more demanding and empowered than ever. They expect that every brand will give them a modern experience. Thus, it’s crucial to consider customer expectations.
A recent study shows that 63% of customers said that it only takes a single bad interaction to make them abandon your brand. The number is even greater in the e-commerce industry. According to research, a whopping 90% of online shoppers won’t buy from a company that possesses a bad reputation.
Investing in DT assures that you care for your customers’ needs.
The Struggle of Keeping up with the Competition.
Across most industries, companies that are slow to adapt usually fall behind in the competition against those who are fast to adopt new technology. Moreover, both B2B and B2C customers tend to do business with brands that prioritize innovation and advancement.
DT was already an urgent matter even before COVID-19 started. Yet, the pandemic stressed that urgency further. Companies that implemented DT beforehand don’t feel the sudden pressure of innovating. If you haven’t started with the process yet, there is no better time than now to start the process.
Most companies around the world have been forced to shift to remote work. In fact, 77% of HR executives expect the remote work set up to continue in the post-COVID era. Some companies hold tight to tradition and resist this modern type of workplace. However, being adaptable is a must nowadays.
Thus, companies must digitize processes that were not digitized in the past. You’ll need both organizational alignment and modern technology to achieve this. Furthermore, you must reskill your employees throughout the DT process.
The Importance of Talent Acquisition
The workforce is one of the most important investments your company can make. The right talent drives your company to more success.
However, a company that doesn’t embrace DT might have a hard time finding and retaining industry-leading professionals. For instance, millennials want to work with employers that know when and how to let go of legacy systems. Furthermore, you must know how to respond to digital disruption to attract talent.
The Importance of Data Insights for Decision Making
Decision-making is a fundamental part of any business operations. For instance, companies have to decide about their supply chain and customer service. The right business decisions lead to more success.
Instead of relying on the gut, digital tools enable companies to make data-driven decisions.