Why Businesses Are Opting For Digital Transformation?

There are once a time when all Information Technology wasn't the prime aspect of conducting business.

Everything was done manually.

However, about two decades ago, computers started to take over the manual processes and providing the ultimate digital solution to the world.

And within these two decades, computers, information technology, and the internet of things have seismically changed the world for the better.

From providing communication within the organization to interacting with customers across the globe, compelling businesses to catch up to integrate digital processes.

By the end of this article, you will know why digital transformation is crucial for businesss and how it will affect the world in the near future.

But first, let's find out…

What Is Digital Transformation?

Digital transformation is about changing the old ways of conducting business into investing in new business processes and business models by leveraging technology to deliver maximum value to customers and employees.

Generally, it's adopting the digital ways of conducting business to deliver added value to customers. Thus, promoting innovative procedures, creativity,and giving the utmost attention to delivering an outstanding customer experience.

So, how would digital transformation affect how we do businesses.

Let's find out…

How Digital Transformation Changed The Approach Of Businesses?

Back in the day, when the digital transformation was first introduced, it was solely leveraged within the confinements of in-door offices. However, within years, it took a paradigm shift and integrated into every department of business processes. Thus, providing an efficient way of conducting business.

By leveraging technology, businesses evolve and make tremendous strides to business processes and providea better experience to customers. With all these merits and potential of digital transformation in today's modern world, it has a bright future ahead.

As a matter of fact, according to the International Data Corporation (IDC), digital transformation investment is predicted to reach up to $1.97 trillion by the end of 2022.

Why Are Businesses Shifting Towards Digital Transformation?

Deliver Better Customer Experience

Delivering a better customer experience is at the forefront of major companies.

According to a report, 67%of consumers share their intention of paying more to have a better customer experience.

Not only that but also businesses who provide better customer service are reported to surpass other businesses by 80%. Making all the more crucial for businesses to implement technology to ensure better customer experience and yield profitable outcomes.

Many major companies have harnessed the power of digital transformation to build and scale their business. These companies found an innovative way to provide a better customer experience with the help of technology. One of the most exemplary companies as Uber and Airbnb utilizes digital transformation to their advantage. Their digital services provided the utmost convenience for the consumers to find rides or places to stay within a few taps away from their smartphones.

These companies even expanded their operations to provide other digital services as well. For instance, Uber started out UberEats to order food from the comforts of their homes or any place. Similarly, Airbnb also expanded into providing services of vacation trips for their users.

These companies are rapidly evolving to provide a better experience to their consumers. Also, they are innovating new ideas to expand their business. Only those companies will sustain and thrive in the competitive worldthatis constantly leveraging the technology in their business processes.

Helps InCutting Costs

Apart from providing a better customer experience, digital transformation also helps in cutting costs. As digital transformation streamlines the entire business operations, thus, reducing cost and saving time.

Moreover, machine learning and artificial intelligence have taken work efficiency to a whole new level. Thus, becoming one of the prime factors why major corporations are utilizing marketing automation to be an integral part of the marketing strategy.

Utilizing marketing automation, marketing executives don't need to perform their mundane marketing activities such as sending out emails, produce marketing copies, and other SEO duties.Thus, allowing the marketing people can make their effort on much more complex activities. Also, the organizations won't need to invest in hiring someone to work on these tasks.

Digital transformation offers companies a cost-effective solution to deliver products to their customers.

Stay Ahead Of The Competition

The competitive world of today makes it quite challenging for marketers to gain traction. Previously, the prime focus was on traditional marketing campaigns and R&D. Now, it's all delivering excellent value to the customers. Thus, making digital transformation all the more crucial to sustain.

Most major companies are leveraging digital applications to gain a competitive edge. That includes the likes of Apple, Google, and Amazon have all harness the power of digital applications.

Moreover, there is fierce competition among streaming services. Netflix, Amazon Video, HBO Max, and Disney+ are all dynamic video streaming platforms, offering value-added services with their unique video content to stand out from one another. It allows consumers to benefit from a myriad of entertaining content on each of these platforms.

Parting Words

The evolution of digital transformation grew exponentially within the last decade.

Currently, there's no sign stopping this technology that has forever changed the business models and processes of companies.

The major benefit of digital transformation is for consumers. These great strides in technology and fierce competition among major corporations is to offer the best customer experience.

With all the choices consumers have, these companies will continue to innovate to stay ahead of the competition.