Digital transformation is the process of implementing workflows and technologies that leverage data into your business operations.
From using AI for marketing purposes to replacing paper invoices with billing apps, companies all over the world are changing their business processes, customer relations techniques, and marketing tactics.
While it may be obvious that digital transformation is unavoidable, some businesses are slow to implement it. This approach puts them behind the competition. To gain a competitive advantage in the 21st century, it's imperative to embrace the numerous digital opportunities and integrate them with existing work processes.
At the end of 2020, it was projected that regardless of the disruptions brought upon the COVID-19 pandemic, global spending on digital transformation would grow by more than 10%. Given how the pandemic forced organizations to embrace technology to continue or adjust operations coupled with remote working, the growth rate is likely significantly higher.
Most likely, your company is already working on some aspects of digital transformation. Some require a global change of work processes while others need short-term adjustments. Here are several common types of digital transformation to consider:
Digital transformation helps businesses find additional niches while providing high-quality customer service and attracting new segments of target audiences.
While digital transformation may mean getting out of the "comfort zone", it comes with a variety of benefits.
Digital transformation is changing the way many companies operate. By avoiding it for too long, you could be staying behind the competition and eventually experiencing significant downtime.
By 2023, spending on digital transformation is expected to grow to more than 53% of all information and communication tech investments. Avoiding it is no longer an option.
While digital transformation comes with many challenges, most of them have to do with integrating different systems into one consolidated effort. By taking it one step at a time, it's possible to implement digital aspects of the modern work process within months.
It's imperative to understand that digital transformation isn't solely a technology initiative, it's an integral part of a company's evolution.