For most existing businesses adapting to the digital way of things seems to be an afterthought, an option that they can do without.
What they do not know is that this keeps them from staying relevant to their target audiences and their evolving demands, which are at risk of being fulfilled by a competitor brand, ready to dominate the market, as well as your customer base. And all the while, you will be wondering what they have that you don’t.
Before you get lost in the mist of buzzwords it is important to understand what digital transformation is and how it can be applied to your business.
Depending on what industry you operate in, digital transformation can mean different things. Primarily, digital transformation means the collaboration of different digital technologies with the way your business works internally with your workforce, markets to your customers, and presents the core of what you are offering. For example, you could own a cleaning agency, or you could create a platform where cleaning professionals match up with clients in the closest proximity.
By integrating digital tech in your strategy you can stay on top of the game and offer your customers a better experience every time they do business with you. You could have an idea or could have already established a business, taking it to the digital frontier is only going to make it more efficient, and profitable.
But is that all digital transformation is worth? Check out some of the top business benefits of digital transformation that you too can take advantage of.
Enhancing Customer Experience
The fast-paced world is obsessed with finding ways that can make their tasks easier and more convenient. People recognize steps that they could do without, or one that only take up time that they could have spent elsewhere.
Everyone is looking for valuable solutions to all of their challenges. This becomes the very core of your digital strategy. By using modern technology you can provide these conveniences. Some of the popular examples include faster delivery, shorter customer journeys, digital customer journeys where your customer mostly dwells, and targeted remarketing.
By making the customer experience more memorable and appealing, you are earning loyalty and trust from your target audiences, which is a long term competitive edge in itself.
Information Based on Analytics
Do you ever wonder why you keep seeing the product that you might have in the past almost put in the checkout cart on ecommerce website? Or why is it that the internet cann read your brain and before you even realise you need something it pops an ad at you for the very same thing?
No tiny internet people are not spying on you. In fact, you have certain patterns that softwares catch up to, like what time of the day you log on to Facebook most often and what are your primary interests.
Part of software business plans is to invest in digital marketing efforts. Unlike conventional marketing where you cast out a giant net everywhere, you get to spend your money targeting only the people relevant to your product or service. These are profiles that may be actively looking to buy a product like the one you deal in or fit the demographics whose attention you are trying to gauge.
Because digital marketing fosters such targeted metrics for you to work with every campaign it provides you with analytics that can help you make your next campaign even more accurate.
With such valuable insights marketers are better able to ensure their strategy yields a higher return on investment.
It Encourages Agility and Innovation
Startups are disrupting industries more and more each day. What is it that these businesses have that rooted businesses could never accomplish.
While managers may constantly chase innovation, it is hard to do so if you are barring your company from entering the digital age. In the digital landscape there is always change and so much to keep up with even for someone who is well versed. This is because there is always a better way to do things, an easier way to do things, and tech that can enable it.
Agility is when businesses are able to improve and develop their digital processes as trends come up or there is a demand for a new feature or action. This ability to innovate or adapt is highly rewarding in a modern marketplace.
If you are looking to compete in terms of quality, this is definitely the way to go. You are able to offer better services and can set a higher price for it as well. Internally you will find that a digital environment makes a work day more efficient where tasks are completed faster and you can optimize the use of your resources.
Creates an Adaptable Workplace
If the pandemic has taught us anything it is that digital workplaces were able to adapt much faster in order to keep operating under a global quarantine.
A digital workplace allows you to tackle inevitable obstacles without any hindrances to your operations. People tend to embrace change and are unphased by challenges that may overwhelm those who are used to conventional workplaces.
For a lot of people just the idea of changing the status quo is daunting and that can be true across all departments and range of professional experiences. By enforcing a digital transformation, departments find it easier to collaborate, and therefore begin communicating more than they used to.
The objective to learn unifies the entire organisation. Social barriers are lowered and with this increased communication comes room for innovation, agility, and growth.
Improves your Product
These days potential customers do not convert just by judging the quality standard of your product or service. They want to know whether they can order it from the comfort of their home? how soon a product can be delivered to their doorstep? is there an app they can use which will get the job done in a coupple of clicks and swipes?
With the digitization of your product it is easier to achive all these things while keeping yuor cost to a mnimum. It is also a tried and tested way to thwart the competition as a new startup on the block.
Helps Make Your Case
When you are creating a startup business plan having a digital front on your side can really help you get investors. VCs for example do not just look at the business but how adaptable the leadership is to the evolving needs of time.
You can list down all the things that you hope to gain from creating a software based business or consolidating your idea in an app or website and back that up with the data that you can get from digital analytics.
Updates your Skillset
When it comes to scaling your business it is expected that you match the advancement in your specialized skillset as well. Industry leaders that the future of digital businesses will soon be dependent on a particular set of skills. These include AI, AR, cloud computing, growth hacking, analytics, and machine learning.
Without digital experience or talent and combined with a reluctance to change, companies keep their workforce from acquiring this skillset. This ultimately translates to them not being able to meet the needs of their customers or to optimize their operations in order to compete with the industry.
The biggest hindrance for businesses not accepting digital transformation is that they view it as an unnecessary expense, when they should be looking at it as an investment. By inmproving how you engage with customers, gauging important analytics, and increasing the skillset of your employees you are able discover new sales channels for your business and even untapped opportunities with massive potential.
Unlike the dinosaur who could do very little to survive before it went extinct, there is so much that businesses can do, none of which too complex, that will help them thrive in their respective industries. It is important that digital transformation is celebrated and encouraged starting from leadership so that it is always an essential element of the way things are run in your company.
At ConvrtX we pride ourselves in the expertise to transform landscapes. We are not another software consultant but a 360 degrees venture studio that can help you make bring your idea into a digital-savvy reality.
Whether you want an app business plan or complete corporate digital transformation, we will ensure that you get the gold standard.