What is Digital Transformation?

Digital transformation goes beyond a new app or simple transfer of paperwork from overstuffed filing cabinets to the cloud. It’s the process of holistically reimagining every aspect of your business and identifying how the latest technologies can:

  • Deliver engaging and valuable experiences that focus on customer needs
  • Embrace collaboration within your organization by eliminating departmental silos
  • Skyrocket employee productivity by eliminating time-draining processes
  • Increase agility so your organization is ready to take advantage of emerging trends  and weather economic and competitive risks 
  • Mitigate regulatory risk by creating universal policies from one central hub
  • Reduce internal time wasted on processing customer requests

Benefits of digital transformation

Save time by automating manual processes

An important aspect of digital transformation is process automation. Automation can free your sales team from manual busywork by using software to connect systems and automatically populate data fields. 

Data

Understanding your customer is a pinnacle component of modern-day business success. How businesses gather customer intel can vary. Digital transformation helps your team aggregate and compile the right customer data and transform it into actionable insight. 

Experts estimate the average employee spends nearly two hours a day searching for internal information. 

Digital transformation breaks down the communication and collaboration walls within your organization to reveal a new level of transparency. By centralizing key information, staff has quick access to any information they need from anywhere in the world. Additionally, digital transformation creates clear workflows for every process within your organization, so staff knows who is responsible for what. 

Fortify your business against future uncertainty

Nearly overnight, coronavirus changed the business landscape and revealed a devastating crevasse between physical and digital businesses. 

Quarantines and public safety measures quickly silenced any doubts about the importance of a digital transformation. Unprepared for the overnight transition to remote work, many organizations sent employees off to home offices with little plan or strategy..  

Now’s the time to prepare your business to weather the next wave of uncertainty. By kick starting your digital transformation now, you can immunize your business against sudden changes. 

Creating a digital transformation roadmap 

Studies reveal that more than half of technology initiatives fail simply because of poor planning, so the most important step is to start with a rock-solid understanding of the purpose behind your transformation.

Using these four steps, you can prepare your organization with a powerful roadmap ready to drive your digital transformation forward. 

Identify your guiding vision 

What is your organization looking to achieve through your digital transformation? It’s important to adopt a holistic view of what the transformation means for your entire business, not just for an individual department or project. 

Tune your organization’s full focus into the customer experience 

Interview those on the front lines of your organization. Your sales team, marketing team, and customer service team likely have the most interaction with your customer base. Create a comprehensive list of customer needs and competitive gaps and advantages.

The speed and efficiency of your customer experience comes down to how well you’re able to streamline all of your processes. Digital transformation involves every touchpoint a customer has with your company—both direct and indirect. 

Pinpoint what aspects of your organization slow or hinder your ideal customer journey

Every stakeholder in your organization needs to adopt a new mindset that’s wholly focused on the ultimate customer experience. Identify what key internal processes demand change in order to meet the requirements of your overall vision. 

What technologies will you need to adopt? Any new talent do you need to add to your team? Which processes do you need to overhaul? Here’s where you need to take a hard look at how you currently do business so you can identify which areas require the biggest change.

Rank the potential value of each strategy 

Remember, the most successful digital transformations start with what customers actually want as opposed to what your company is able to offer.

Examples of top-notch digital transformations

Studies show that digital transformation initiatives will add up to a $2.3 trillion in overall spend by 2023. What are some concrete examples of how leading businesses are capitalizing on this compelling trend? 

Avoid these digital transformation pitfalls 

Over 73% of digital transformation initiatives fail to deliver value—and we don’t want yours to meet the same fate. Here are three pitfalls to be aware of. 

  • Assign ownership: Every step of your transformation should involve a specific individual.
  • Get everyone onboard: Involving your entire team raises the stakes by bolstering personal commitment to the overall goal. To overcome the death knell of employee resistance, be sure to get everyone onboard at the outset.
  • Proper communication with customers: Create a rock-solid customer communication plan to ensure your digital transformation is a success.

Effective digital transformations boost customer satisfaction and lead to significant business gains. Companies that adopt a digital-first, customer-focused approach exceeded their business goals in 2018. Why?

  • Outstanding experiences increase customer spending: Customers who had an outstanding experience spend almost 1.5x more than those who suffered a negative experience. 
  • Stellar experiences drive loyalty: Over 74% of customers stick with a subscription service for more than a year if they enjoy the experience.

A successful digital transformation requires more than ticking off a few to-dos and hosting a couple of all-hands meetings. By working closely with stakeholders, staff, and customers, you’ll cement your digital transformation into the everlasting fabric of your organization.

Read the complete article at https://www.processmaker.com/blog/digital-transformation/

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