Digital transformation is seen by most organisations today as a vital activity. But why do they undertake a business change that can seem so challenging and demanding? Here are some key reasons that form the purpose of many digital transformation programmes.
Generating new revenue streams
Through digital transformation, you can generate new revenue streams from your data, products, services and expertise. Organisations leading the way in digital transformation achieve higher profit-margin growth by taking advantage of technology to launch products and services with efficient new digital business models. Digital transformation also enables revenue streams that weren’t possible before. For example, you can create a modern application programming interface (API) to sell your data or services to customers and other businesses.
Reducing operational costs
With digital transformation, you can reduce costs across your business in a range of ways. You can minimise costly human errors in your business processes through automation – and reduce machine and employee downtime to avoid costly missed deadlines. You can also use relevant data to negotiate cheaper prices with your suppliers. Your business can save on personnel costs by automating HR processes like recruitment and onboarding. With cloud technology, your data can be securely hosted and managed at a much lower cost than with traditional physical IT infrastructure and datacentres.
Boosting employees productivity
Digital transformation can improve employee productivity in the workplace and beyond. New digitised processes, services and collaboration tools help your staff be more empowered and engaged. You can build a digital business culture combining people, technology, and best practice. Moving forward, you can increase efficiency, improve performance, grow productivity, and enhance the working environment for your employees.
Enhancing user experience (UX) and customer experience (CX)
When it comes to providing great experiences, the expectations of your business are much higher today than ever before. In B2B and enterprise organisations, this applies to your customers and your employees. Digital transformation can help your customers enjoy seamless multi-channel engagements with you that deliver on your brand promise. You can also give your employees the digital tools and processes they need to be more productive, reduce stress – and work from anywhere.
