Over the past year, the term digital transformation has come under an intense spotlight. Companies from a wide variety of industries have had to confront various challenges with short-term solutions. However, many have used this situation as an opportunity to accelerate the adoption of new practices and technologies in the long term. Some studies have also shown how far the digital transformation process has actually progressed. This article will walk you through the importance of digital transformation of businesses and how using technology can make your company better.
Digital transformation can refer to everything from IT modernization (e.g., implementing employee monitoring) to digital optimization and the invention of new digital business models. In general, it refers to the use of digital technology for financial development or the creation of new business processes.
Digital transformation is about evolving your business by experimenting with new technologies and rethinking your current approach to common problems. Because it’s an evolution, transformation doesn’t necessarily have a clear endpoint. Digital transformation is better viewed as an ongoing adaptation in an ever-changing environment.
A study in IoT Now found that COVID-19 advanced digital transformation by 5.3 years. Companies had to adapt to such unique and unprecedented times and find solutions to current challenges. They used the situation to advance digitally, but there were almost no other options. Many industries had to accelerate the technological transformation that might have been gradual over a longer period under any other circumstances.
There are three key areas of digital transformation for businesses:
- Customer experience — working to understand customers in greater detail, using technology to drive customer growth, and creating more customer touchpoints;
- Operational processes — improving internal processes through digitization and automation, providing staff with digital tools and collecting employee monitoring data, and make more strategic business decisions;
- Business models — transforming the business by expanding physical offerings with digital tools and services, introducing digital products, and leveraging technology to deliver global shared services.
- The use of technology helps to draw attention in a highly competitive environment. Companies will have to master a new set of promising technologies. These technologies will be an important driver of change in a world where every industry already possesses a large arsenal of digital tools;
- When an organization ignores the adoption of modern technology, it risks being left behind by competitors who have long used current business practices (implementation of employee monitoring, CRM systems, etc.). Speed and flexibility are important to success: you need to make changes when you can, not when everything is already on fire. After digital transformation of business processes, the company will be able to react faster to external factors and make optimal decisions in time, confirming the expectations of customers.
- Every second, people create countless pieces of data digitally that are not just stored but also help the business. To operate with the information available in a meaningful way, you need to collect, structure, and explore it. Digital transformation is helping this through innovative technologies — Big Data, Artificial Intelligence. Their main purpose is to process large amounts of data, which can be used to make accurate management decisions and optimize company products for specific customers. For example, by analyzing employee monitoring reports, you can enhance your staff’s productivity and reduce idle time, therefore increasing your revenue;
- Thanks to innovation, companies have been able to use this digital identity to develop a deep understanding of their target audience. In the post-digital era, businesses will have ongoing, personalized relationships with individual consumers based on their unique identities. This opportunity comes with more responsibility, but in return, it gives you the ongoing understanding of customer needs necessary for leadership in the post-digital world;
- Using modern solutions can help you reduce your company’s operational and human costs. For example, using a properly configured chatbot can take the load off your customer support agents, while analyzing employee monitoring reports can help team leads and managers properly distribute the workload to each employee and say goodbye to unqualified people;
- In today’s internet-connected digital ecosystems, cyber-attacks can reach unprecedented proportions. Implementing modern technology can significantly improve your company’s cybersecurity. The use of blockchain and encrypted data greatly reduces the risks of cyber attacks and the loss of important data. What’s more, many employee monitoring systems are equipped to track data transfers to external carriers or email addresses;
- Your employees can use the latest technology to rethink their current roles and find new, innovative ways to change and thrive in the post-digital era. To keep up with the times, you need to rethink hiring, employee monitoring and education and adopt approaches that better align with agility;
- Modern technologies can help you transform your customer experience. For example, you can use VR to let your clients try clothes on online or see if the piece of furniture will fit in their house.
- Figure out the efficiency of your business processes, conduct operational and employee monitoring, and then start the digital transformation. Don’t recklessly pursue technology just because it’s trendy these days. Don’t spend money and resources digitizing non-optimal processes.
- Work with your staff. Your success depends directly on your employees being digitally engaged and thoroughly aware of your company’s processes. Develop a digital culture of people.
- Don’t reinvent the wheel if someone else has already created it before you. Also, don’t be afraid to share your technology. This way, you will build a kind of digital ecosystem around you, which will help you implement new solutions faster and cheaper.
- Minimize financial risks. Even if you’ve done a business process audit and are 100% sure you need to digitize that particular technology or process, don’t invest in it all at once. So, if you’ve decided to optimize your employee monitoring processes, you don’t have to buy a year’s subscription right away. Test a few options for free, and then invest in the one that works best for you. Move in stages, step by step.
- Digital transformation never ends, and neither does technological progress. It’s a journey on a road that has no end. So set yourself up for this process to be permanent.
Digital transformation is not the story of tomorrow. These days it is already the story of yesterday, without which tomorrow will be complicated. Nevertheless, better late than never.
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