As per Gartner – “Digital transformation or Digitization can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models.”
It comes as no surprise that pandemic has impacted the way businesses functions. Digital transformation has set new standards for how we work, regardless of the industry or place. While many firms have adopted digital technologies, there are others trying to accelerate their digital growth.
The most effective organizations during the pandemic used technology to their advantage as per the McKinsey report.
- 75% said they had the ability to fill tech jobs during the crisis,
- 67% said they were more advanced in using technology than their peers before the crisis, and
- 56% said they were the first movers in experimenting with digital technologies during the crisis.
Benefits of Digital Transformation in business
Below are five benefits emanating from digital transformation in business and why your business needs it now:
- Increased efficiency & profitability
As a result of digital transformation in business, automation becomes possible. Thereby ousting the redundant tasks that otherwise would have led to wastage of man-hours, results in direct bottom-line savings. Better automation and optimized workflows catered by a low code development platform can lead to a significant increase in work efficiency and ultimately better profitability for the company.
- Greater precision in data
Integrating systems helps to bring data from different sources together and helps with making sense of it and using it in decision-making processes. Accuracy and precision are higher, and eventually, the system becomes a source of truth.
- Increased employee satisfaction
Regardless of industry, employees want integrated systems that make their jobs easier and more productive. Right from onboarding themselves to onboarding their customers or external parties, they want to keep track of their time. They want to see all tasks in one dashboard, regardless of where they are working from.
- Enhanced visibility
Digital transformation allows for seamless integration across domains horizontally and vertically. With digitalization, anyone in your company can view information from any department, even if they aren’t directly involved, provided such accesses are in place.
- Informed decision-making
When there is a single source of truth, it is easier to make informed decisions by eliminating the effort of collecting data across systems. The management can take advantage of this and make better decisions than if they were to manually collect data.
A recent Digital Transformation Report by Corporate leaders and PTC shows that 40% of the leaders believe digitization improves operational efficiency while 30% believe it will help in meeting changing customer expectations.
Analysts and researchers suggest digital transformation will bring business agility and innovation in workplace. And as a result of collaboration across systems, there will be more accountability and responsibility. Today’s leaders are rethinking ways to implement successful digital innovation by focusing on building a collaborative and transparent environment, upgrading technology, and training employees for the future that can anticipate and embrace change.