How Digital Transformation Benefits a Business
Want to blow your competition out of the water and actually make a profit while doing it?
Every business owner is interested in increasing their revenue and profit, cutting their costs and keeping their customers happy. After all, making a successful company more profitable leads to:
Improved market position
Sustainable growth
The problem is...
Running a traditional brick and mortar company these days is like showing up to a fight with a knife while everyone else is packing heat. To keep up with the competition and land those high-value customers you need to be investing in digital transformation.
Without digital transformation, you might as well be invisible.
In fact, 90% of companies are now going through some type of digital transformation. And if you aren't on board that train yet -- you're already getting left behind.
Here's a preview of what you'll find in this article:
Why Digital Transformation Is the Key to Success
The Benefits You Really Need to Know
3 Key Ways That Digital Transformation Improves Your Bottom Line
Why Digital Transformation Is the Key to Success
Digital transformation has a ton of different benefits for any type of business. If you aren't jumping on the digital transformation bandwagon yet, here are three reasons you should.
Increase Your Productivity Levels Exponentially
Digital transformation is one of the best ways to improve your productivity on a company-wide level.
Why? Because digital systems and automated processes can take care of the mundane, repetitive tasks that suck up your team's time. When you implement the right technological solutions, -- your productivity will skyrocket.
And as you know...
Productivity and profit are directly related to each other.
Let's take a look at what the experts have to say on the subject. Successful digital companies experience a significant 55% productivity increase over their industry competitors.
Makes sense, right? When your team isn't wasting time on menial tasks and slow, manual processes, they have more time to focus on the things that actually grow your business:
Strategy
Customer relationships
Innovation
Build Trust & Authority With Up-To-Date Systems
Think about digital transformation as an upgrade to your brand image.
Customers have to know that they can trust you and your business before they start spending their money with you. So how do you get customers to trust you? By showing them that you're legit, trustworthy, and have your shit together.
That means...
You need modern digital systems. They're the best way to show customers that you are for real and that you mean business.
If your business is still using old school systems and inefficient, clunky processes -- while your competition has streamlined digital transformation management operations, guess who the customer is going to choose
You guessed it... Customers can tell which businesses are digitally transformed by simply looking at their systems. If you have a clean, streamlined website and modern digital solutions -- that will tell them everything they need to know.
Reduce Your Operating Costs
One of the most under-discussed digital transformation benefits is cost reduction. Digital transformation can help your company operate more efficiently and with a lot less cost.
Automation alone helps because it means that you no longer need as many people working on repetitive, process-based tasks. You're saving money and your team is spending more time on value-added work.
But there is another way digital transformation helps you save money...
Digitizing processes and moving to cloud-based solutions eliminates tons of overhead costs and unnecessary expenses. For example:
No paper-based filing systems
No need for physical storage space
Reduced manual processing errors
No more redundant workflows
But it doesn't stop there. As far as automation goes, it's important to focus on those systems that will handle the high-volume, repetitive tasks. This way you will save the most money while simultaneously increasing accuracy.
The Real Benefits That Actually Matter
Digital transformation is not some new buzzword. It's a way of operating your business that can deliver measurable results.
In fact, real benefits can include:
Customer satisfaction
Market share
Operational efficiency
The trick to succeeding in digital transformation is to focus on those areas that will have the most impact on your results.
Digital Transformation Success Stories
Now for the juicy bits. Here are the actual digital transformation benefits that will move the needle on your business.
Boost Your Revenue Growth
If there's one area where digital transformation pays massive dividends, it's in revenue growth.
Revenue growth is king because the most effective way to expand your business is to sell more to existing customers and acquire new ones. Digital transformation helps you do both by streamlining your sales process and delivering better customer experiences.
Revenue is the holy grail of any business and digital transformation tools and systems help you to reach your goals.
Businesses that have fully implemented digital transformation are seeing massive revenue increases. They are using digital tools to understand their customers better, create a more personalized experience, and close more deals.
The type of transformation we are talking about here is directly related to increased cash in your bank account.
So how do you achieve growth in your revenue through digital transformation?
Implement digital systems that allow you to:
Track customer behavior
Automate sales processes
Deliver real-time analytics
Personalize your marketing efforts
Companies that embrace digital transformation are reaping the rewards and seeing double digit revenue increases in their first year.
Drive Customer Experience Through The Roof
This is my favorite digital transformation benefit...
Customer experience is the most important factor for the success of any business. When you focus on understanding and catering to your customers' needs through digital tools, you make it unbelievably easy for them to do business with you.
Digital transformation allows you to:
Instantly respond to inquiries
Automate order processing
Provide 24/7 customer support
Personalize every customer experience
What you are doing is delivering the types of customer experiences that keep people coming back for more.
Scale Your Operations Without Adding Staff
If you are looking for an easier way to scale your business, digital transformation might just be the ideal solution.
Traditional businesses have a difficult time with growth because as business picks up, they need more people to handle the increased workload. Digital transformation businesses are different because the technology does most of the heavy lifting.
Here are my two favorite ways to scale with digital transformation:
Process automation
Cloud-based systems
Automation is all about using technology to take care of tasks without any human intervention. That means you can handle more orders, process more customer requests, and manage more data without hiring additional staff.
Cloud-based systems give you scalable capacity to handle growth. They can grow as your business does without the need to invest in massive IT overhauls.
Maximize Your Digital Transformation ROI
Digital transformation isn't just about technology implementation. The real key to digital transformation success is strategic planning and execution.
Need a hand?
Not all of us have the time to strategically plan and execute a comprehensive digital transformation strategy. This is where digital transformation consultants come in handy.
They are businesses that specialize in helping you hire the right technology and implement the best practices to achieve the best ROI.
One thing to keep in mind...
If you decide to start your digital transformation journey, make sure you have a clear strategy that will align with your business objectives.
Wrap Up
I hope that this insider info on digital transformation benefits will help you see the forest through the trees of the countless articles out there. Digital transformation is fast becoming the standard, not the exception.
Just one more thing to keep in mind is that you have to dedicate the time and resources to do it right in order to see results.
Businesses that embrace digital transformation now are the businesses that are going to be the market leaders tomorrow. While everyone else is still trying to figure out how to transform their business, digitally transformed companies are taking market share and increasing revenue.