What Is Digital Transformation?
Digital Transformation can be defined as the seamless integration of digital technologies into all processes and sub-processes of an organization, resulting in significant fundamental changes in how the organization operates and the kind of value they bring to the table for their customers. Digital transformation transcends traditional roles such as marketing, sales, and customer service and starts and ends with how organizations think about and engage with their customers, with digital technology on its side.
Put simply, it is all about redefining the ways through which a customer-centric organization interacts with its existing and potential customers on multiple platforms. It’s also about offering a consistent experience to their customers wherever and whenever they need it.
The organizations that have successfully planned and implemented transformed digitally are creating highly engaged customers and their customers are:
- Two times more likely to enter into a purchase with their preferred brand even when a peer is offering a better price or product.
- Four times more likely to refer their preferred brand to their family, connections, friends, and colleagues.
- Six times more likely to try out a new product or service from their preferred brand.
- Highly engaged customers tend to spend 60 percent more per purchase, buy 90 percent more frequently, and have thrice the annual value as compared to the average customer.
That’s not all! A recently-concluded study by MIT revealed that organizations that have embraced digital transformation are 26 percent more profitable than their competitors.
Understanding the new, digital customer experience
A majority of B2B and B2C organizations are starting to realize that a successful, purposeful digital transformation strategy is all about enhancing the customer experience (CX) through infrastructure, applications, processes, and impact. This is simply because it is easier to create a competitive and differentiated experience to retain customers instead of spending a fortune on advertising. In other words, creating and delivering consistent, superlative, and authentic experiences is the new norm of the day.
Technology researcher International Data Corp. estimated investments in digital business transformation efforts are likely to jump to more than $2.1 trillion in 2021 from $1.3 trillion in 2018. This rapid proliferation of smart and innovative technologies along with the reducing cost of storage and computing power has brought most state-of-the-art technologies in the hands of practically every business, irrespective of its line of operations or size of business.
Today’s tech-savvy and demanding customers would not settle for anything less than responsiveness, proactiveness, authenticity, performance, and consistency in tone and messaging. The winners will be those organizations that consistently deliver authentic, purposeful, and customer-centric experiences that are better than their peers.
Today, digital transformation services and digital transformation frameworks have transformed consumer habits. Machine learning, automation, applications, mobile devices, and much more have allowed customers to access exactly what they want and almost instantly. What’s more, a shift in customer expectations has been made possible thanks to new digital technologies that have made consumers app-native, constantly connected, and fully aware of all things they can do and achieve with technology.
In today’s technology-dominated market, you don’t have to look far to experience the significant changes brought in by digital transformation. Examples such as Uber, Netflix, Amazon Go, and Google’s entry into the segment of self-driving vehicles have transformed the industry. For organizations small and large, the need for digital transformation is clear but the big question is — how to get there?
Ways To Get Started With A Digital Transformation Strategy
Undoubtedly, every business must have a digital transformation strategy in place but it has to first answer the simple question — why does it need a digital transformation strategy in the first place?
The digital economy and marketplace of today are marked by rapid innovation, evolution, development, and disruption. Organizations that want to stay relevant with the evolving times must adapt to the new digital landscape. However, undergoing a digital transformation is more than just the adoption of new technology, upgrading legacy systems, or investing in fancy gadgets. There is no denying the fact that those are also important, but they are not the complete picture.
A success-driven organization that wants to future-proof itself should do more than just react to changes. It has to proactively anticipate changes and drive innovation. To achieve this, they need digital transformation consultants to create a powerful digital transformation strategy.
Creating and maintaining an effective digital transformation strategy requires a well-planned and clear structure. At the very first step, it’s important to ascertain the vision to implement a digital transformation strategy. However, you should emphasize on the end goal instead of looking at the problems you’ll be solving with innovations.
What are your short-term and long-term goals with digital transformation? This vision should deal with reality and the first step before you should be to clearly identify gaps in the existing structure and thereafter create implementation roadmaps to optimize it. For this, it’s best to consult professional digital transformation consultants.
Digital transformation consultants will help you perform a comprehensive analysis of the prevailing trends and market dynamics. This step is critical to creating a relevant and future-driven digital transformation strategy.
Once you’ve identified the top digital transformation consultants, it’s time to have a detailed word with them to select the best digital transformation consultant. This partnership will help you discover a vision and analyze the market while emphasizing on delivering customer experiences that you want to deliver consistently for your customers, employees, and other stakeholders.
It is highly recommended that you should not focus on the limitations of existing technologies and methodologies. Instead, pay special attention to the authentic, consistent, and delightful experiences you want to deliver. What value can you offer to the users? How can you bring changes in the way employees interact in business processes? Remember the primary focus is not on the new technology but on the experiences it can offer.
This stage deals with where your organization is now and where it wants to reach. It is important to have a clear focus and take some hard decisions, if required, to make the most out of your digital transformation strategy. To get started, you need to examine your existing digital infrastructure and analyze the current and futuristic market trends. This step will involve the discovery of critical components required for the digital transformation strategy, the development of tools, applications, and software to take care of your current and future requirements, and the integration necessary to bring everything together.
In today’s cutthroat business environment, the implementation of digital transformation is an excellent way to business development. Establishing a sound digital transformation strategy will help your organization identify new growth and development opportunities, offer better products and services, gather more prospects and leads, open up powerful sales and marketing channels, and increase revenue.
Want to get your organization ready with a powerful digital transformation strategy? To implement digital transformation successfully, please feel free to contact InfusAi, leading software development & IT consulting service provider that can help you with planning and executing a purposeful digital transformation strategy.
About Us: Infusai
is a lead software development & IT consulting service provider. We design, build, implement and support AI driven intelligent enterprise applications.