Digital Transformation & Why Your Business Needs to Embrace It

In a digitized world, the most competitive businesses are the ones leveraging big data insights. With many analytics tools allowing businesses to monitor and analyze their websites, social media content, and marketing campaigns, they have a clearer vision of what works well and what doesn’t. Such insight not only reduces risks of making the wrong decision, but also cuts down the time and back-and-forth that too many companies fall into when urgent decisions have to be made.
Data is also the key to the most valuable information for your growth and success: what customers want. You see it every day, in Instagram quizzes and polls and website cookies, and the list of digital tools that can collect data only grows longer from here. In fact, with 73% of consumers expecting businesses to understand their needs and expectations, customer-centric approaches are fundamental for companies’ growth. Machine learning and AI transforming this information into detailed insight, businesses can design their products, services, and entire customer experiences with a better picture of their target audiences.

Wherever you’ve been working for the past few years, it was probably a business that started incorporating more and more digital tools to either reduce paper waste or save time on regular processes. You may have noticed it in minor transitions, like using cloud storage to refer to documents instead of emailing them.

And there are tools for even the most specific processes. For example, employee management tools can help you track attendance, work hours, and leaves for each employee. And with that operation simplified, calculating salaries and bonuses has also become quicker and easier. There are also spend management system that streamline procure-to-pay processes, allowing you to cut costs and better manage your spending.

According to a study conducted by IDG, 89% of organizations have already adopted a digital-first strategy or have made plans to implement one. And with more and more businesses going digital to keep up with the wave of tech-dependency that the pandemic brought, those who fail to embrace digital transformation in time will likely fall behind, and stay behind. Though small businesses hesitate to invest in implementing digital tools, the price will be much heavier once these tools become the only option. And at that point, it would still be difficult to keep up with digitally-engaged businesses, as digital transformation goes beyond systems, to include the staff’s skills and knowledge, and the company culture itself.

The digital age has tremendously facilitated real time communication with countless apps and software that keep people always connected with each other. Digital integration to your business processes can help boost effective communication between different business units and decrease the waste of time caused by the back & forth of traditional communication channels.
With a proper digital strategy, not only can you streamline communication, but you can also facilitate project management, data integration, and financial processes.
On the long term, implementing digital transformation in your company can help it thrive and will take it to new heights.