The Top 10 Benefits of Digital Transformation
Ever since the early 2000s, business leaders and innovators around the world have been espousing the benefits of digital transformation.
Broadly defined, digital transformation is the process of integrating digital technologies into every aspect of a business, regardless of what type of business it is.
This can include but is not limited to, the digitization of record-keeping, accounting, customer management, shipping, communications, data storage and all internal business processes.
Digital Transformation Business Benefits
Although many businesses incorporate some element of digital technology into their business’ operation model, many found that the recent pandemic left them woefully unprepared for an increasingly digital business landscape.
This is especially alarming in the face of recent facts like:
- “71% of IT professionals have seen an increase in security threats and attacks since the start of the pandemic
- 63% of leaders said that the pandemic prompted them to embrace digital transformation much sooner than planned”
While many businesses have lots of catching up to do, and the benefits tend to vary according to industry, here are a few of the more general benefits of digital transformation that businesses can expect to see upon adoption:
- Improved Efficiency
- Better Decision Making
- Heightened Agility
- Greater Customer Satisfaction
- Increased Profitability
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Benefits of Digital Transformation for Employees
1. Better Collaboration
By using all the various communication technologies that exist in our day and age, employees find it easier than ever to stay connected. From Microsoft teams to Zoom video conferencing and everything between, working together from remote locations on a day-to-day basis is a mainstay of our modern era
2. Increased Productivity
By migrating all company and customer data to the cloud, employees have almost immediate access to any data or piece of information they need, decreasing the hours wasted looking for the right file.
3. Improved Customer Experiences
By making smart use of customer self-service technologies and customer management automation, you improve both sides of customer engagement. Employees need to deal with unsatisfied customers directly less, and clients take some matters into their own hands.
Benefits of Digital Transformation in Retail
1. More Frequent Upsell Opportunities
When done in person, the upsell often falls on deaf ears. Or even worse, causes the customer to walk out. But with online retail, upsell opportunities can be seamless, unassuming and far more effective.
2. Easier to Understand Buyer Preferences
Thanks to the advent of machine learning and AI, online retail has broken new ground when it comes to understanding and catering to buyer preferences. When it’s all put together, digital transformation in retail is capable of creating a very effective, very unified customer experience that few other mediums can match.
Take a Look at Our Expert Technology Insights to See How Technology is Changing Business:
Benefits of Digital Transformation in Banking
1. Staying Compliant with Laws & Regulations
Thanks to digital platforms like the many financial management systems currently in the marketplace, modern features like cloud-based payroll, automatic auditing and data standardization have made it easier than ever to stay compliant and avoid exorbitant non-compliance penalties.
2. Heightened Reporting Capabilities
With digital transformation comes data cohesion and accessibility. Modern technology makes it possible for real-time data to be generated, collected and made available in a matter of moments, allowing upper management to respond to changing trends and conditions with increased speed.
3. Greater Talent Retention & Acquisition
By adopting a modern, cloud-based Human Capital Management system (HCM) banks can maintain their competitive advantage through a variety of digital means. Primarily, today’s HCM systems provide a host of convenient tools and metrics like employee performance reporting, succession planning, self-serve HR functions and more.
But perhaps most impressive is the ability of modern HCM systems to help with workforce planning initiatives. In this way embracing digital transformation can help banks align their talent needs to overall organizational goals.
Benefits of Digital Transformation in Healthcare
1. Effective Remote Healthcare
Considering that not all medical appointments require in-person healthcare assistance, the use of telemedicine and video-based treatments has been a massive boon to the healthcare industry at large, for both patients and healthcare providers alike.
2. Wearable Technology
Never mind smartwatches, wearable technology for remote monitoring of patient vitals for emergency assistance or preventative care has become a mainstay in hospitals and care facilities all over the world. When doctors can access their patients’ metrics in real-time, wherever they are, it frees up healthcare practitioners to focus on more immediate emergencies while the patient gets to enjoy more freedom of movement.
Seeing Digital Transformation Benefits for Your Start-Up
No matter what business you’re in, embracing the benefits of digital transformation is proven to be the way of the future.
The tangible and immediate benefits are beyond worth the investment to upgrade and transform the way you do business.
Talk to us today and see how Normative can help you digitally transform your business.