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Digital transformation in recent times has moved way past than just being a phraseology. According to IDC, 85% of enterprise decision-makers say they have a time frame of two years to digitally transform their businesses, else they might suffer extreme financial losses in the coming times. This one statement reflects upon how technology can drive change in a business for the better, but it is imperative that we understand how digitally transforming a business goes way beyond than just an application of information technology into the business processes. A digital transformation journey starts with defining the mission and vision of an organisation, a definitive ideology of an organisation forms the cornerstone of any digital transformation plan. Once that is combined with the right catalyst, in this case, the right Digital Solutions partner, the journey to digital transformation begins.
The road to digital transformation could be a long and tedious one if the right set of points are not kept in mind, what we aim to achieve is a seamless transition from the old legacy defined ways of doing business to a digitally dependent roadmap to success. Here we discuss the 10 points to keep in mind while digitally transforming your business –
A digitally dependent system is a customer centric approach
Customer experience lies at the heart of a digital transformation, there’s enough proof to show organisations are depending more and more on giving their customers customized experiences to reap the benefits, since it has been well documented that retaining a customer is much more effective than acquiring a newer one. While digitally transforming, it should be made sure that at each and every step of the transformation, customers are kept as the focal point.
An example for a tool that supports customer engagement in the best possible way is [x]cube LABS’s Upshot.ai, this in-house developed product engages the customers in the perfect manner by getting deeper insights into their behavioral, transactional, demographic, sentiment, and psychographic data captured from all the digital touchpoints a business has.
Data is everything!
One of the major strengths of a digitally driven business is how well it can gather and make sense of data. With the use of data, organisations can profile their customers, scrutinize their behavior and interact with them in real time. Data can lead companies to run predictive analyses on how customers have behaved with their products in the past and make much more informed decisions. According to TechCrunch, Every two days, we create as much information as we did from the dawn of civilization up until 2003. The more the data, more are the possibilities to make use of it for the better.
Digital transformation fuels innovation
Once a business goes digital, the scope for innovation increases. There’s always a solution to a problem that an organisation might face, In the past we have seen several organisations rise up from obstacles by coming up with digital based solutions fueled by innovation.
One great example would be Panini, the leader in published collectables and how [x]cube LABS helped them digitally transform their age-old brick and mortar setup resulting in greater customer retention and substantial rise in revenue.
The demand for content goes up and beyond
When the customers of a business get accustomed to a digital ecosystem, the responsibility on the business’s part increases. A digital business is widely accessible, which means that a customer can or will interact with the organisation on his own prerogative. The information being transmitted from the business’s end now takes centre stage. We’re talking about scaling up digital design to keep the customer’s engaged leading to a greater retention.
Foster a digital mindset in every employee
We see a lot of organisations being apprehensive about adapting technology in their core processes. The reason is simple. not every employee in the organisation can have an innovative mindset, not everyone will be open to change. A digital transformation cannot happen overnight, there are specific processes in every business that are being done in a manner for years or even decades. Adapting a digital approach and inducing a digital mindset in an organisation is a gradual process and takes its time. All we need to make sure is that there’s no dissonance between the values of the organisation and the objectives they’re set to achieve with their digital transformation journey.
Technology can drive remote workforces
The year 2020 has brought several revelations, the use of technology has supported the businesses that were disrupted due to the pandemic and has made the case for remote workforces even stronger. This can be directly linked to reduction in fixed costs incurred by a business, we saw several big organisations considering Hybrid work models for the long run, Google has been planning flexible working models for the future, CEO Sundar Pichai said. A digital transformation could favourably impact the working environment a business might already be in.
A digital transformation is a catalyst for expansion
Machines, though developed by humans, have much more potential than humans in handling data and requests. Businesses that are looking towards an unprecedented expansion rely heavily upon the digital tools. Handling data from millions of customers would be nothing short of impossible for humans to handle, even if they can, hiring such a huge workforce could skyrocket the costs for the business. A carefully crafted digital transformation plan can have a business handle a great number of customers in a swish and come up with the best possible solutions for them.
A relevant example could be how [x]cube LABS assisted tradeMonster into developing a cross platform strategy ensuring a robust framework to handle the data surge.
Remember, beginning is the hardest
The idea is to keep the business thriving and adapting to the environment in the best possible way. A lot of people might be open to something new, a lot might just be baffled by the changes that technology brings. All we need to remember is that it takes time, the only way to keep the wheel rolling in the right direction is to be a part of the process. We’re looking at transforming an entire business, it’s not a small feat. Always remember, why did we start in the first place.
Find the right partner
With digital transformation, we’re looking at total disruption of your supplier chain. There are specialized organizations that provide digital transformation services, all a business has to do is find the right fit for themselves. We’re looking at building credibility and trust with the partner. It’s very important that the technology partner that you hire resonates with your ideologies and believes in what you’re trying to achieve. There are certain traits that a business should always lookout for while finding the right technology partner. We [x]cube LABS, have supported several organisations into digitally transforming their businesses, our values, quality and work ethic speaks for us.
What differentiates a business from its competitors is the amount of value it generates, once the process of digital transformation kicks off, a great deal of stress should be put upon whether the required amount of value is being generated on both the customer and business end or not. The future is today, technology is at its boom, all we need to do is embrace it and strive!
Going as per the stats or the pandemic, there have been enough wake up calls for businesses to know how imminent it is to start their journey towards digital transformation. We certainly hope that the points mentioned are helpful for a smooth transition into being a digitally driven enterprise.
Wondering how to go about it? Get in touch with us. We have partnered with several startups and Fortune 500 companies to digitally transform their business. We are digital natives at heart who firmly believe that every company can be a digital company with the right set of consultations and skill.