Consulting firm Deloitte states that, ‘Companies that have higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies.’ If your business is considering a Digital Transformation (Dx) initiative, it is with good reason – the transition can improve revenue growth, productivity, competitive positioning and enterprise agility.
‘Combining technology, streamlining infrastructure and providing mobile access can help organizations keep pace with rapid change and manage problems and market competition.’
In this article, we discuss a few of the benefits of Digital Transformation (Dx). These considerations and factors can establish a starting point for your team in selling the initiative to senior management and in creating metrics to measure and assess the results following deployment.
Benefits of Digital Transformation (Dx)
Reviewing workflow and business processes and automating and streamlining these using technology allows the organization to improve efficiency and to ensure that the steps in the process are completed swiftly, that the business can easily monitor and measure the time-to-completion of approval processes and track dependencies.
Keep Pace with Changing Customer Expectations
By integrating systems and data and providing opportunities for analytics, business users and team members can monitor customer response, understand which marketing and advertising campaigns result in sales conversion and include feedback from customer relationship management (CRM) and sales systems to provide feedback, resolve issues and anticipate changing customer buying behavior to save time and focus on the right features and targets to acquire and retain customers.
Improve Product and Services
Aligning and linking business processes can help the business to assess suppliers, ensure that parts and components are received on a timely basis, that common issues with product flaws or service shortfalls are resolved, and that the team addressing each aspect of product and service offerings is completing the steps in the process on time. Where there is a need for more suppliers, more team members or improved quality processes, the business can objectively measure results and use these results to support new resources and/or changes to products or services to improve customer satisfaction and retention.
Identify New Revenue Opportunities
Where data integration and systems linkage provide clear reporting and analytics, team members can spot opportunities for spin-off products, expanded services and new features often requested by customers and can coordinate these and prioritize them with sales and product design teams.
Improve Quality and Reduce Downtime
Data and information are key to improving quality and reducing downtime. Understanding where and how equipment or teams break down, and where resource shortages negatively impact the organization. Where there are shift or seasonal shortages or issues, an integrated data infrastructure with easy-to-use and access data can allow sales and other users to set expectations with customers and other team members and avoid over-promising, while also revealing pain points in the process so the business can address and resolve issues.
Improve Time-to-Market and Decision-Making
When a business attempts to manage manual work processes and combines those processes with data silos, legacy systems, best-of-breed and offline decision-making, it is bound to experience delays and will likely deal with more human error, gaps in service and misinterpretation. Clear reporting, clarity of business processes and checkpoints that allow managers and team members to monitor decisions and approvals will keep things moving and ensure that the enterprise will not experience delays or issues because a team member is out of the office, on vacation or has left the enterprise. Combining technology, streamlining infrastructure and providing mobile access can help organizations keep pace with rapid change and manage problems and market competition.
This White Paper will provide more detail on the factors to consider in planning and deploying a Digital Transformation (Dx) initiative: Preparing Your Business for Digital Transformation and Data Literacy.
‘Digital Transformation (Dx) can improve revenue growth, productivity, competitive positioning and enterprise agility.’
Explore Digital Transformation and plan for your own success, with our article, ‘Your Business Can Enjoy the Proven Benefits of Digital Transformation,’ and ‘ A Digital Transformation Initiative Can Improve Operational Efficiency’, and ‘Considering a Digital Transformation Initiative? PLAN, PLAN, PLAN!’