Digital Transformation is a priority for all sectors
Digital Transformation has become a priority for organisations of all sizes and sectors as customers and competitors adopt new technology at a rapid rate. Advances in data analysis have given businesses greater insight into the customer journey whilst modern technology has equipped them with powerful digital platforms and tools with the potential to create new value, disrupt the competition and delight customers.
As the pace of Digital Transformation accelerates CEOs, Managing Directors and Executives realise the huge potential and undeniable need to update legacy systems, automate processes and use digital channels to manipulate data.
Digital Transformation Sceptics
According to a report by Forbes Insights, 90% of global businesses have initiated a formal Digital Transformation project of some form. Yet whilst many organisations accept the need for digital change, there is a significant amount of scepticism as to whether it is truly beneficial and whether upgrading legacy systems will have any real impact on the customer, employee or competition. Many executives feel that the ‘Amazon-style’ business models are only for large corporations and are not realistic for themselves. Others are uncertain of where to start or whether they have the skills, financial support, investment, incentives, patience and culture to succeed.
But despite these reasonable concerns, responsible CEOs need to be aware of and invested in digital innovation if they want to keep up with the expectations of tech-savvy customers. Here are our top 4 reasons why your senior management team should be driving your organisation’s Digital Transformation Strategy.
1) To delight your customers
Your customers are the most important part of your business and the key influence for digital innovation. Gone are the days when organisations could mass produce their product and mass communicate their brand messaging. The digital age requires personalised connections, therefore businesses must understand their customers better than ever.
For 71% of executives understanding the impact technology will have on their customers behaviour and preferences is a top digital transformation challenge. As consumers turn to their mobile devices for multiple interactions throughout the day, businesses must come up with new engaging ways to reach them on the devices, apps and channels they are most accustomed to.
2) To successfully compete with new market entrants
Organisations face competition from both new and old competitors, yet most only take digital transformation seriously in direct response to new market entrants that threaten their business models with their new digitally enhanced ways of doing business. According to a report by Dell, 78% of business leaders believe digital start-ups pose a threat to their organisation now or in the near future.
That said, for many board level executives, there is an even greater fear of investing heavily for what could be a very small return. Large technology projects should be strategically planned out with all stakeholders involved kept abreast of adjustments to process, trained to a high standard and encouraged to wholly adopt change from senior management down.
For those smaller companies who are not looking to make huge infrastructure changes there are quick wins. Taking a critical look at legacy systems and identifying inefficient processes, then using simple automation tools to speed up processes is a great starting point.
3) To improve Employee wellbeing and efficiency
Your employee wellbeing matters almost as much as your customer experience. Millennials now make up 40% of the workforce with generation Z hot on their heels. These two generations are the first to grow up with technology as part of their daily life. According to a report by Ricoh 71% of employees want the organisation they work for to provide the same level of technology as they use in their personal lives.
Digital Transformation has the potential to empower employees by giving them control over their role in the company. Document and Process Automation can ensure employees have the information, resources and tools needed to perform at a high standard. By automating entire workflows employees can save time on training, minimise the risk of errors and reduce time spent on dreaded data input, making them more productive and confident in their job.
4) To gain valuable data-driven insight
Digital Transformation is primarily about finding new ways to engage, delight, and deliver value to customers and employees. This means it is critical to take an “insights-first” approach and gain a strong understanding of how employees work and how customers behave as a baseline for any digital strategy development.
We are faced with an endless amount of data. This information provides valuable insight for future business success. Understanding how it is produced, managed, utilised and stored is critical for any organisation. Having a fragmented system with possibly unprotected and mismanaged data that is not being stored in line with the latest GDPR guidelines is a risk no organisation can afford to take. Investment in the latest digital technologies, such as mobile, cloud and automation, will not only overcome such data hurdles but create a culture of inclusion, where people work together on one vision.
How can Digicorp help?
While almost every company is pursuing Digital Transformation to some degree, the Forbes survey found that most still do not have CEO engagement in the initiative and less than a third have significant executive level sponsorship. As a direct consequence the majority (84%) of these programs have failed to generate the desired results so far.
From your CEO to Office Administrator, Digicorp will help your entire business on its Digital Transformation journey. Get in touch at [email protected]