The term is used a lot in the business media, but what does it mean? Broadly, it’s defined as the application of digital technology in all aspects of society. When it comes to business, digital transformation can be and arguably should be implemented across every function, and if your business isn’t putting a transformation strategy into action then you’re likely to experience issues.
A successful strategy will enable a business to grow and evolve within their market by meeting the changing needs of their customers. Customer Experience is at the heart of the digital transformation, as a result, the primary focus should always be to use cutting-edge technology to improve the customer experience and stay ahead of competitors.
What are the benefits of digital transformation?
Improved customer satisfaction
In today’s business climate, customers expect instant gratification, regardless of device and platform. They want simple access to products and/or solutions, and they want it fast. With large companies setting the tone when it comes to digital transformation, smaller companies that continue to deliver an outdated experience are likely to frustrate customers, resulting in unwanted churn. The good news in modern technology is a lot more accessible than you may think and providing an enhanced customer experience can be as simple as updating to a phone system that can scale at busy periods or increasing bandwidth to improve efficiency.
Improved decision making
Most businesses have a large database, however only a few utilise this data to their advantage. Business information tools allow companies to collate large quantities of data and draw instant conclusions from it, allowing them to react quicker than lagging competition. This data can be used to help make insightful business decisions and therefore deliver a better customer service.
Improved efficiency
Digital transformation helps to streamline critical processes that may have been holding a business. Think of online collaboration, remote access and intuitive call management – all these solutions will not only help to develop an agile workforce, they will speed up every day processes, allowing you to re-focus your efforts on strategy and growth.
Improved profitability
Quite simply, the more efficiently a business is operating the more likely it will generate profits.
Improved reach
A big driver for digital transformation is the ability to deliver services and products to your customers from anywhere, at any time. The introduction of a new mobile app, online instant chat and self-service functionality will all go a long way to improving customer reach and retention, therefore refining customer experience.
