How can businesses accelerate digital transformation?

Digital Transformation has become a familiar concept to many businesses in recent times. Especially in the context of the Covid-19 pandemic outbreak, digital transformation is a need and a solution for businesses to survive and develop.

Digital transformation can create many new industries. Photo: Archive

Putting customer experience at the heart of digital transformation

There are many reasons why businesses embark on digital transformation. However, it is important to identify the ultimate goal of digital transformation. To be successful, businesses must see creating engaging customer experiences as the primary driver of their digital transformation.

Numerous studies have supported this fact. For example, according to research by PwC, 73% of customers consider experience to be the main factor in their purchasing decisions, after price and product quality, 42% would be willing to pay more for a friendly experience, and 65% say that a compelling customer experience is more influential than advertising.

Meanwhile, Deloitte International Auditing Group also found that customer-centric businesses are 60% more profitable than other businesses, and CEOs who focus on customer experience have higher revenue than those who prioritize other areas.

Concerned about technology

Digital transformation is the application of technology to all business activities on the basis of the internet system, therefore, it requires high level of both technical and human resources.

For businesses to successfully implement digital transformation, they need to have the right IT infrastructure, both hardware and software. Therefore, having the right IT infrastructure plays a very important role in meeting the growing needs of businesses in the short term as well as in the long term.

4 important factors for successful digital transformation

To have a successful digital transformation roadmap, businesses need to clearly identify the following four important factors:

1. Define clear goals

Approaching digital transformation with a clear goal is crucial for success, otherwise, businesses risk spending more money and resources than they can gain. Digital transformation implementation strategies must have a clear roadmap and goals, accordingly, which technologies will be modernized, which processes will be optimized during the implementation process must also be specifically considered. In addition, the deployment of new technologies during the digital transformation process also needs to be considered to promote the next wave of innovation.

2. Flexibility and adaptability to new technology

Responding quickly to market changes is at the heart of delivering a great customer experience. Moving your IT infrastructure to the cloud is one way businesses can increase their agility and better deliver on customer expectations. Another benefit of cloud computing is that it can greatly simplify the deployment and expansion of new solutions, helping businesses achieve greater success in future digital initiatives.

Today, every business measures their performance through customer experience, cloud-enabled business models and cloud-based delivery help businesses adopt newer channels to deliver superior customer experience by differentiating their strategies and solutions from other competitors in the market.

In addition to adopting cloud computing solutions, businesses should integrate new technologies that accelerate, automate and improve business operations, such as artificial intelligence, machine learning, big data and the Internet of Things (IoT).

3. Resilience

Resilience is important as businesses look to strengthen existing systems and design new ones for long-term success. Digital transformation is seen as a practical tool to help businesses prepare the foundation for building resilience in the new normal.

The most recognizable benefits of digital transformation for businesses are cutting operating costs, reaching more customers in a longer period of time, leaders making decisions faster and more accurately thanks to a timely and transparent reporting system, optimizing employee productivity... these things help increase operational efficiency and enhance the competitiveness of businesses.

4. Simplicity in process implementation

Businesses should be mindful of simplicity when assessing which processes need modernization. If a process is inefficient or does not deliver the desired business benefits, it will likely continue to disappoint even with new technology updates.

If the solutions implemented are too complex, they may need to be constantly changed to meet changing environments, increasing the total cost of operation. Therefore, simplifying processes and procedures is an important factor in the digital transformation of enterprises. Moreover, simplification should start with the business processes before considering new technology solutions, as automating an inefficient process will not solve the original problem.

Digital transformation is not only about technology and equipment procurement, but also about institutions, policies, awareness and capacity of the enterprise. In digital transformation, awareness and way of doing are very important. When starting the digital transformation journey, it is necessary to start smart, choose the most suitable points and utilize the entire organization to promote the journey.

References

https://www.analyticsinsight.net/how-to-accelerate-digital-transformation/