You’ve probably heard it a thousand already – this is the digital age and if you aren’t going digital, you’re losing out.
There. The harsh truth out.
I won’t waste another second of your precious time reiterating what you already know. Instead, I’ll help you see the benefits of adopting digital transformation in 2020.
Let’s dive in!
- Improve Customer Experience & Build Brand Loyalty
Technology simplifies life. The fundamental purpose of digital transformation is to help your customers experience that simplicity.
If you’re a bank, for example, digital transformation would mean establishing online systems that make banking a breeze for your customers. People hate visiting banks but if you have a great mobile banking app, you’re automatically preferred over competitors who don’t have a great app.
Similarly, if you’re a real estate agent, giving people a virtual tour of your listings can literally set you apart from other competing agents or brokers. The idea is to enhance your customer experience, simplifying their lives and making it easy for them to get important work done right from their mobile devices.
When you improve customer experience, you show that you care for them and are delivering up to their expectations. This helps you gain brand loyalty, which means more profit, more revenue, more sales.
- Make Strategic Decisions with Data-Driven Insights
One of the key benefits of digital transformation is the ability to obtain, analyze, track and measure high-value data. More importantly, this data allows you to create strategies and business processes that are relevant to your target audience.
Decades ago, business strategies (including marketing and advertising) were mainly based on assumptions or superficial demographics that created high cost and low profitability.
Today, the internet, social media platforms, customer relationship management programs, search engines, mobile apps, etc have made it possible for businesses to target their ideal audience right down to their personal likes and dislikes – resulting in lower operational costs and higher profitability.
Moreover, digital technologies like big data, AI, machine learning, etc are being used by corporations to increase productivity, enhance consumer experience and improve business process efficiency.
With digital transformation, you don’t just get access to consumer data – you also get to measure your own business data. Metrics such as website traffic, social engagement, real-time feedback, reviews, online mentions, etc are critical for your business.
In the coming years, data won’t just be another pie chart – it’s going to be a mindset that will change the way you operate your business. You’ll create customized products. You’ll know what to do to make your customers happy. You’ll know which words in an ad copy can make them buy your products. You’ll never make an assumption about your audience but will always refer to concrete data to support your strategies. And in all of this? You’ll scale and grow exponentially.
- Automate, Innovate & Digitize Your Processes
Everyone knows that automation increases productivity and frees you from unnecessary manual tasks. The fundamental purpose of digital transformation is to automate processes.
Using CRMs to automate sales processes. Using project management tools like Jira or Monday.com to automate collaboration. Using employee management tools such as Namely to manage employee attendance, payrolls, work hours, etc.
Automation has another essential benefit – it enables you to take out time for innovation.
When your business goes through digital transformation, you are compelled to be innovative. You will need to find newer, better ways to connect with your audience, keep up with the rapidly changing digital landscape & evolve with it in order to stay relevant and profitable.
It goes without saying that it’s high time to keep up with your audience. They are changing and if you aren’t changing with them, you’ll lose them. Don’t be another BlackBerry in the making.