BUSINESS STRATEGY
Why businesses need Digital Transformation
Achieving success – what does it look like ?
Digital Transformation brings a myriad of benefits to a business , not least of which is employee empowerment . Over the last year , we have seen how digital tools have allowed employees in different countries and time zones to collaborate and engage with each other in new ways .
From team calls to collaborative editing , employees use Digital Transformation benefits to work more productively , flexibly and collectively .
As many employees wish to remain either partly or wholly remote even after the pandemic , investment in Digital Transformation will be vital in making sure teams can continue to operate in the ‘ new normal .’
Comprehensive Digital Transformation also allows businesses to engage more effectively with customers . Two-thirds of organisations state that they are competing mostly on customer experience .
A strong and holistic Digital Transformation effort that lets businesses learn more about their customers ’ needs will give companies a significant advantage over competitors to create sustainable business growth .
Setting aspirations for Digital Transformation means being clear about why you need it : What are the targets you want to meet and the value you hope to create ? How will you know when you have completed your goals successfully ? This is often where companies struggle , with 57 % of executives admitting they don ’ t understand what Digital Transformation is .
An absence of awareness and expertise can lead to a lack of buy-in across the organisation . Understanding the basics of Digital Transformation comes not only from studying them , but also from engaging with experts .
Digital Transformation does not mean implementing a paperless office or never holding another in-person meeting again . It means placing data and digital tools at the heart of everything you do within your business .
By committing to an on-going evolution of your processes with data at the core , companies will reap the benefits , future-proof their organisations and enjoy significant growth .
BY COMMITTING TO AN ON- GOING EVOLUTION OF YOUR PROCESSES WITH DATA AT THE CORE , COMPANIES WILL REAP THE BENEFITS , FUTURE-PROOF THEIR ORGANISATIONS AND ENJOY SIGNIFICANT GROWTH .
Agile companies are outperforming others in adapting to the effects of COVID-19 . Therefore , it is important that companies can recognise and adjust to changes more quickly . Changes to operating processes enabled by data and digital tools allow businesses to remain nimble and flexible .
In fact , McKinsey recently revealed that businesses using Big Data saw a profit increase of 8 – 10 %, with the Big Data industry itself estimated to be worth US $ 77 billion within the next two years .
Putting data at the core of your business allows you to surface insights and set measurable , deliverable goals , all while tracking your progress in real-time .
26 www . intelligentcxo . com