Every business wants to be competitive. It is not uncommon for most organizations to ignore digital transformation and stick to their old business ways.
And who can blame them? Digital transformation (DX) is not simple. It is a multifaceted and complex endeavor involving many digitization initiatives, not to mention having to deal with continuous employee pushback.
But that does not mean you have to throw in the towel and disregard digital transformation altogether. That wouldn’t be wise and could potentially drive your business out of relevance in this highly-competitive landscape.
If you need some encouragement before you head out on your journey or perhaps a way to convince employees to go on board
keep scrolling and check out the benefits your business can achieve through DX adoption.
DX Reduces Human Error
Human error is something that your business must contend with in one form or another. But regardless of the context, it can be particularly detrimental to your operations.
Take your business’ accounting processes, for instance. If you are stuck with the old ways of entering data on spreadsheets.
You increase the likelihood of human errors occurring. If your business is growing and the volume of data is increasing.
Through DX: You can use powerful solutions such as an accounting tool to save time and promote data accuracy.
The best accounting cloud-based software is equipped with dynamic features. Let you automate time-intensive and mundane tasks while enabling you to focus on more intricate tasks for increased business productivity. Similarly, in the automobile sector, AI dash cams are rapidly taking over the industry and rightly so as they help reduce accidents on the road, while the video recordings assist insurance companies in many ways.
DX Drives Data-Driven Decision-Making
Data-driven decisions are becoming the fuss nowadays and for a good reason.
Through data-driven decision-making
your business can become more agile and quickly adapt to changing market trends, thus, giving you the edge over your competition.
So, you might be wondering how DX can facilitate data-driven decision-making. Well, digital transformation in itself is fueled by data-driven insights.
With DX,
you can encourage robust data collection, streamlined data storage, and the creation of tools to evaluate and interpret data into information that promotes educated business decision-making.
When your business is data-driven, you can move much quicker and with greater confidence with your decisions since you have hard evidence to support your ideas.
DX Improves Customer Experience
Ever wondered why customers are not flocking left and right even if you are selling good products? Blame it on digital technology.
Digital technology has revolutionized the habits of every consumer. Smartphones, machine learning, apps, automation, and other technological advancements have created a shift in expectations by helping customers get what they want almost exactly when they need it.
Nowadays, you have to be proactive to accommodate the new modern-day buyer. According to McKinsey, 71% of consumers expect your business to deliver personalized interactions.
Thanks to DX, you can be proactive to customer needs by tailoring and scaling products based on their needs.
When you can understand your customers’ relationships with your brand across all physical and digital touchpoints, you can identify areas you should improve on and measure your efforts to drive innovation.
DX Encourages Collaboration
Effective communication and collaboration is the heart and soul of every organization, especially in today’s changing environment where old business practices have become somewhat ineffective.
When you can break the gaps in your processes and encourage employees to work as a cohesive unit, you can reduce the time to raise queries and resolve issues immediately.
The advantage of DX is it helps you to grow your digital workspace and ensure employees can share information in real-time to execute critical business functions.
By implementing DX, you can align tasks more effectively, achieve better prioritization and promote comprehensive workflow management.
DX Generates More Opportunities
Digital transformation changes how your business creates value. An effective DX strategy lets you structure your business models to bring greater efficiency and effectiveness to your existing value chains.
When you are dictating how your business delivers value, you can open the door to new opportunities and revenue streams by enabling the creation of innovative products and services.
In doing so, you can establish a competitive advantage for your business by improving the quality of the products manufactured.
DX Promotes Security
Although not as obvious as everything on this list, security is another benefit of adopting DX.
As you deal with digital information and the new ways of working, keeping sensitive business data safe can pose an absolute challenge.
After all, warding off cyber attacks requires a coordinated effort across all organizational levels, not to mention the expense of using private networks.
DX helps reduce costs by simplifying IT and eliminating reliance on expensive private networks.
And with that comes increased protection against sophisticated threats such as denial-of-service attacks and ransomware and the prevention of compliance violations and data loss.
DX Reduces Time to Market
DX makes your business more agile regarding time-to-market products. It is not rocket science. You can bring innovative products to market much faster if you have digital technologies such as artificial intelligence and automation. For example, if you are running a technology company and plan to release a new mobile app to your customers.
Historically, it would be challenging to deploy new solutions because of cumbersome, manual, and inefficient back-end processes, not to mention the technology infrastructure gaps. But, if your company adopts DX and invests resources to streamline deficiencies, you can deliver the incremental value of mobile capabilities to market faster.
As a result, you reduce costs and increase your overall return on investments while allowing more room for business growth.
DX Increases Data Transparency
Data transparency has an enormous effect on dealing with complex issues.
As your business adapts to industry changes, the need to make data more transparent becomes more important in allowing teams to make informed decisions.
With increased transparency, you can standardize processes, report issues in real time, and provide immediate support to employees working in multiple locations.
Through DX, you and your employees can gain greater visibility and insights into essential business data.
When everyone has fair access to data, ideas and updates are communicated more fluidly, and issues are solved increasingly promptly.
DX Enhances Employee Experience
Employee experience is a crucial component of gauging work satisfaction. When your employees are engaged, they are more than likely to go the extra mile to deliver work that puts your business a step ahead of your competition.
The reality is that employee experience is shaped by many factors but is not more important than digital transformation.
Through DX, you can determine weak points and positively impact the employee experience by creating a culture where employees feel more engaged in performing their duties. DX is more than just adding a new software tool rather, it is all about helping employees understand important goals and providing them with the right tools and training to help achieve those.
DX Aids in Scaling Your Business
Since DX improves your business’ operational efficiencies and revenues, you create more room for your business to scale as you grow.
You have enough resources to meet evolving customer needs when you are not exhausting money on efforts to prevent inefficiencies.
With DX, you can consolidate these resources into a suite of tools your business can tap to streamline workflows, improve productivity and reduce overlap.
This way, you can identify the barriers to your growth and ensure that your products or customer service does not deteriorate as you move along the process.
Achieving Digital Transformation to Remain Competitive
Embracing DX is no longer an option as the world deals with the risks and uncertainties brought by the pandemic. Through DX, you can empower your organization to cut through the noise and remain competitive by accelerating the speed at which you do business.
