There is no doubt that the business world is changing constantly. Advancement in technology and digitized communications has transformed the way we do business. around the world and companies are going digital to save time from in-person meetings and conferences. It also allows them to avail the many perks of going online, some of which will be discussed below. To learn all about digital transformation and its importance for businesses, keep reading!
Digital Transformation for Starters
In simple terms, digital transformation refers to the integration of modern, digital technologies into various aspects of your business. These include an organization's business models that are optimized to add value to customer experience and to generate more revenue for the company. To revolutionize your business, you must take a step back and enhance the basics of your business model.
Digitalization creates numerous business models to make workflow organization easier and convenient for a company. Electronic payments have allowed business transactions to be safely conducted online in a hassle-free manner. On the other hand, office automation and paperless processes have made management straightforward. Nowadays, it is possible to manage a business in its entirety from the comfort of your home. This has made remote working possible as online meetings, conferences, and even digital signage has come into our lives. We may not realize the extent to which technology aids us in day to day business, however, it is essential to remember that its importance cannot be undermined.
There are different levels of digital transformation a business can go for. For starters, it is recommended to begin with information systems such as web development to improve brand image and recognition. Established businesses can also opt for eCommerce services such as online stores, and digital products or services to increase sales: this can be done via mobile app development to generate more profits.
Why is Going Digital so Important?
Digitalization is crucial for millions of businesses around the world! This is because of its sheer nature of revolutionizing various aspects of a business and making management convenient. Digital solutions offer the perfect opportunity for businesses to go expand and increase their reach in the market. An interesting statistic showed that 70% of businesses have prepared a plan for going digital or are working on it. It was also reported that enterprises have spent over $2 trillion on digitalization in 2019. Here are some more statistics that should encourage you to go digital.
27% of businesses believe that digital transformation is crucial for an organization to survive.
55% of companies expect to lose a lot of market shares within months given that they fail to adapt.
The majority of business owners claim their digitalization strategies have resulted in increased revenue.
Businesses that adapt to digital advances are 23% more likely to generate higher profits as compared to organizations that avoid going digital.
Around 40% of companies have special teams, specifically hired for digital transformation. This has also helped in creating new jobs.
66% of companies believe that going digital has given them an upper hand over their competitors.
Almost 80% of consumers prefer better experience from brands that show value to them
Over 70% of buyers said that they will pay more for a better experience.
78% of customers prefer mobile applications and integrated chat and support for reaching out to a company.
Around half the customers would avoid a mobile website and reach out to a competitor’s page; if the company’s site is inaccessible.
Perks of Going Digital
Offers Enhanced Customer Experience
Digital prospects often revolve around customer experience as companies tend to improve the services offered. More often than not, customer satisfaction is of high priority to a business. Many organizations are reaching out to top app development companies to create innovative solutions that will offer a better user experience for their customers. Creative app development projects provide a stable platform for customers to explore services and products while easily accessing the company for queries.
Effortless collaboration Improves Efficiency
Most of the time, a company has internal matters that slow things down and decrease the productivity of a team. One of the best parts about going digital is that it offers fluidity in the workforce and makes everyday tasks faster and more convenient for a company. It also helps is collaborating with external departments and other companies effortless as data and projects can be shared, tracked, and completed digitally.
Statistics and Analysis
Digitalization also improves the backend decision making for a business owner. With in-depth analysis and statistics that are collected automatically, CEOs are able to evaluate their progress and make effective plans for the future. This includes preparing business strategies, marketing plans as well as improving the business model to provide better services.
Competing With the Market
There is no denying the fact that the business world is adapting to the digital storm and no company would want to be left behind. Digital transformation allows an organization to stay competitive in the market or in some cases, get ahead of their competitors if they failed to adapt.
Increases Revenue and Reduces Cost
Digitalization may seem like an additional expense. However, it is a necessary one that can be highly rewarding. Accepting change in the business world and investing in accessing digital solutions can greatly increase your company’s revenue. In the long run, it will help in setting up an additional stream of profits and reduce operational costs for your business.
Improves Brand Image and Offers Worldwide Recognition
Goodwill and brand recognition plays a vital role in any company’s success. Digital solutions not only improve a brand image but also promise to add value to your company. Web development projects open the doors for international customers who can access your website from across the globe, creating international recognition.
Better Organization and Management
Internal organization and management can be made easier and convenient if your business has gone digital. Paperless business processes and real-time online communication across various departments make everything faster. You can also keep track of projects and manage daily tasks to increase productivity levels and make the most out of your team.
How to Get Started?
Now that you’re well aware of what digital transformation is and how you can benefit from it, it’s time to learn how you can start on this new journey. Here is everything you need to consider.
Create an outline of your digitalization plans.
Reshape your products and services to add a digital element to them.
Work on a digital ecosystem for your company.
Get a dedicated and experienced team to transform your company’s internal management.
Establish an improved IT infrastructure to make work management easier.
Focus on utilizing digital options to improve customer experience.
Start executing your plan and observe the impact of it. Make changes to your project if needed.
To Sum It Up
It is evident that digitalization has created a major impact on the business world today. While it is essential to transform your company accordingly, it is also important to do it the right way. We, at Appedology, can help you through this journey and ensure you get your desired and well-deserved success by creating bespoke applications, tailored to your business’s unique, individual needs. You can discuss your digital needs with our panel comprising of experts with cross-industry experience. So don't hesitate to contact us to get a free assessment: we are here to help get you digitalized.