We are all immersed in a digital age, where growth and success depend on the speed and functionality of a business’s systems. What worked in the past needs to be examined to see if it is helping or hindering efficiency. The worldwide COVID-19 pandemic has caused businesses in all markets to alter the way they operate. With this change, comes an opportunity for growth.
This is the perfect time to analyze the way the business is operating. While doing so, it is important to address some of these questions:
- Are there processes that can be improved?
- Does the current strategic plan align with the recent changes in the marketplace?
- Are your customer engagement processes effective?
- What processes could benefit from a digital upgrade?
As this evaluation is conducted, it will become clear that digital transformation can provide benefits in a number of areas. In fact, a recent article on CMS Wire notes that “For most companies, digital transformation is going to be the key to survival and long-term growth and success.” The technological advances that continue to be made must be utilized as much as possible to improve the efficiency of operations, regardless of the marketplace.
Organizations like Walgreens, Target, Disney, MCA Connect, and many others throughout the various marketplaces recognize the importance of maximizing the use of digital technology. Here are five ways that digital transformation will greatly improve any business.
- Optimized Operations: Leveraging digital systems allows for operational functions to be better monitored to anticipate customer needs and identify potential issues before they arise. The use of business analytics, productivity functions, and other digital upgrades allow the business to maximize the use of their workforce and improve operations.
- Greater Customer Engagement: Upgrading the company’s digital systems provides for easier interaction with customers, as well as the ability to better track the customer experience. Forbes reports that “92% of customers are satisfied using live chat services, making it the support channel that leads to the highest customer satisfaction.”
- Increase in Operational Efficiency: Digital upgrades improve the speed and accuracy of processes, creating a more streamlined operation. This increase in efficiency then naturally leads to greater output as well as increased customer satisfaction.
- Innovation: Through the use of digital technology, opportunities abound for developing new products, or greatly enhancing current offerings. These digital upgrades can then create a new revenue stream for the company moving forward.
- Increased Revenue: A digital transformation of company operations brings improvement in all areas – marketing, sales, customer engagement, operational capacity, and efficiency – which in turn leads to increased revenue. According to Forbes, “56% of CEOs say digital improvements have led to increased revenue.”
The world has gone through a dramatic change as a result of COVID-19, and businesses must adapt. Through digital transformation, a business will not only survive but thrive heading into this next year.