Digitisation has brought about a paradigm shift in the way businesses are run today – it has done away with voluminous physical records and time-consuming manual processes, ushering in automation, precision, and improved efficiency. Digital transformation has brought about manifold improvement in internal processes across a spectrum of businesses, ranging from manufacturing to construction, from finance to banking, and across the services industry.
Businesses run more efficiently by collaborating across boundaries and innovating. The need of the hour is digital alignment to a world of possibilities to build competitiveness on the global stage. Businesses have woken up to this new reality, and those not embracing it run the risk of finding themselves left behind.
“At least 40% of all businesses worldwide will die in the next 10 years… if they don’t figure out how to digitally transform their companies’ business models enabled by new technologies.”
– John Chambers, Former Executive Chairman and CEO, Cisco Systems
Digital transformation is a critical necessity for businesses in three primary ways:
1. Geographical Reach
Each business has its unique requirements and a customised digital strategy helps a business address its own specific challenges optimally and also grow globally. Such strategies help reap tangible, long-term benefits.
Each geography has unique requirements, and dynamic geographical engagements with exposure to multi-vendor systems transforms a business globally. With a thorough understanding of region-specific requirements, wider audiences are reached, and seamless operations spanning multiple regions are made possible.
These strategies lead to innovation which increases the portfolio of a business too. With transparency in today’s communication ecosystem, businesses can choose to cater to regional audiences, as well as grow into globally competitive brands.
2. Improvement of Processes
Process automation leads to manifold improvements in the efficiency of internal processes, cumulatively resulting in positive business transformation. Greater results achieved with the same manpower is the basis for competitiveness and sustainable business growth.
Human involvement in repetitive or low-value jobs, which were time-consuming and prone to errors, can be reduced by adopting digitally-driven processes.
For instance, the automobile sector carries out jobs with more precision and efficiency while warehouse management sees a quantum improvement due to digitally-driven systems. Software-driven financial processes are better managed with real-time sharing of data across the internet, also resulting in reduced paperwork. Ease of doing business improves in customer-facing businesses such as banks. Examples of process improvement through digital transformation exist in every industry and geography.
Faster turnaround for strategic decision-making is now possible with more time available to focus on improving the business reach and volume.
3. Increased Marketability
Customer experience today is reliant on technology and most customer decisions are taken online. Purchase decisions are based on brands having visibility on the internet, with more options available at the tap of a key.
Businesses today have an acute need to be digitally omnipresent for their customers – the vast world of digital marketing beckons. Digital transformation in marketing helps brands reach out to a more widely spread audience in less time and with greater focus.
With fine targeting, marketing budgets can be spent more productively. Granular analytics make it possible for marketers to efficiently analyse their successes and roadblocks, and valuable data is also made available to more effectively strategise the next course of action.
At Digital Gigs we help businesses adapt to today’s fast-changing business requirements across the board. Do reach out to us to discuss how we can help you future-proof your business!