What are the benefits of Digital Transformation?
Digital transformation is a hot topic these days. And why shouldn’t it be? Tools like smartphones and thin clients are everywhere, and some could even argue the de-facto choice. CIOs and CTOs from all industries are grappling with this very trend. Every business is on a path relevant to Digital Transformation - either towards obsolescence (bury my head in the sand) or transformation (innovation).
If you are one of those who is still operating under the “Business as Usual” mantra, here’s why you should start looking down the other path towards innovation.
4 Benefits of Digital Transformation
Agility is defined as the ability to move quickly and easily. In the business world, this means that organizations can pivot on a dime to meet the ever-changing needs of the customers. Think of Blockbuster. The chain was once a thriving business. Who doesn’t remember wandering down the aisles of movies and video games on a Friday night searching for the perfect movie to keep you occupied? But Blockbuster is not the only business who failed to innovate with the changing times. Sears, Yahoo and Sony, names just as recognizable as Blockbuster also fell into the abyss. These businesses all have one thing in common, reliance on legacy systems, whether those systems are business processes and culture or technology. To truly succeed and transform in this competitive landscape, businesses must adapt to become more responsive to the changing needs and desires of their customers.
2: Decreased Costs and Increased Customer Satisfaction
One of the main reasons to undergo a digital transformation is that the movement at its heart is about improving the customer experience. So not only will it increase the efficiency of your workforce, helping your staff to do more in less time, but it will also increase your customer satisfaction. And that can directly affect the bottom line. The Financial Services (FinTech) industry has directly seen the impact digital transformation can have on customer satisfaction. The American Customer Satisfaction Index Survey for 2017, which looked at National, Super Regional and Credit Unions, found that across the board, customer satisfaction has risen by 0.9%. This is also the 2nd year in a row that banks have risen in the eyes of their customers. The main driver in the rise of these numbers? Digital banking. Consumers, especially Millennials who are always on the go, do the majority of their duties through smart phones or tablets. The banking industry by changing the very nature of their business was able to meet their customers demands and ensure the future of their industry.
Additionally, businesses that have undergone a digital transformation have increased efficiencies in business workflows, reducing overhead. By “unburdening” themselves of legacy systems and processes, businesses are reducing costs and accomplishing more with less.
3: Increased Awareness of Customer Demands
A fringe benefit of digital transformation is that businesses become more customer-centric. In this article, Mobi states:
“Digital transformation’s main concern is using technology to enhance the customer experience. By shifting focus and paying more attention to what customers want, service is improved consistently across all touchpoints and channels.”
When businesses focus on the customer experience, they learn even more about their customer. And this knowledge can help businesses predict where their customers are going and move to meet them there.
4: Attract and Retain Top Talent
The benefits go beyond just customer satisfaction - but true innovation can help your business edge out the competition when it comes to the workforce talent. As the Baby Boomer and Gen X retire, Millennials are the next generation of employees. Millennials are the first generation that grew up with technology as the center of their personal and professional growth, so it is no surprise that they are demanding an increasing amount of technology at their fingertips. Some may improperly categorize this generation as entitled, but the reality is, these tools are critical to helping the next generation be as productive as possible.
Putting It All Together
You’ve read about what Digital Transformation, what the current state of the technology is, and learned of the 6 Stages of Transformation. And now, you’ve seen four key benefits of embarking on the path towards true digital transformation and are wondering just how to make this happen. One step in that direction is technologies like Desktop-as-a-Service, which helps mobilize your workforce to meet their customers where they are, all while ensuring compliance and security of your data. Speak with a dinCloud specialist today to learn more and begin your journey to transformation.