The digital transformation era is here. Even if we were not ready for it yet, the events of 2020 have defintely propelled us forward. Digital transformation refers to the complete integration of digital technologies into business. COVID-19 has pushed most companies into adopting some digital strategies and technologies to stay in touch with their customers and keep themselves above water.
Full digital transformation takes time and patience. The pandemic has served as a wake-up call for businesses and their leaders to take the steps towards fully integrating digital systems across their company. Companies looking to undergo a digital transformation do not need to do it all at once. There four key aspects to digital transformation:
- Business Model
Transforming a company at any time can be an intimidating and stressful endeavour if it is not planned out. By taking on one aspect at a time, companies can ease into the digital transformation strategically. Business processes are often the first to undergo digitization – preferred communication methods changing from old-fashioned memos to email is an example of a digital transformation that took place in the last decade for instance. Later the adoption of VOIP tools such as Skype, and afterwards instant messengers like WhatsApp, Line, or WeChat have been other such transformations that have digitized communication processes within business.
The transformation of company culture and organization and domain are often next, following the adaptation of communication processes. Tools like project management software, or community platforms like Facebook’s Workplace or SproutSocial’s Bamboo, help bring companies together and unify company culture efforts.
Adapting entire business models can take longer. Depending on the age and size of the business, it can take a lot of time to transform the very core of any company. Many business models have evolved over time, even if they were decided upon at the start of the company. Changes the company has faced over its lifetime will have had an impact on the way companies function. Digital transformation is no different – a type of evolution that companies will undergo if they are to survive in the new era, particularly after this pandemic.
But why should a company undergo such an evolution?
3 Reasons to Join the Digital Transformation Era
1. Digital Customer Journeys are on the Rise
Even before 2020’s pandemic, the trend towards the digital customer journey was obvious. The global increase in e-commerce, social selling initiatives, and the general climb in Internet penetration, did not need COVID-19 or social distancing restrictions to allow humanity go digital.
Consumers have more power than ever, able to research their potential purchases and compare notes with each other using reviews and referrals. Social media has furthered this empowerment, allowing consumers to connect with each other in even more personal ways and discuss brands and purchasing options.
Marketplaces and Shopify-powered websites make brands and products even more accessible, allowing potential customers to take their time to make the purchases and do their research. In essence, from start to finish, the customer’s journey is completely digital.
Optimizing customer journey satisfaction is the way to earn customer loyalty, and it’s a known fact that loyal customers spend 67% more than new ones.
Digital transformation would allow companies better access to their customer-base, not only for sales purposes but also with regards to marketing tactics.
2. Increased Data and Insights
A company’s ability to reach its customers is one thing, but digital transformation of processes and systems also allows for the influx of data. With real time information streaming in through analytical platforms, companies can now better track, analyze, understand, and anticipate customer behaviour.
Website analytics through tools such as Google Analytics can help companies gain insight into their audience and content preferences. Other measurement tools provide insight into social media habits, conversations, and again, their content preferences.
Additionally, with the rise in omnichannel marketing, the integration of online and offline data is an added advantage that a digital transformation can bring about.
Getting to know your audience even better is a solid advantage, and the data and insights brought in by digital transformation is something companies cannot ignore any longer.
3. Improved Inter-Company Communication & Collaboration
The improvement of in-house communication is something many companies can use. Digitization has saved many companies during the pandemic, keeping employees connected during a time when they may have been forced to work remotely for long periods of time.
In fact, many businesses are seeing an opportunity to shift from permanent, physical office space to a more-remote-based workforce. This, of course, comes with its own downside: not everyone is cut out for remote work for long periods of time, and it is possible that productivity will suffer as a result of this. On the other hand, however, a remote workforce is flexible and, with the help of proper digital transformation, need not be disconnected.
Providing digital means of connectivity, there is no reason that a company cannot build and maintain a strong, connected team.
Digital transformation is the next step in the evolution of business. While the pandemic may be forcing many companies to move faster than they may like, adapting to digital tools and processes seems the logical thing to do.
Is it time for your company to undertake its own digital transformation? 2Stallions can help. We specialize in digital performance marketing, website and app development, and can help you take the next step towards a fully integrated digital business setup. Get in touch today and find out how to get started.