What are the Top 8 Benefits of Digital Transformation?

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Benefits of Digital Transformation

Digital transformation is the integration of digital technology into all areas of business. The result is fundamental changes in the way the company operates. Organizations across industries are reaping the benefits of digital transformation: It enables businesses to modernize legacy processes, accelerate efficient workflows, strengthen security and increase profitability.

90% of companies do business in the cloud. As companies migrate data to the cloud, much of what is being done is replicating existing services in a digital format. But true digital transformation is much more than that: Digital transformation can actually be transformational across the organization—creating a technology framework that connects these services and data into actionable insights that can improve almost every aspect of the organization.

Instead of simply migrating data to the cloud, use your digital transformation to rethink and optimize your systems and processes, ensuring they are interoperable and flexible enough to deliver robust business intelligence and prepare your company for future success.

Why Is Digital Transformation Important?

Digital transformation is changing the way an organization works. Systems, processes, workflow and culture are part of this process. This transformation affects every level of the organization, connecting data across areas to collaborate more effectively.

By leveraging workflow automation and advanced processing such as artificial intelligence (AI) and machine learning (ML), companies can connect the dots on the customer journey in a way that was not possible before.

8 Advantages Of Digital Transformation

For many companies, the driver of digital transformation is cost. Moving data to a public, private or hybrid cloud environment reduces operational costs. It frees up hardware and software costs while freeing up team members to work on other projects.

1. Advanced Data Collection

Most businesses collect mountains of customer data, but the real benefit is optimizing that data for analytics that can drive the business forward. Digital transformation creates a system for collecting the right data and fully incorporating it for higher-level business intelligence.

It creates a way for different functional units within an organization to transform raw data into insights across different touchpoints. In this way, it creates a unified view of the customer journey, operations, production, finance and business opportunities.

It is important to evaluate how this customer data is collected, stored, analyzed and shared as part of this process. As you reevaluate your technology stack, you’ll want to ensure that sensitive data flowing to and from your customer relationship management (CRM) software and other platforms is protected by a layer of SaaS data encryption.

As you evaluate the customer journey as part of your digital transformation, consider how you can give your clients more autonomy over their own data – using privacy as a business differentiator. Consumers are increasingly aware and concerned about how their data is collected and used. Show them you respect their data by implementing strong privacy policies and giving them the opportunity to change their minds at any time.

2. Stronger Resource Management

Digital transformation consolidates information and resources into a set of business tools. Rather than dispersing software and databases, it consolidates company resources and reduces vendor overlap. The average number of applications used in enterprises in 2020 is 900. Digital transformation can integrate applications, databases and software into a central repository for business intelligence.

Digital transformation is not a department or a functional unit. It encompasses every area of the business and can lead to process innovation and cross-unit efficiency. From sales and marketing to finance and the C Suite, every department uses sensitive data. It’s important to optimize and secure data wherever it flows, while equipping teams with easy-to-use tools to help them accomplish their tasks.

3. Data-Driven Customer Statistics

Data can be the key to unlocking customer insights. By better understanding your customers and their needs, you can create a business strategy that is even more customer-centric. Using both structured data (personal customer information) and unstructured data such as social media metrics, these insights can help drive business growth.

Data enables strategies to deliver more relevant, personalized and agile content.

4. Better Customer Experience

Consider how your digital transformation can not only unlock the efficiency of your teams, but also provide a more seamless and intuitive experience for your customers. This includes everything from email communications to user portals, digital products and even the cadence with which you reach out to new prospects.

Customers have high expectations for digital experiences. Consumers are used to endless choice, low prices and fast delivery. Customer experience (CX) is the new battleground for brands. Gartner reports that more than two-thirds of companies say they compete primarily on the basis of customer experience.

Accenture states that CX “has proven to be a key driver of sustainable business growth.” They suggest that even a one-point increase in CX score can result in millions of dollars in annual growth.

One way to differentiate your brand from your customers is to show that you value their privacy. Give customers control over how their data is collected and used and empower them to make decisions about their data.

5. Promotes Digital Culture (With Better Collaboration)

By providing team members with the right tools tailored to their environment, digital transformation supports a digital culture.

While these tools provide a more seamless way to collaborate, they also help move the entire organization forward digitally. This change in digital culture is essential for businesses to remain sustainable. It forces team members to upskill and digitally learn to take advantage of digital transformation.

6. Increased Profits

Companies undergoing digital transformation increase efficiency and profitability. Consider these results reported by the SAP Center for Business Insights and Oxford Economics:

80% of organizations that have completed digital transformation report increased profits.
85% said they increased their market share.
Leaders expect an average of 23% higher revenue growth than the competition.

7. Increased Agility

Digital transformation makes organizations more agile. Borrowing from the world of software development, businesses can increase their agility with digital transformation to improve speed to market and adopt continuous improvement (CI) strategies. This enables faster innovation and adaptation while providing a path for improvement.

8. Improved Productivity

The right technology tools that work together can streamline workflow and increase productivity. By automating many manual tasks and integrating data across the organization, it enables team members to work more efficiently.

How Xekera Supports Digital Transformation

Digital transformation is redefining the functioning of companies. From better data collection to a better customer experience, businesses are seeing both cost savings and increased profitability. The digital transformation movement will continue to accelerate. IDC predicts that by 2023, 53% of all ICT investments will go towards digital transformation.

One of the biggest challenges of digital transformation is the integration of disparate systems into a consolidated workflow. Data management and security protocols must be in sync, yet data security is a major challenge for organizations.

Data protection is no longer just an IT task, but a strategic business initiative, in large part due to stricter regulations and serious consequences in the event of data loss. As part of your digital transformation, it is important to establish a framework to protect sensitive data. With Xekera, you can enjoy the benefits of digital transformation with the confidence that your data is protected wherever it moves in these new systems.

Immediately take control of your data and enhance your existing security.
Easily secure your data as it is created.
Collaborate with confidence while maintaining full visibility and control.

Content Source: Xekera Systems

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