What could a digital transformation mean for your business? Truth is, there is no single catch-all definition of what digital transformation means. Digital transformations can mean many different things for different businesses and organizations. But one thing that is certain about digital transformation is that it has become imperative for every business. No matter what the service or size of your business is, delivering a strong digital presence has become the way of the future. However, a digital transformation isn’t only about changes in technology, it is also about embracing new changes within your business.
What is a Digital Transformation & Why is NOW the time to consider it?
Essentially, a digital transformation is a strategy to compete in a rapidly changing digital economy. A successful digital transformation is dependent upon managing people and technology to enhance the performance of your organization by creating digital workflows, access to information and streamlining business processes. Many businesses realize true cost savings within just a few months of implementing digital transformations.
An IDC study has shown a five-year return on investment (ROI) of 404% for Document Management implementations. Half of the organizations in their study had a payback as early as six months.
Why is digital transformation important?
Companies that embrace digital transformation have a significant competitive advantage. This added edge can change the way you are perceived by both your customers and employees. There are three impactful and qualitative results of a digital business transformation:
- The Ability to transform the customer’s experience.
A digital transformation can change the customer experience. By enhancing the overall customer experience, businesses also have the opportunity to connect with their customers almost instantaneously.
- Transform the operational processes.
Digital transformations can eliminate process bottlenecks or information silos by measuring critical performance requirements and implementing continuous improvement.
- Added employee mobility.
By using cloud based or virtual work spaces, employees have access to information anytime anywhere. This benefits remote collaboration, communication, and decision making.
And the reality is that the digital transformation process doesn’t have to be painful, it's actually all about making life simpler in the workplace.