How Digital Transformation Can Boost Business Profits
As per the survey conducted by Gartner at the beginning of 2016, around half of the 400 senior business leaders who were approached for reviews, said that digital transformation is about to change their industry beyond recognition in next couple of years. Nevertheless, 84% of them were optimistic about the transformation as they expected it to deliver higher profit margins. With business landscape turning exigent, the business leaders were also confident on endorsing strategic investments for digital business transformation.
These facts convey that irrespective of the sector and size of the business, rapid digitization has inevitably become the need of the hour. It is not just about the survival, but the transformation will also help the businesses to catapult their productivity and profits. This has placed huge pressure on them to convert their existing business model and align it with the innovative developments in the digital arena. But the question is, how fast they’ll be able to implement the change; because, the quicker they are the higher are their chances to grab the market supremacy. An intriguing statistics by PriceWaterhouseCoopers found that 53% of companies in the US that were surveyed by them have planned an all-inclusive roadmap for digital transformation. Most plans typically include business processes and capabilities, as well as elaborate preparation charts for digital and IT component installations.
Alison Vincent – Chief Technology Officer at Cisco UK, believes that companies can be successful at implementing the digital transformation if they can adopt a collaborative approach. They should also work towards digitally transforming their workplace. An innovative and creative environment is bound to drive business growth, and for this, businesses should provide their employees with inventive tools and methodologies that assimilate with the latest technology.
The agile business methodology is one such novel practice that is helping the organization to imbue the core attributes of digital transformation. As digitization process is all about transforming the business strategy toward mobility and agility, procedures like ‘design thinking’ can help contour the product innovation. These implementations can improve strategic insights through big data. The resulting evolution of the information-based strategy can define radically novel ways to engage customers.
Transforming the business process through more collaborative and agile methods is also an important aspect of a cohesive digital strategy. The innovation will offer businesses a new opening through which they will able to meet customer experience standards, which are mounting by-the-day. The approach will also help them achieve improved engagement and better relationships with their customers.
By successfully embracing the digital transformation, companies can exploit the realm of technology and communication to harness growth and profits. The approach will help in improving the core processes and can drive them to enhance customer engagement, which is bound to have a positive impact on their bottom-line.
- Irrespective of the sector and size of the business, rapid digitization has inevitably become the need of the hour.
- With the business landscape turning exigent, many business leaders are endorsing strategic investments for digital business transformation.
- Companies can be successful at implementing the digital transformation if they can adopt a collaborative approach.
- An innovative and creative work environment can drive business growth.
- By successfully embracing the digital transformation, companies can exploit the realm of technology and communication to harness growth and profits.