A recent study by Harvard Business School mentions that digital transformation was valued at USD 1.3 trillion in 2018. The study also mentioned that despite such huge spending, many companies failed to implement digital transformation for various reasons. In eight years, by 2025, the spending is expected to touch USD 100 trillion.
One of the key reasons behind the jumbled-up and wasted initiatives was that businesses were not ready for a change because digital transformation requires strategizing, understanding the need for the transformation, conducting a SWOT analysis, and implementing a focused action plan.
What is digital transformation?
Also nicknamed DT or DX, digital transformation is all about using technology to realign existing business models and processes. The objective is to leverage the full potential of technology to drive growth and sustenance and offering value addition to customers, employees, and other stakeholders. Some experts are of the opinion that it is the modernization of the existing models and processes. It is not just about IT systems but about embracing disruptive forces and innovation. Digital transformation needs to be adopted for external activities like sales and marketing and internal activities like HR, Finance, and Accounts.
It has been analyzed and studied in detail that it is vital to have human elements blend well with the technology gamut to bring about the transformation. Today companies are applying digital transformation across diversified industries giving rising to Industry 5.0. At the center of it are the need to meet the emerging and evolving customer needs and demands because survival today is more about meeting customer needs, grabbing their attention, and encouraging them to remain loyal.
It is essential to understand that digital transformation is not about short-term strategies – it needs to be deeply ingrained in the organizational culture.
Digital transformation is usually confused with digitalization or digitization. While digitization is about transforming analog data to digital form, digitalization makes the processes efficient and seamless. Digital transformation is the father of both these processes because it involves revamping systems and processes and fit in technology to improve performance and efficiency.
Benefits of digital transformation
- Digital Transformation makes organizations agile.
DT empowers organizations to innovate. At least 66% of organizations say that they go in for DT to become agile in their processes, systems, and operations. The turnaround time or the response time, which is the core of agile businesses, is shortened with DT.
2. Digital transformation helps strike the right chord with your customers.
The very core of DT is improving and enhancing customer experiences. Digital transformation’s entire gamut and scope are increasingly used to ensure that customers are happy with their interactions with your brand. Research points that at least 92% of the top leadership of organizations that have embraced DT has improved their end-customer experiences.
3. DT empowers businesses with real-time data
Data analytics and management have reached newer levels with digital transformation. Businesses can now access real-time data captured by their DT-empowered systems and processes. As a result, they are much better-informed about their customers now. DT has enabled organizations to delve in-depth into data metrics to understand consumer behavior better than ever before. These have led to creating consumer-centric strategies, better decision-making, and increased opportunities for improving ROI.
4. DT leads to better teamwork and collaboration between departments
The technological revolution spearheaded by DT has lead to historic changes in inter-departmental and intra-departmental collaborative efforts. As processes and systems are better aligned with lesser risks, workflows become more seamless and have better chances to improve the organizational culture. DT encourages decentralization and facilitates remote working and mobility.
With streamlined processes, mitigated risks, faster workflows, improved efficiency, and enhanced productivity, organizations can save costs drastically on the shop floors and offices.
6. Prepares organizations for disruptive work
The pandemic is an example case. Many organizations were not prepared for the disruption that it brought along. However, organizations that had embraced DT during the pre-Covid times were geared better for innovation and diversification.
Digitization vs Digitalization vs Digital Transformation
Digitization is the process of converting information from a physical format to a digital one.
Digitalization is the process of leveraging digitization to improve business processes.
Digital transformation is the transformation of business activities, processes, products, and models to fully leverage the advantages of digital technologies.
The digitization and digitalization solutions help you make your workflows smooth, free of human errors, accurate, and secure while saving hours and hours of manual processes taking time and resources. From storing, sharing, and accessing the folders or data to assigning permissions on user accounts, it helps to manage the process end–to–end.
iBoss, with its 14 years of experience and technical expertise is working as a digital transformation partner to business organizations globally. From Automation solutions like RPA & BI, Chatbots, Cloud-based and AI-based technological solutions, iBoss has and is still helping organizations transform into digital workspaces.
Digitization & Digitalization solutions at iBoss offer An end-to-end solution to digitize documents, approvals, capture data, and share information swiftly to reduce dependency on physical documents.
collaboration & approvals, drafting &maintaining versions, and audit trails, all is simplified with workflow automation.
iBoss tools like Content Management System (CMS) and the Document Management System (DMS) offer a range of features that are hard to ignore.
If you are considering going digital in your workflows and processes, speak to iBoss Tech Solutions to seamlessly transition workflow and processes. iBoss Solutions are integrative to simplify workflows making processes agile and error-free. By using these solutions, organizations can adopt a paperless work culture to drive higher customer satisfaction and minimized risks.