4 Ways a Digital Transformation Strategy Can Improve Your Business
A company that fails to keep up with the constantly changing times is a company left behind. Technology has changed the way consumers shop, listen to music, read the news, and make important appointments. E-commerce sites are growing in popularity. CDs are becoming a thing of the past. The number of people who still read newspapers is steadily declining. And companies are implementing appointment-setting systems on their websites.
But what is your business doing to make it easier for your customers to interact with you? Have you implemented a digital transformation strategy? If not, it’s crucial to your company’s success, growth, and improvement. A digital transformation strategy is no longer an option. It’s a necessity.
It’s important to note that having a solid digital transformation strategy is more than just getting your hands on the latest and greatest technologies. That’s just the digital part. The transformation part involves understanding the shift in customer behavior towards digital.
Here are 4 ways a digital transformation strategy can dramatically improve your business:
1. MORE EFFICIENT EMPLOYEES
Moving away from manual processes and automating key areas like payroll enables you to focus more on increasing employee engagement. More advanced technology also helps improve data collection and storage, which better informs employees about customer behavior.
The more employees know about how customers behave, the more they are able to deliver an improved customer experience. This, in turn, helps drive more sales and increases the chances of returning customers (and even new customers from recommendations).
2. BETTER CUSTOMER EXPERIENCE
With the advancement of mobile devices, apps, machine learning, automation, and other technologies, customers are used to getting what they want almost exactly at the moment they need it. In other words, customers value immediacy and speed, whether it’s fast shipping, fast responses to inquiries, or fast loading times on your company’s site.
Having agile and flexible cloud technology allows your organization to test new projects, and understand how, when, and why your customers buy from you. By learning more about your customers’ behavior, you can provide a better and more personalized customer experience.
3. INCREASED PROFITS
According to an MIT study, companies that have implemented a digital transformation strategy are 26% more profitable than their peers. Using data to make smarter decisions and train employees to use new technologies can grow your revenue. Employees who are trained in understanding customer behavior
Digital transformation can also increase your company’s revenue by driving more traffic to your website through email marketing, social media promotion, and search engine optimization (SEO). Advances in data analytics, customer insights, and personalization can increase the average order value (AOV). While having a digital presence alone doesn’t guarantee sales, it does increase exposure and visibility.
4. MORE CONSISTENT GROWTH
The problem with many companies is the failure to adapt to new changes and shifts in customer behaviors. They assume that their success will last. And when they finally attempt to adapt to the changes, it’s often too late. For example, Kodak failed to keep up with new photo taking technologies when they continued to market their film cameras. However, during the 1990s, digital cameras gained popularity with customers by offering flexibility like giving them the ability to retake pictures as many times as they wanted, a key feature the old film cameras lacked.
By the time Kodak finally decided to give in to the market shift and release their own digital camera, it was too late. They couldn’t beat their competition and carried the stigma associated with old film photography. As a result, they filed for Chapter 11 in 2012.
Are you looking to implement a digital transformation strategy to improve your business? At Cloudnexion, we can help. We offer cloud solutions and data center services to help our customers achieve a better ROI on technology investments, increase productivity, and significantly reduce costs. Contact us today for more information about our services.