Digital transformation has become a top priority for businesses in 2019. It’s also one of the biggest challenges a business can face. According to market research, 22% of all businesses continue to delay the process or refuse to make the change.
Digital document storage is an essential component of modern business and shouldn’t be ignored over the long term.
How Does Digital Storage Work?
Digital storage allows businesses to search, sort, view, and print documents scanned from paper, uploaded or imported through secondary client support systems. These documents are stored on dedicated servers for complete protection.
Below are 5 reasons why digital transformation needs to be on a company’s priority list.
1. Increased Competitive Edge
One of the greatest motivators for businesses to go digital is competitive pressure. By failing to adapt, competitors often end up taking advantage. By going digital, you create a user-friendly setup while gaining a competitive edge.
2. Improved Customer Satisfaction
Going digital can help businesses understand the needs and wants of their customers better. This includes tailoring their services based on customer expectations. Research by Aberdeen Group concludes that businesses investing in going digital see a 15% increase in customer retention rates and customer satisfaction.
3. Brand New Revenue Streams
A digital-based strategy can help businesses give rise to new revenue channels. In fact, most executives believe almost half of their revenue will come from digital channels by next year.
4. Increased Organizational Flexibility
Digital storage encompasses several advantages including an uptick in effective decision-making. By going digital, organizations optimize their ability to take decisive action while remaining flexible. Decision makers can immediately dictate change without wasting time and/or vital resources. This allows organizations to see real-time change as the digital transformation is completed.
According to DiliTrust, the annual cost of filing, storing, and recovering paper is between $25 billion and $35 billion annually in the US. Going digital can massively cut an organization’s transaction costs, making it more cost-effective in the long run.
However, it is important to note how the process of digital transformation can be highly risky and wasteful without proper leadership and guidance. Without the right skills and plan the process can be inefficient. Sometimes it’s a better idea to engage a professional digital transformation business partner instead of trying to tackle the challenge internally. Rely on Salumatics knowledge and expertise.