What is Digital Business Transformation?
In order to remain competitive and not lose out on business opportunities, it is vital to keep up with the changes occurring in the industry that your business is established in. Every aspect of business, including technologies, customers and markets are changing every single day. These fast-paced changes are impossible to track manually – which puts you in a position of competitive disadvantage. In order to retain and grow your market share, you need to not only track these changes, but also need to adapt to them and implement their implications in your day-to-day business.
This is where digital business transformation comes in. It is the process of developing a new plan of action using digital technologies that reimagines every aspect of the business. This not only enables you to track and stay up-to-date with the constant changes occurring in your industry, but it also allows you to adapt to them. It enables one to meet new demands and changes by modifying and fundamentally changing business processes.
In simpler words, it is what and how a company repositions itself in the digital economy by utilizing its resources.
When technology is carefully aligned with business goals, the cost savings and productivity increases are compelling. However, those are not the only benefits that a digital transformation provides.
- Better Productivity
Automating manual tasks that are repetitive in nature results in the streamlining of workflows. It enables employees to do more with less by using available resources efficiently. In addition, it also allows employees with more time to focus on core business tasks at hand, thereby maximizing output.
- Reduction of manual errors
Humans tend to overlook minor details – but they might end up causing a major issue down the line. When performing tasks that are repetitive in nature, it is likely for an employee to produce inconsistent results. Automating such tasks is a great way to ensure consistency and significantly reduce manual errors.
- Greater efficiency
Integrating technologies and streamlining workflows allowing employees to make the optimal use of available resources. This enables one to achieve goals with the least waste of time and effort. Collaboration is also aided which ultimately results faster turnaround times.
Although the process of digitalization comes with many costs associated with it, it can all be made back. The average payback period for digital investments is shown to be approximately 5 years.
63% of professionals believe that pressure to reduce costs will require their organization to use AI in the next 5 years. In addition to reducing costs, in the long run, it also allows for a higher profit margin.
- Scalability and growth
Digital transformation opens new channels of growth and different markets to users. Establishment of digital revenue streams is only possible when one adopts digital business transformation. This helps you identify and seize new opportunities, while scaling your business.
While the list could be longer, these are some of the benefits that a digital business transformation could potentially provide your business with.
At Salumatics, our Professional Services Team provides automation, strategic business services consulting, as well as specialized services to help you achieve more. We understand that not all businesses are the same, which is why our solutions are tailor made to solve your business challenges and cater to your needs. We combine AI with data and analytics to give you actual intelligence, enabling you to scale and grow your business. Learn more about our Professional Services here.