Digital transformation changes the way an organization operates by encompassing its systems, processes, workflows, and overall organizational culture. It impacts every level of the enterprise and connects data across departments to work together more efficiently. By leveraging workflow automation and advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), businesses can now link the dots in the customer journey in ways that were not possible before.
What are the Benefits of Digital Transformation for Businesses?
- Increased Profits: Businesses that undergo digital transformation improve efficiency and profitability. According to SAP Business Insights Center and Oxford Economics, 80% of organizations that completed digital transformation reported an increase in profits, with 85% saying they gained a larger market share, and on average, leaders expect a 23% higher revenue growth than competitors.
- Flexibility and Innovation: Digital transformation makes organizations more flexible, enabling businesses to be more agile in improving time to market and adopting continuous improvement (CI) strategies, allowing faster innovation and adaptation.
- Improved Productivity and Streamlined Processes: Having the right technological tools that work together can streamline workflows and improve productivity. By automating many manual tasks and integrating data across the enterprise, employees can work more efficiently.
- Enhanced Data Collection: Digital transformation creates a system for gathering accurate data and fully integrating it for higher-level business intelligence, providing a single view of customer journey, operations, production, finance, and work opportunities.
- Stronger Resource Management: Digital transformation integrates information and resources into a suite of business-specific tools, reducing the distraction caused by using different tools to store and process data.
- Deeper Customer Understanding: Data can be key to understanding customers and their needs better, which helps in delivering more relevant, personalized content and smoother, more intuitive customer experiences.
- Greater Collaboration Opportunities: By providing teams with the right tools, digital transformation encourages a digital-first culture, helping propel the entire organization forward digitally.
IBS Corporate Consulting
Our consulting team has extensive experience in diagnosing issues, creating and overseeing the implementation of plans and strategies. We assist business owners in seeing the big picture that may often be missed by decision-makers in these organizations.
