Technology is changing more and more our day-to-day habits and our way of doing business. To set themselves apart in an increasingly competitive market, it is essential for businesses to embrace the new trends of the digital world. The use of efficient software allows companies to meet market demands by increasing productivity and revenues. Digital transformation means the introduction of new technologies, the improvement of current technologies, and the modification of business models and processes. But it also has to do with cultural change.
Read on to learn about some of the benefits of digital transformation that explain why a digital company is much more competitive than a traditional company. For more trends, insights, and best practices on digitalization, download our white paper!
Increased Customer Satisfaction
Adopting a digitalisation strategy means businesses are ahead of direct competition. Data collection, analysis and use improve the relationship with clients, Data-driven organizations are 23 times more likely to acquire clients and 6 times more likely to retain them. And they are 19 times more likely to be profitable. This allows organizations to stay on top of their market.
One of the business benefits of digital transformation is that it allows companies to improve their knowledge of their customers’ habits. Users are always connected, informed and updated about products and services and their use or consumption. Offering a unique purchase/use/consumption experience generates an involvement that leads to re-purchase, word-of-mouth marketing and loyalty. Technology helps you improve user experience and customize it to specific groups of clients, which in time increases revenue.
First of all, you have to understand what is this numerical data we keep talking about.
It’s all the information and traces that users leave on the Internet: every time they click on a site and browse its pages, interact on social networks, search on their smartphones… Each action leads to the generation of a large amount of data that can be analyzed and used by companies to get more information about their target audience. These insights are critical to drive innovation and improve user-experience.
Other digital transformation benefits: today, business leaders know that they need to move from a product-centric to a software-centric approach, and that software monetization brings the best return on investment. Yet many companies are sitting still because they don’t know how to start monetizing their software.
Digital transformation allows for monetization of software. Using a software management solution creates a digital framework that will help you identify new revenue streams, create and secure software licenses, interact with your customers, and access business critical data. Each organization can customize its business plan to its specific products ( Cloud solution, app-based, subscription model, etc).
High-Quality User Experience
New software, social media and applications meet users’ need to make their lives easier. So the main goal of digital transformation is to use technology to improve the customer (and employee) experience. Operations that could be time-consuming and tiresome – like requesting a wire transfer for example – are now streamlined by online technologies.
Improved Collaboration & Communication
All businesses are faced with an internal communication challenge: the more they grow, the harder it is for employees to communicate efficiently. They might have different tools or no tools at all, and conduct all operations in person. In a globalized world, it’s getting harder – or impossible – for organizations to work this way. Better collaboration and smooth communication are critical for overall productivity.
To improve innovation and results, you need a digital platform that promotes communication and collaboration across all internal departments. Digital transformation eliminates indirect communications, slow response times, information leakage and ineffective sharing of ideas. By digitizing your company’s internal communications, you will increase productivity, reliability and creativity, acquiring the benefits of digital transformation you need to outperform the competition.
Digital transformation generates faster, simpler and more efficient processes and workflows. Creating automated digital workflows, designed to manage information, gives employees time to focus on business value-added activities and develop assigned projects and tasks faster.
Collaborative platforms are a good example: rather than sending 10 emails to proofread a document, all stakeholders can use a single interface to add their comments and notes. These changes affect different departments, from marketing to finance or customer support.
Limits Human Error
One of the benefits of digital transformation is the elimination of time-consuming manual data entry, and thus of inefficiency and human error. Digital processes are less risky than those that require human intervention. Even with the best possible training, employees of international organizations are bound to make a mistake at some point or be distracted. Unfortunately, the smallest error can lead to severe security issues, data breaches, or even financial fraud. Making small mistakes can have a big impact on companies.
For example, in the case of third-party bank details checks, digitizing and automating the processes can provide greater security throughout the vendor life cycle. Digital solutions such as Trustpair, the third-party risk management platform and B2B payment fraud prevention, help you meet these challenges.
Protect your business from fraud threats through digital process transformation with the right tools. Our Trustpair expert remain available to present you the platform.
Encourages an Environment of Employee Excellence
Digital transformation creates an optimal work environment for employees, redistributing activities, accelerating collaboration and leading to greater well-being and productivity for each employee.
Increases Operational Efficiency
Digitalisation makes it possible to set up new services and improve management times for processes and activities. For example, in the industrial production sector, software enables faster warehouse and logistics management, better control of sales and customer service, and faster customer response.
Automation is the ultimate example. Indeed, with automation solutions, you can actually remove the most tiresome tasks and processes, without neglecting quality. For example, with fraud prevention software like Trustpair, you can remove manual controls of vendor data and replace them with instant and automated controls, directly on the platform. On average, teams using Trustpair spend 10 times less on fraud prevention than they used to.
Enables Future Digital Growth
Among the other benefits of digital transformation this is the most important. Digital transformation is the initial act that paves the way for further growth of the company. Without investing in digital transformation, your business will soon become obsolete. To survive in the digital world, you must strive to keep rhythm. After that, you can enjoy the benefits of digital transformation, as well as strengthen and increase your revenues for years to come. Technology and what comes with it is a key to business sustainability and should be the heart of your strategy in the coming years.