The pandemic forced companies to beef up digital transformation efforts, and many quickly realized the advantages. Digital transformation allows companies to be more efficient and provide greater value to customers. 90% of companies perform tasks in a cloud. But true digital transformation is much more than this. As more companies are switching to completely digital work environments, it’s important to make sure that change is transformative across the entire organization.
In 2018, the average digital transformation budget was $14 million dollars, and that is projected to reach $1.78 trillion in 2022. Being aware of the benefits, trends, and future of digital transformation is crucial for making intelligent, data-driven decisions for your company. So, let’s take a look at the trends driving digital transformation this year and beyond.
Digital Transformation Trends
Which industries are leading the way in digital transformation right now? What technologies are they using most and what challenges are they facing? This infographic on digital transformation trends highlights the top industries using digital transformation, top technologies within it, and top challenges that companies have found since implementing.
Digital Transformation Benefits
For many companies, the choice to implement digital transformation is driven by them wanting to cut costs related to their operations, but there are many other benefits to be had. Here are five of the biggest benefits to digital transformation:
#1 Enhanced Data Collection- Most companies are collecting large amounts of data on their customers. Optimizing this data through digital transformation allows you to quickly gather and assess the information. You can organize information based on certain criteria to study the customer journey, finances, and operations. In the process, it’s important to review and update data privacy and security measures Customers are more aware of how businesses use their data, and they expect Strict policies around its collection and use.
#2 Provide Better Customer Experiences- Digital transformation not only helps build efficiency within your teams but also provides better experiences for your customers. With so many ways to buy products online, customers now have higher expectations for digital experiences. Gartner reported that two-thirds of companies compete the most through their customer experiences. Differentiating your brand values and privacy will empower your customers to make smarter decisions around their data.
#3 Increased Profits- Studies show that 80% of companies that undergo digital transformation have an increase in profits. Revenue growth and increased market share also tend to follow these escalating profit margins.
#4 Improves Productivity- Automated tasks keeps work organized and empower team members to work more efficiently. Through automation, team members will get more done which leads to an increase in productivity and profits.
#5 Encourages Digital Culture- A digital culture can be accomplished by providing your team members with the correct tools. The shift to a more digital culture is crucial for businesses to remain relevant.
The Future of Digital Transformation
The pandemic increased the need for companies to go digital. 90% of jobs will require digital skills in the future to keep up with these changes. To prepare for a digital shift, you should:
- Shift your work to online clouds
- Use data analytics to predict assessments
- Select the right digital transformation steps to meet your desired goals
- Invest in the correct technology
- Constantly reevaluate your strategies
Digital transformation is refining how companies are working. Better data collection and improved customer experiences will be beneficial for saving money and increasing profits. 70% of companies already have a digital transformation strategy or are working on one. Are you?
To learn how StarfishETL can support your digital transformation efforts, contact us at firstname.lastname@example.org.