In its spirit, digital transformation is the process of using digital technologies to shape new or modify current business processes and customer experiences. Companies or businesses launch digital transformation projects to meet rapidly changing market needs and address the growing expectations of their customers. Digital transformation even helps to optimize and streamline internal processes.
But if you think that’s all, you’re wrong because digital transformation is much more than introducing a block of new technologies. It is simply an alteration of the mindset of the business and its culture. You can always look for a example of digital transformation and make sure you grow. You must see that as businesses or companies move from manual, paper-based procedures to spreadsheets and quick apps, digital transformation gives them an opportunity to reimagine how they do business and engage with customers. It enables companies to reinvent virtually every area of the business, from internal systems to customer interactions, to enable even smarter decision making and enhance overall customer experiences with personalization.
Why organizations launch digital transformation?
Well, organizations or companies launch digital transformation projects for various reasons, but the most crucial one is this: they seek to survive in the market. To do such a thing, they require understanding how to combine technology with their business strategy. You wouldn’t believe how massively business leaders are prioritizing this goal today. The point is that these companies are spending a lot to invest in digitization.
How do companies make the most of digital transformation?
Companies introduce fresh products or services to the market
Digital transformation has completely changed the way of designing new products and services. The digital realm has created a new product architecture that requires the development process to include it. The middle ground of this approach is the customer. And today, the consumer wants to connect with the products. Customers are looking for meaningful and thoughtful engagement, a community to share experiences, and even opportunities for personalization. Consumers are even looking for products that can connect to networks and platforms that allow for remote or remote control. These consumers expect to track their usage to ensure the product remembers their behaviors and blends well with their activities. As you can see, all of these features are based on the product’s ability to engage with the customer, and less on its efficiency or complexity.
Well, it’s the reason why companies design products that include the proper creation and maintenance of a digital relationship. You know that digital transformation impacted a fundamental change in product design, starting from an in-depth assessment of customer needs. Companies use rapid prototyping and MVP development to test product ideas and quickly authenticate their assumptions in the marketplace. These are the approaches that help reduce the time and cost of product development. As a result, companies in the digital age can bring new products to market much faster than companies in the industrial age.
Gain a competitive advantage
Companies from different types of industries are establishing proper digital transformation strategies and investing in real and effective digital tools to optimize and improve business processes. As an example, automotive companies invest in a solution that collects more data on drivers. The data is accumulated and stored in a centralized CRM data center where each customer is given a different ID. These companies use such identifiers to collect customer interactions at every touch point and thus achieve a 360-degree view of each and every customer relationship.
By investing in such a tool or instrument, companies can now use all the data acquired to slice customers in real time and properly leverage predictive analytics to serve customers what they really want, when they want it. As a result, such companies increase the growth of their marketing campaigns and the overall sales conversion rate. Remember that if your company creates similar programs, you can offer your customers smart solutions in real time, but you can even augment your internal processes with customer profiles rich in adequate information.
Conclusion
In short, having a digital transformation strategy that works for your organization is a good thing for you. Do not miss it.
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Categories: Technology
Source: vtt.edu.vn