Why Is Digital Transformation Important to My Business?
According to IDC, ‘89% of enterprises are planning to adopt or have already adopted a digital business strategy.’ There is a very good reason for this impressive adoption rate. Actually, there are many good reasons. As with any other business decision, senior management weighs the value and benefits of a new strategy against the cost and time to make the change.
A Dx strategy can help you to stay abreast of changing customer requirements and match product and service offerings to these changing needs.
When an enterprise considers Digital Transformation (Dx), the benefits are clear! In this article, we discuss some of the many benefits of Digital Transformation and illustrate why and how the investment in this strategy is crucial to, and will benefit, your organization.
Improved Efficiency and Productivity
40% of those surveyed said that a Digital Transformation (Dx) strategy supported and assisted efficiency and improved productivity. By assessing and improving the existing technology landscape, integrating data sources for analytics, and providing tools for mobile access, automated workflow and approval loops and alerts to keep business processes moving, the organization can significantly improve team efficiency and productivity.
Improved Product and Customer Results
24% of those surveyed said that the Dx strategy reduced product development costs, 25% said Dx increased design re-use, 26% said Dx improved new product quality and 14% said Dx reduced the cost of poor product quality. But perhaps the most impressive survey relates to the ability to address changing customer expectations. When surveyed about the changing customer landscape and the enterprise ability to keep pace with changing customer needs, 35% of those surveyed said that the Dx strategy helped them to stay abreast of these changing requirements and to match product and service offerings to these changing needs.
Increased Revenue Opportunities
Businesses are always looking for ways to expand and improve upon product and service offerings to continue market and revenue growth. When surveyed, 21% of respondents said that a Dx strategy helped them introduce new revenue streams, 58% said that increased digital maturity allowed them to offer digitally connected products, 51% said that Dx efforts were put in place to address growth opportunities, and 60% said that, going forward, Dx would help them to support movement and market opportunities in the Internet of Things (IoT).
Improved Response to External Market Factors
If the pandemic has taught us anything, it is that our enterprises must be flexible and responsive. When unanticipated local or global market changes happen; when economic drivers apply pressure to business supply chains, workflow, human resource availability, etc., the enterprise must be well-positioned to respond. When surveyed, 75% of businesses said that their Dx strategy helped them to attract talent and fill technology jobs, 67% said that their advanced technology strategy helped them to address and survive the external market crisis. 56% of those surveyed indicated that the crisis caused them to experiment with and embrace new technology solutions and landscapes in order to address the stressors of the global crisis. Top technologies implemented include data analytics (58%), application integration, APIs and embedded technology (40%) and mobile technology and solutions (59%).
‘There are many benefits of Digital Transformation and investment in this strategy is crucial to, and will benefit, your organization.’
These are just some of the proven benefits of the Digital Transformation (Dx) strategy, as confirmed by businesses in numerous industries, business functions and vertical markets.
If you need a roadmap to Dx, take a look at our White Paper for more details on the factors to consider in planning and deploying a Digital Transformation (Dx) initiative: Preparing Your Business For Digital Transformation And Data Literacy. Let us help you get started with a Digital Transformation (Dx) initiative.
Original Post : Can Digital Transformation Drive Business Success?
