5 Key Benefits of Digital Transformation For Your Organisation
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If you’ve taken a look around our website, you might have spotted that we help organisations with digital transformation. This involves not only simply using technology to boost your brand but constantly adjusting your tech to make it work for your business, too. But why bother? It’s certainly not an easy journey to embark on, but there are plenty of advantages that make it a must if you want to get ahead of your competitors.
For many organisations though, it all starts internally, by understanding that they need to digitally transform and then putting a business case together to get things moving. If that’s where you’re at, here are 5 key reasons to highlight why digital transformation is worth your time.
1. Start Utilising Data to Get Ahead
If you want to know just one key opportunity that digital transformation brings into an organisation, then data would be it.
Incorporating technology into your business - be it through physical tools like card readers or digital software like customer relationship management (CRM) platforms - means that you have access to new, digital data. Certain tech automatically stores and monitors insights, giving you the ability to read into your business activity and learn more about how to get ahead. - The sort of data that you’ve never likely had access to before.
For businesses, data leads to more informed decisions. Rather than making calls based on instinct and gut feeling, you can use insights to add reasoning to your actions and make it more likely that you’ll see a good return on investment (ROI) from your plans.
For example, if you’re a membership organisation, you might be looking at ways to engage a particular group of your members. By using tools incorporated in your digital transformation strategy (like a CRM) you can segment them and market to them more effectively.
With 60% of global companies already using data to improve processes and drive cost efficiency, this is a critical advantage of digital transformation.
2. Improve Your Bottom Line
Another enticing draw of digital transformation is the effect that it can have on your profit margins. By both increasing your revenue and reducing overheads, technology can drastically boost your net profit and create a healthier organisation.
But, how?
Let’s start by looking at reducing labour costs. With automation taking over repetitive administrative tasks, you can invest in software that’ll do simple work for you. Chatbots, for example, answer queries using either pre-made templates or AI, making it possible for you to either reduce your customer service staff or redirect their talent elsewhere, making the most of their skills for your business.
Another cost benefit involves your marketing. More often than not we see marketers with great ideas who are burdened by technology. They want to market to a particular group of customers but can’t through lack of data and insights.
As a result of digital transformation, your marketing team should be more empowered to act upon their ideas. Testing and tweaking things in response to the data that they’re seeing.
3. Engage Closer With Your Audience
When looking at the benefits of digital transformation in business, you can’t ignore how it opens up possibilities to change your relationship with your customers. If you’d like to see an improvement in the customer experience in general, then this benefit cannot be overlooked.
Digital transformation, with a focus on customers, can open up many opportunities including:
- Better understanding customer preferences
- Predict shifts in industry trends and customer behaviour
- Track individual customer behaviour for personalised recommendations (One that comes up time and time again in our digital transformation discussions)
4. Accelerate Growth Through Business Efficiency
If your organisation has plans for growth, it’s almost a given that you’ll need the help of technology to get you where you want to be.
You might be using various systems at the moment, but they could be siloed, hindering rather than helping you and you might not be seeing an ROI from your tech investments.
Digital transformation can help break down these barriers. By working with a consultant, you can gain an external perspective on the process and technology that can really help you unlock growth opportunities.
5. Improve Employee Engagement
According to multiple recent surveys from Adobe, 70% of Gen Z (the future workforce) would quit their position and switch jobs if a competitor company utilised better technology. In other words, the top talent is going to follow the tech.
Digital transformation enables your team to work more efficiently with fewer repetitive tasks taking up their time. Workflow management tools create better communication with managers and colleagues, too, allowing for easy collaboration and greater independence.
Don’t underestimate the importance of the media and file storage either. By organising and controlling your asset storage, staff can easily find what they’re looking for rather than digging through various files and folders. Considering that 77% of British employees who returned to the office after Covid are wanting to work from home again, it’s crucial to note that proper asset storage is a must.
If you’re a large multinational organisation, you might even consider an enterprise digital asset management system such as Bynder to help centralise your assets.
It’s time to transform with technology
In a world that’s fallen head over heels in love with technology, digital transformation isn’t just a maybe for businesses, it’s a must. Offer better service, secure top talent, and build an organisation that’s able to grow with the right strategy. But that’s key, isn’t it? The right strategy.
If you don’t know where to start, rather than investing your money without certainty, get in touch with our team at GRM. With an experienced, knowledgeable team, we can take a look at your business and find the gaps that tech can fill. Experience the digital transformation benefits for business with GRM by your side.