Digital transformation is not a new term in business industry as many business owners are adopting or already adopted it. It is a process to transfer your business record on a digital media, or in much better way we can say the process to use the digital technology to improve your business performance and to increase the client’s satisfaction is called digital transformation.
As we can see many big businesses are transferring their business and banking system is one good example for us where we can see good quality services from banks and many new and fast money transfer services provided for the customers without leaving the seat which was not possible few years ago when banking system was not using digital technology. There are various factors and reasons which can convince the business owners that digital transformation is very important for their business growth.
- Digital Masters will win every time: Companies transforming themselves to digital technology have better reporting system and better records to analyze their business needs. This is the reason they knew everything about their business requirements where they need improvements and which policies can be harmful for them. They can also communicate with their customers in far better way to spread the awareness of company’s policies.
- Digital transformation, fight for survival: According to a business insider story, 40% of the top 500 big companies will no longer exist in next 10 years if they don’t upgrade their system according to latest trends. So digital transformation is a fight for survival for everyone, whether they are a small or a big company.
- Better decision making: We have noticed that access to data and information has been rapidly increased during past few years. Every business now can access a lot of data and success stories from other parts of the world. With this data one needs to drive some meaningful information and by using proper tools and algorithms more strong and wise decisions can be made which can help the business to grow.
- Reaching more customers: Digital transformation is not only upgrading your manual system into digitized system but it also mean to learn more technical methods to reach out to your customers. As an example I will quote Google’s adsense program which experienced a huge change in their traffic sources. Few years back they had only 5 to 6% revenue generation from mobile devices but now they are generating more than 50% revenue from mobile devices. This is just because they have noticed that now more users are accessing the internet from mobile devices and they have upgraded their adsense program to focus the mobile users. In same way if you are company and you don’t have your mobile application then you are losing a lot of customers just because of this small reason.
- Improved Profitability: With successful digital transformation when you will be able to analyze your business in better way and your decision making power will improve, you can improve the customer satisfaction by reaching them any time and providing them better services which eventually increase your profit which is the ultimate goal of every businessman.