The Keys to Successful Digital Business Transformation

The Keys to Successful Digital Business Transformation

First Paragraph: Ever since the pandemic hit, there has been much hype around digital transformation in business. With little chance to prepare, how are you going to adopt the massive shift to digital? Even worse, what if you have no IT background at all? No worries! I have prepared a few tips that will help your business to create a clear path towards digital transformation.

What is digital transformation?

Digital transformation is the integration of smart technologies, processes and competencies across every business operation.

According to AIMultiple, nearly 90% of all companies have already adopted a digital-focus business strategy or plan to do so. As today’s customers are more demanding than ever, businesses must embrace new technologies to deliver a seamless and satisfying customer experience. In other words, digital transformation is driven by customers. Common practices include business model transformation, organizational mindsets reposition, market expansion and more.

Source: The Enterprisers Project, Whatfix

Why should you consider digital transformation?

Prefer doing business in a traditional way? Don't rush into decisions without considering the wider context! Below are 5 huge benefits of digitizing your company:

1. Improve Efficiency

By leveraging the power of innovative technologies and helpful tools, you can easily maximize the availability of productive assets and directly drive business growth. PTC and CoporateLeaders surveyed 128 executives, discovering that the most prominent advantage of digital transformation is the dramatic improvement in efficiency.

1. Cut Expenses

Apart from saving effort, digitizing your business is also an ideal way to save money. You will never know how much you have wasted on maintaining old, legacy systems and products unless you look closely into the annual report. For example, the cost of saving your information on a cloud-based system is 50% lower than using traditional physical infrastructure management. This explains why undergoing a digital transformation is a great ally to cut unnecessary expenses and keep the budget under control.

1. More Profits

Navigating the shift to digital can also help your business to generate leads, increase sales and improve revenue. Other than improving productivity and saving costs, digital transformation opens up new revenue opportunities as companies will be able to offer quicker services through an unexplored channel. According to SAP, 80% of companies which have undergone digital transformation projects reported stronger profitability growth than those have not.

1. Increase Customer Satisfaction

Digital transformation redefines the customer journey. With digitalization, you can gain new insights into your customers’ buying behaviors and preferences by analyzing the detailed user data collected by the computers. You can then develop customer-centric marketing campaigns, building customer trust and long-term relationships. With reference to McKinsey, digital transformation can generate 20% to 30% increase in customer satisfaction.

1. Earn New Competitive Edge

In today’s fast-changing environment, whoever fails to update the technology and keep pace with the competition will eventually lose part of their market share in the industry. To stay competitive, not only should you do it right, you should also do it better than the others. In 2020, McKinsey found that companies with faster product launches, better customer experiences, and reduced development costs usually had more investments in new technology than their peers.

How to digitally transform your business?

1. Web Development

Normally speaking, digital transformation starts with web development. As the public face to the world, a website is the foundation of trust, both internally and externally. You need to make sure your company website meets existing and future business objectives instead of just looking pretty, or else, your web will not be able to align with the company's goal in the long term.

Don’t know how to revamp your website strategically? You can consider joining one of the most comprehensive Full Stack Web Development Course offered by Preface. Under the supervision of an experienced programming instructor, you can gain an in-depth understanding of both front-end (HTML & CSS) and backend (Python in Django) development with business use cases happening in Silicon Valley, the leading technology hub in the world!

1. Python Adoption

Python plays an important role in digital transformation since it is the most common coding language used in automating different tasks. Moreover, with Python, you can efficiently process and analyze the big data to drive valuable business insights.

If you want to learn Python that is not limited to basic use, The Data Science & A.I. with Python course is exactly what you need. The curriculum will guide you through data science, machine learning and artificial intelligence with a focus on practical business applications. The professional instructor will also teach you how to leverage the power of Python to derive value from data for better business decisions and outcome forecasts.

Essential digital transformation resources for business leaders

1. Books

Digital Transformation: Survive and Thrive in an Era of Mass Extinction

If you have no conception of digital transformation, this book can help you better understand four major disruptive technologies, which are cloud computing, big data, AI and IoT accordingly. Supported with real-world examples of global case studies on digital transformation initiatives, this book is recommended as an educational and informative read.

Driving Digital: The Leader's Guide to Business Transformation Through Technology

This book serves as a must-read guideline for business and IT leaders. The author will tackle topics ranging from creating a successful digital strategy to establishing cultural change, supplemented with digital transformation best practices. If you are making plans for updating products, technologies, and business processes, this book can provide you with some solid and valuable suggestions.

1. Videos

‘What Is Digital Transformation?' by Ionology

Ionology is a vendor of online courses. The video looks at what digital transformation is, the major mistakes businesses make, and how they fix those mistakes when approaching digital transformation.

'Digital Transformation Webinar' by Cloud9 Insight

In around 30 minutes, you will get a quick overview of the basic elements of a digital transformation effort, the best products and processes to get started, and what the top benefits of a digital workplace can be.

1. Corporate Training

Investing in your employees strategically is a promising way to take your business to the next level. If you are working on the digital transformation, the first thing you should do is to ensure your talents are able to keep up.

Sign up for the Corporate Training Program! The program will customize the learning materials per your request, more importantly, every topic is backed by real life applications and business use cases so as to make the digital terms understandable and relatable to what is happening around your business.