Picture this. You’re a farmer. I don’t know why I started from this, but screw it, we will run with it. You’re a farmer and you grow corn, okay?
You have your nice land, a simple house, and use your oxen or some other bovine animals to plow your field. Things are good. You make some profit. But as the years roll by, you see some changes in the industry.
Your pesky little neighbor has bought something new, and he says it is revolutionary. The people call it a tractor, and it plows the field. You now no longer have to break your back in with your cattle to do this stuff.
“What a load of crap,” you say to yourself, “There is no way this piece of junk will ever be mainstream.”
Oh boy, wouldn’t you like to know how wrong you are? In just a few decades, nearly all the farming and plowing would be done by tractors, and those who didn’t get on with the times will see their lands being bought up by the rich aristocrats.
Today, the world of business is something like that. Innovation is happening every day and we need to see which part/type of innovation suits our business the most.
And this is where today’s article is going to help you out, dear readers. Regardless of what type of business you have, Digital Transformation might be something that can act as your proverbial Genie in the bottle.
“Wait, what even is Digital Transformation?”
Remember our farmer/tractor analogy? Digital Transformation is just that but a bit more…Digital.
simply means that you as a CEO, are open to integrating new innovative digital technology into your business.
I know, a lot of you will say “Okay, so I have to add in some technological advance stuff in my business, and BOOM, I am a pioneer of Digital Transformation.”
And I would smile like Scar from the Lion King and say “No my dear boy.”
The type of integration and the results it brings vary from company to company, business to business, and industry to industry.
There is no “One size fits all” type of schtick going on around here.
It’s a shift in business culture to keep up with the rapid demands of your loving consumers and to stay competitive in today’s world.
While earlier, digitalization just acted as a support system to add some extra value to your business, like a healer class in an RPG no one wants to play with, today, Digital Transformation is the name of the game.
I am talking about major upcoming fields like:
- Internet of Things
- Cloud computing/Storage
- Advancement in social media
- Big Data
“Alright. Alright. Just hold it for a second there, mate. Things are going great as ever for my business, why should I do all this digitization stuff when I don’t have any threat?”
Okay kiddo, let’s talk numbers. Can you guess how many companies have undergone digital transformation? 10%? 15%? 25%?
Nope. Try 34%. Yup. More than a 3rd of the companies worldwide have undergone digitalization.
This is not where you play the “If it isn’t broken, then don’t fix it” schtick. This is where you listen as this can make you a fortune.
And tell you what, more than half of the CEOs have said that they have seen a complete growth in their profits after they integrated all digitalization.
Nearly half of the companies have already transformed themselves to have a more digital-first approach to the consumer experience.
So yeah, you up there, saying all that jazz, remind me of the farmer who thought tractors were useless from the story.
Even if you think about it clearly, you’ll know why it works. Let us say you choose the “Digital-first” approach to consumer/customer experience, and automate your form. Well now, for the most part, you won’t have to waste time during the onboarding documentation of the customers.
This will reduce the burden from you while improving customer satisfaction/experience which in turn will increase your brand loyalty.
The use of Digital Transformation is multiple-fold and you need to see in which way does it help you and your company the most.
“Okay fine. Digital Transformation is kind of important, I get it. But can you please share some of the benefits that I can get after I implement it?”
I am glad you asked. Here, have a look at this list:
- Improve business process: Just like our example of onboarding, once you digitally automate tedious and menial tasks, you will have far greater time to spend on the things that do matter. All the while the customer experience will improve as they will identify their own needs and desires.
- Higher Efficiency: This is like basic maths. Once you are free, you can re-allocate your focus on high-priority tasks that can need human intervention. At the same time, automation smooths out the rough edges of your business and provides higher customer satisfaction.
- Competitive advantage: The Farmers’ fable. Never forget that. It’s more like a parable now that can help you become wiser in the world of business. Here is your chance to remain in the market and make your fortune. Don’t get cold feet now.
- Enhanced Customer Experience: Again, a no-brainer. The better the customer experience, the higher the customer satisfaction, and the higher the brand authority of your business.
This is just our introduction to the world of Digital Transformation,
and yet you can see the improvements it can do to your business. In our future article on the topic, we will focus on how you integrate this into your own business,
Till then, take care and we will see you next time.