Digital transformation serves as a means of digital technology in all business aspects. A business's fundamental operations depend on how advanced technology is in the current era. Organizations around the globe take full advantage of this revolution as it accelerates efficient workflows, modernizes legal processes, increases revenue, and strengthens security.
It helps an organization improve its services and transforms the overall system of a business. So why is the digital revolution significant for businesses today? Let's find out its five positive effects on the business industry!
Why is Digital Transformation Important?
The day-to-day operations of the organizations have been upgraded with the help of this revolution like never before. The workflow, systems, processes, and culture are all enhanced as each level of an organization is strengthened and secured. Furthermore, with the technology of Machine Learning ML, and Artificial Intelligence AI, companies can become successful and gain better insights into the industry.
1. Improved productivity and efficiency with the digital revolution
The streamlined operations and processes are made productive and efficient with the help of the digital revolution. For instance, robotic processes automation has excelled various human factors, such as IBM, which is 20 times faster than humans in completing tasks without errors.
Additionally, data analytics and business intelligence software collect and evaluate data with high accuracy and speed, way faster than humans. These tools assist in making quicker decisions which is why businesses are gaining immense success in the current era.
2. Improved data collection
The real benefit for a business is not based on collecting a huge amount of customer data; rather, it depends on the proper analysis and optimization of the collected data. The digital revolution provides a platform to incorporate and gather data to be used fully by business intelligence.
Moreover, it provides a way to convert raw data into meaningful insights which are useful for the business. With the help of these technologies, a business can easily provide its services based on the customer's operations, journey, finance, and operations.
3. Greater Resilience
Businesses that are more open to building a digital culture and embracing digital technologies can easily adapt to quick market force shifts. Not only has this, but economic and social conditions such as COVID 19 have given a major insight to businesses in accepting the digital revolution.
4. Better customer experience
The Digital revolution does not only enhance team performances but also provides a better and more intuitive customer experience. This includes user portals, email communications, digital products, and various other technologies that have made it easier for businesses to stay in contact with their customers and provide their services.
Moreover, as per a recent study, customer experience has become the battleground for becoming a successful business.
5. Enhanced profits
Companies have increased revenues and efficiency by adapting to the digital revolution. As per the results mentioned in SAP Center for Business Insights and Oxford Economics, 80% of the companies reported increased revenue and 85% increase in market share after adopting digital transformation.
