Every organization – no matter its industry, size, or offering – must increasingly rely on digital technology to improve efficiency and deliver improved value. Digital transformation is the process and strategy of using this technology to dramatically change how businesses operate and serve customers.
Digital transformation balances foundational technologies such as data management and analytics with emerging technologies such as artificial intelligence (AI) and the Internet of Things (IoT). Beyond the nuts and bolts of technical execution, successful digital transformation carefully considers people, business practices, and organizational values.
Adopting new technologies improves internal processes, leading to cost and time savings. For example:
- It allows faster execution of both large- and small-scale processes and frees staff to redirect their attention to other tasks.
- Cloud computing facilitates access to data across multiple locations or entities, enhancing response times.
- When dashboards are kept current and made available to decision-makers, they can provide faster insight into problems and speed up issue resolution.
It enhances an organization’s ability to react quickly to new opportunities by adapting their business model
We constantly see businesses using digital transformation to create new service delivery methods. You don’t have to look far to see practical examples in everyday life:
- Netflix started out delivering content via DVDs in the mail. Now we can instantly access much of their content via streaming.
- It’s no longer necessary to wait in line at Starbucks. You can order via phone app and have your venti half-caf caramel latte with extra whipped cream waiting for you when you walk in the door.
- Depositing a check no longer requires an in-person visit to your bank or ATM; you can scan and deposit the check using your phone instead.
- Online applications such as HelloSign, PandaDoc, and DocuSign allow contracts to be uploaded, viewed, signed, and re-distributed to all parties without paper changing hands for actual signatures.
Today, customers expect to access relevant content anytime, anywhere, on the devices they have in hand. Their journey is a key element dictating an organization’s strategy to gain, maintain, and satisfy customers.
Improvements in the customer experience are a win for both customers and the organizations serving them. For example:
- Data analytics provides enhanced insight into customer needs and behaviors and allows organizations to convert that information into products and services that better serve those customers.
- Artificial Intelligence automates processes, leading to faster delivery of products, services, and support.
- Cloud computing provides customers with more rapid access to data and new service delivery options.
- Social media channels such as LinkedIn, Facebook, and Instagram enable initiating spontaneous conversations with prospects. In addition, social media facilitates targeted marketing to serve ads only to pre-qualified audiences.
Customer behaviors and opinions change at an ever-increasing speed, and the ability to respond quickly is more crucial than ever. Better understanding of customers leads to better engagement, value, and business success.
Businesses who embrace digital transformation become more comfortable with change, and are ready to abandon the inefficient processes that may have been holding them back. By welcoming opportunities to learn more about their inner workings and customers and then putting that knowledge to work, they set themselves up to grow, thrive, and achieve success – directly contributing to their bottom line.
At Thurman Co., we help businesses manage projects to significantly impact their growth and success, and these projects often embrace aspects of digital transformation. When you’re ready to put your project in the hands of a trusted professional organization, contact us to learn more about working together.