As vaccinations become more widely available and government policies begin to ease lockdown restrictions, a new reality is emerging for companies around the world. Now, it appears that both public health and the business sphere have changed for good in the wake of the global pandemic, and it's time for companies to adjust to these new conditions if they are to keep pace with their competitors.
Simply stated, Covid-19 has brought about fundamental changes to customer behavior and needs. One of the most striking consequences of the events of the pandemic has been how digital processes have become central to almost every customer interaction, largely thanks to the closing down of brick and mortar stores and preventative measures such as social distancing government-imposed quarantines.
For this reason, companies have been embarking on digital transformation initiatives in an attempt to find new ways to modernize their business processes and secure existing revenue streams with alternative methods of customer engagement. However, rapid migration to digital technologies is no easy task, especially since the pandemic brings its own set of unique challenges that are largely unprecedented.
Why digital transformation matters
Did you know an estimated 70% of digital transformation initiatives fail, with over $900 billion going to waste each year on unsuccessful projects? With these stats in mind, it's no surprise that many of the larger enterprises have previously been reluctant to embrace digital technologies. However, now, their hand has been forced.
What was considered a luxury has become a necessity, and thus, companies must be ready to make radical changes to internal processes and adapt their strategies accordingly if they are to successfully navigate out of the throes of the pandemic.
Having said that, in this unique moment, companies can learn and progress more quickly than ever before, and the digital transformation policies they put into place today will profoundly influence their performance in both the short, medium and long term. With that in mind, let's take a look at some of the key benefits enterprises can enjoy from adapting their digital strategies:
Enhanced data collection
In our increasingly digital world, data is a key asset for businesses. Not only does this give them important insights into their customers and their behavior, but it also gives businesses the chance to objectively analyze their performance across multiple facets of their operations. Digital transformation also allows companies to streamline data collection, storage, and analysis processes that help translate raw data into insights using fewer resources.
Improved customer experience
These days, customers expect quality service at every stage of the customer journey. One way companies can make this a possibility is through the opening up of various digital channels. This creates more opportunities for customer engagement, allowing for authentic interactions across all touchpoints and channels.
Increased efficiency and agility
Digitizing various business processes helps to speed things up and make them more efficient. As such, having the appropriate IT tools that integrate together may boost productivity and streamline processes even further.
This enables team members to work more effectively by automating numerous manual tasks and integrating data across the company. Additionally, digitized organizations benefit from improved speed-to-market and more possibilities to implement Continuous Improvement (CI) strategies. This enables for more rapid invention and adaptability, as well as a route toward progress.
Improved collaboration and communication
Companies can use digital communication technologies to develop a multi-channel strategy that allows employees to communicate more easily. This fosters a strong, digitally-led company culture that places a premium on team members' upskilling and digital learning in order to reap the benefits of digital transformation.
How tech enterprises can implement digital transformation to successfully navigate out of the pandemic
By this point, most corporate executives have led their companies through some form of digitization process in order to protect employees and serve customers through the restrictions imposed in retaliation to the Covid-19 outbreak. However, if you're an executive, it's now time to start putting measures in place to set the trajectory for your company as the pandemic looks to be entering into its final stages.
The fact of the matter is that customers have already migrated to digital products and services. Now, it's simply a matter of companies making their services available across various digital channels in order to recapture their market share, or better yet, gain a competitive advantage over their rivals, which is something that would have previously been too costly to acquire.
So how can tech enterprises achieve this? Well, first of all, the most important task is to refocus current digital efforts towards shifting customer expectations. It's safe to assume that many of the brick and mortar stores will reopen at some point; however, in what capacity they return still remains to be seen. Therefore, organizations must adopt new digital priorities and bring their current digital channels up to parity (or better) than their competition.
Secondly, tech firms must aim to improve business operations with data-driven insights. Modern businesses should have access to various forecasting and planning models to help guide operational decisions. This helps to improve decision-making at all levels of the business, subsequently reducing costs, boosting revenue, and increasing productivity.
Finally, companies need to make a concerted effort to incorporate digital transformation into their business culture at all levels. At the end of the day, employees are the ones who must put these plans into effect, which is why proper training and guidance must be provided when applicable. Furthermore, remote working may assist businesses in increasing efficiency and business agility by allowing them to tap into new labor pools by seeking out specialized remote expertise that can provide new productivity opportunities without necessitating a large upfront investment.