“At least 40% of all businesses will die in the next 10 years…if they don’t figure out how to change their entire company to accommodate new technologies.”
– John Chambers, Executive Chairman, Cisco
Have you been considered going all in on digital transformation, but find yourself wondering if it will actually improve your business? Do you understand the need to maximise your company’s digital efforts, yet question whether it will truly increase your business’ revenues? If you need help convincing yourself of the power of #digitaltransformation, following are five red-hot reasons now is the time to double down on digital for your company.
1: Digital Transformation Improves Your Customers’ Experience with Your Brand
When you go all in on digital transformation, you improve the experience customers have with your brand. They’ll find your company more efficient to deal with and will be more willing to become a repeat customer. Understanding the value of the customer experience journey and how digital transformation improves that journey is essential for brand leaders still in the contemplation stage.
2. Digital Transformation Can Help You Acquire and Keep Employees
Brands who are optimising their digital transformation opportunities are better able to acquire and keep staff. Unless you enjoy spending countless hours recruiting and training new staff, digital transformation is a no-brainer. Employees want to work for companies that make their lives easier, not ones that are still stuck in the dark ages of digital technology. If you want a significant lead over competitors in your market sector, digital transformation is a must.
3. Digital Transformation Can Increase Your Speed-to-Market Ratio for New Products/Services
When you are attempting to launch a new product or service, your progress along the digital transformation timeline can impact your speed-to-market ratio. From how you develop new products/services to how you successfully introduce those new products via marketing and advertising, every aspect of your creation/launch process is influenced by your company’s acceptance of digital transformation. Understanding how to maximise your launch efforts is critical for maximum returns on your investment into new products/services.
4. Digital Transformation is Good for Automation Efficiency
Digital transformation can also improve your automation efficiency. Business builders who understand the crucial need for digital transformation are better able to integrate automation techniques into their brand development efforts. From bot technology for customer communications to voice-enabled computing for improved access to brand assets, there isn’t a component of your business that won’t be impacted when you understand the importance of automation for increased business efficiency.
5. Digital Transformation Can Reduce Your Burn Rate
Digital transformation can also reduce your company’s burn rate. If you find you’re burning through in an inordinate amount of cash just trying to keep up with competitors, opting to digitally transform your company can reduce your burn rate. While initial expenditures might make you question the move to digital, the long-term impact on your company’s revenues will make the move worthwhile.
If these five reasons aren’t enough to convince you it’s time to go all in on digital transformation, perhaps you’re not ready to accelerate growth for your company. Once you realise how powerful digital transformation is for improving multiple facets of your business, there’s really no reason not to double down on the future of your company.