It’s 2021 and the case for digitisation has been made. Instead of wasting time debating the merits of implementing new tools, stand out from the crowd by adapting the way you run your business. Here’s an in-depth look at how digital transformation can help your business, including examples from countries that are doing it right.
What Is Digital Transformation?
Digital businesses incorporate technology everywhere possible. They use technology to gather data, lower costs, and give their customers a top-notch experience. They also recognize digital transformation, and accept the changes that come with it by implementing digital services everywhere necessary. Finally, digital businesses are willing to test new business models that use digital features to deliver a next-level customer experience.
Digital transformation offers several benefits for your business. Technology can help cut business costs while simultaneously enhancing the data you receive. Going digital also makes it easier to evaluate analytics. These insights give you valuable information about your customers and help you track how effectively your marketing is working. This consequently enables you to make informed, data-based decisions.
When you use technology to provide an exceptional customer experience, you’ll boost overall revenue. Customers are often willing to pay more for a better experience or one that’s more unique. In fact, if you aren’t already implementing digital transformation strategies to boost your customer experience, you’re already behind; 92% of companies digitize customer journeys to increase their revenue.
In addition, digitisation compels your company to remain agile overall. The nature of digital transformation keeps you on your toes — it’s constantly evolving and changing. This keeps your business flexible. It also fosters continuous learning among your employees as they gain experience with different types of digital tools.
Digital transformation can help your company earn more in a myriad of ways. With all of these benefits, it’s clear that embracing digitisation is a must.
Digital Advancements by Country
Digital transformation in the U.S. is evolving day by day. More and more companies are working to provide a digital customer service experience. An omni-channel experience and a user-centric design both play big roles in this user-centric experience. Data management provides streamlined analytics to help companies make informed decisions. Many U.S. businesses recognize that digitisation is the best way to upgrade the user experience and other markets could see similar benefits by stepping up their digital involvement.
Ironically, while the UK leads in developing digital technologies, it falls behind when it comes to actually implementing those technologies. One statistic on digital adoption shows that only 42% of UK enterprises buy cloud computing services. In contrast, 65% of companies in Finland, 57% of Swedish companies and 56% of companies in Denmark purchased these services.
Further statistics show that 79% of small businesses and 53% of medium sized businesses in the UK have never received advice on improving their digital capabilities. Many UK companies must prioritize researching digitisation and careful consider how digital transformation could fit into their business. Adopting more digital tools will be absolutely essential to increasing growth and productivity.
Many German companies are seemingly also falling behind. According to Transformation Beats, many German businesses tend to get complacent when it comes to digitisation. Digitisation isn’t just about purchasing a few digital tools and then continuing business as usual. True digital transformation calls for a complete culture change — transformation from the ground up. Businesses need to embrace digitisation at every level to see an increase in productivity and revenue. And the German companies that have adopted these changes have seen these results.
Some German companies are held back by their management. One study showed that three-quarters of all German managers require their workers to be in-office. And when it comes to broadband expansion, Germany is lagging. Though some German companies are embracing digital transformation, the country overall still has a long way to go.
Embrace Digital Transformation
Many businesses have adapted to digital transformation. By accepting the necessary changes, these companies are able to provide a better customer experience, gather higher quality data, and increase overall growth and productivity. Those who refuse to adapt and change are falling behind. Embracing digitisation is the smart business decision that will propel your business to the forefront of your industry.
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