Digital technologies are dramatically transforming businesses in all kinds of industries. Many companies are now pursuing large-scale strategies to capture the advantages of digital era trends in order to provide better customer satisfaction, keep up with competitors, and increase revenue. If you want your business to be successful in this digital age, it is essential you use digital transformation strategies.
What is digital transformation?
In basic terms, digital transformation is the process of dramatically changing the way your business operates via the adoption of new technologies. Digital transformation encompasses all areas of business, from the customer experience to the operational processes. It could even result in a complete overhaul of your business model. When your company embraces digital transformation, you can pursue innovations to create new revenue streams and enhance your operations.
But digital transformation is not only about adding more technological tools to your stack. It is also about examining your business in-depth and optimizing every area in new ways. Companies like RTS Labs can help you to pursue digital transformation. The process begins with an honest assessment of your business and establishing goals. The precise nature of the digital transformation will be dependent on your specific company’s needs. It looks different for every company. But one thing is for sure: digital transformation can help your business to innovatively grow and prosper.
Become More Customer-focused
To embrace digital transformation successfully, you need to switch your mindset from being product or service-based to being customer-focused. When you cater to the wants and needs of your target audience, you can offer a customized experience using digital innovation that will help them to become loyal customers.
Scale-up Innovative Digital Experiences
In this modern era, consumers expect businesses to produce a lot more digital content that is quick, cheap, and personalized. Your business needs to adapt to those trends. You can do that by scaling up your digital design and providing more rapid content to keep customers engaged. For example, you could start an online competition to attract customers and introduce them to your products or services. The winner would receive one of your best products or services.
Embrace Remote Workers and Automation
Many companies have recently been seeing the advantages of having remote workforces and using automation. By adopting project management tools for remote workers, you can ensure you and your teams are always connected via virtual conference and cloud-based platforms. In addition to the rise in remote workforces, more and more companies are using robots for automation, making operations much more efficient and productive. By embracing automation, you can shift employees to other areas of your company where they can be of the most use.
Examples of Companies That Have Successfully Implemented Digital Transformation
To give you a better idea of how digital transformation can be successfully utilized, let us take a look at some real-life examples. Firstly, the company Best Buy saw its market share in consumer electronics dip before its new CEO adopted digital transformation. Over the course of seven years, Best Buy did things like improving delivery times and offering more customer service via digital technologies to help the company return to being a market leader. Another example is the company Target. It improved its digital presence, added new technologies in its stores, and introduced online ordering. It also increased its social media and web presence. As a result of adopting new digital ways of working, over a period of eight years Target’s stock value rose from a low of $53 to a whopping $88. Since embracing digital transformation, Target’s revenue increased to around $6 billion. By adopting digital transformation, your business could become just as successful.
