The corporate world is experiencing a revolution that is completely changing day-to-day business thanks to digitization. It is essential to keep up with digital trends in order to stay afloat.
From reserving movie tickets to booking a hotel on the other side of the world in one click… digital transformation has not only become fully integrated into our personal lives, it has also changed the nature of companies today
According to a survey carried out by the Wall Street Journal, digital transformation was the number one concern of most American executives and CEOs in 2019. It seems that in this current climate this challenge will remain relevant for many corporations, especially those that see how startups that rely on the digital environment surpass them. In fact, during the pandemic, its presence has had more weight than ever in the digital world.
So, are we living in the new digital era?
What is digital transformation?
Digital transformation is a very broad concept that refers to the use and integration of digital technologies to improve or create business processes related to how the company works and how it perceives its customers from scratch. It is a radical redefinition of how organisations today use available technology to change their business.
It is a versatile term as digital transformation processes tend to be very different for each company, although they all have something in common: they move away from the traditional conception of business operation and include a redefinition in the way of thinking of employees and managers of a company.
What are the advantages of digital transformation?
Digital transformation is much more than the change from paper and pen to the screen. It allows technology to be used to simplify the way companies work, making what was previously done by hand faster and more efficiently. We have redefined the way we understand business: instead of “How we can do something faster?” We ask, “How can technology help us get the most out of a company?”
In short, the advantages include:
1 | Better data management – In the age of analytics, digital transformation involves systems to gather and store relevant information and thus facilitate its use and application in other business areas, such as Business Intelligence.
2 | Efficient organisation of company resources – It is now possible to organize and integrate all the resources of a company in the same environment.
3 | Fosters agility and productivity – Companies can become more agile and efficient, with continuous improvement strategies adapted to real-time data and with workflows with better communication between their different departments.
4 | Innovation – The use of technology stimulates creativity and new ways of applying it to procedures that until now had never been questioned.
5 | Improves user experience – We live in an era in which managing customer expectations is a challenge. For this reason, user experience is the new battlefield in which digital transformation can make a difference, thanks to detailed information and process improvement, such as, offering a more personalized user experience.
6 | Renews business culture – Companies that are committed to new digital forms tend to have a much more satisfied workforce and higher engagement rates among employees, which results in greater loyalty and a decrease in job rotation.
7 | Increase economic benefits: By reducing costs and optimizing expenses, digital transformation can help design processes so that resources can be used more efficiently.
How do companies benefit from Digital Transformation?
Conducting business processes correctly is vital to the survival of companies. Therefore, those who wish to join the train of digital transformation must follow some fundamental steps to achieve their goals.
1 | Strategy is the key to success
Each strategy has to adapt to the achievement of a goal and the same happens with digital transformation. It is essential to have a transversal vision of company goals and tools to work with. A clear strategy will always be synonymous with digital transformation.
2 | Be people-centric
Technology is capable of great things, but it can also be cold and dehumanizing. Therefore, when covering a company’s digital transformation plan, it is essential to take people into account at all times, whether they are employees, customers, users, etc. Testing, gathering feedback, and making changes based on usage data are great ways to make sure that digital transformation is benefiting who it owes: people.
3 | The secret is in the execution
As with so many other things in the business world, the moment of truth comes when you get down to business. However, execution is the task in which most companies fail when making the leap to digital transformation.
Although entrepreneurs have very good intentions, many seem to be confused with the application of technology: digital transformation precisely consists of working better, which does not always mean faster.
4 | One size does not fit all
As we have already said, digital transformation can mean very different things for different companies. With so much breadth, it can be difficult to think about digital transformation and therefore, it is necessary to know the nature of each company before making a decision. The tools or processes that work well for one corporation do not have to serve others, and understanding this can save you more of a headache.
At Talent Garden we help companies generate value thanks to digital transformation, developing customised programs that equip them with strategic and technical skills that help them face the challenges of this process.