A digital transformation strategy is a precise plan for employing digital technologies to enhance your company’s physical characteristics in engineering, production, and service. Digital transformation (DX) is a comprehensive business approach in and of itself. The important basis is creating a strategy for short- and long-term digital transformation directed by business results rather than technology.
Digital transformation projects yield great business benefits for businesses of all sizes, such as increased efficiency, revenue growth, and lower operating expenses. In fact, according to a recent poll of industry specialists, nearly 92 per cent of businesses are currently embracing digital transformation. The poll, however, found that there were varied phases of maturity – and success.
A digital transformation plan assists a company in leveraging technology to build new – or adapt current – business processes, culture, and customer experiences to produce more value. On the other hand, a digitisation plan focuses on employing technology to automate existing business activities. Leaders must first understand what their consumers want and need and then build solutions that give value.
According to Suvigya Saxena, CEO of Exato Software, Digital transformation necessitates a comprehensive and integrated strategy that considers all elements of a business, from people and culture to procedures and technology. “It’s critical to analyze how each of these areas must change for transformation to be effective,” Pereira explained in an interview. “Only by using a comprehensive approach can you establish a long-term successful digital transformation plan.”
Leaders should begin by understanding the customer journey and sketching out touchpoints where digital solutions make a difference when developing a digital transformation plan. They may build digital solutions that improve the customer experience after they comprehensively understand their consumers’ wants. One of the primary goals of a digital transformation plan is frequently to improve customer experience.
Some Stats on Digital Transformation
- According to an American Express study, 86% of customers are prepared to spend extra for a superior customer experience.
- Adobe recently released a large-scale research of 12,000 worldwide customers, in which 69% stated that giving genuine human experiences is vital to reestablishing confidence.
- According to a Wipro Digital poll, however, more than one-third of executives perceive a lack of a defined transformation plan as a critical impediment to realizing the full digital potential of the organization.
- This is especially important in economies where client loyalty and longevity are based on trust.
- Also, it is critical to success in the experience economy. “In the experience economy, businesses must worry about producing experiences that are both personal and relevant, as well as trustworthy.”
Top 5 Points via Suvigya Saxena For An Effective Digital Transformation Strategy
1. Define What Trust Means To Your Company
What does it mean to be reliable? This is a loaded question with varying responses for various businesses. Take some time to think about what trust means for your brand. Haier bases its reputation on three basic values: quality, design, and service. Customers may be certain that their items will be well-made, visually beautiful, and supported by helpful customer care.
2. Promote A Trusting Culture
A company’s culture has a huge impact on whether or not consumers will trust it. As a result, ensure that your workers are on board with your trust-building processes and understand the significance of offering a trustworthy client experience. This involves frequently training personnel on best practices in customer service and ensuring that everyone, from the CEO to entry-level employees, is focused on creating a fantastic customer experience.
3. Implement Trust-Building Activities
Once you understand what trust means for your business, you can start implementing behaviors that will help you establish trust with your consumers. These include being open and honest about data processing, offering helpful and prompt customer service, and following through on commitments. It means always putting the consumer first for Haier. As a result, while developing new goods, the firm prioritizes user feedback and caters to client wants.
4. Promote Your Dependable Reputation
It is critical to advertise your trustworthy reputation once you have gained the trust of your consumers. This will assist in attracting new clients while also strengthening existing ones’ loyalty. You may publish customer testimonials, make blog entries about your attempts to develop trust or even launch a social media campaign. For Suvigya Saxena, this includes utilizing the hashtags to demonstrate to customers that they can trust the brand.
In today’s experience economy, digital trust is critical to success. Trust is belief in the dependability, honesty, ability, or strength of someone or something. Trust is developed in the customer experience sector when a firm establishes itself as dependable, genuine, helpful, and knowledgeable. Only then, he believes, can clients feel comfortable doing business with that company.
5. Assess Trust
Finally, assess trust levels inside your business to see if your efforts are paying off. Trust is sometimes seen as an ethereal notion, although it can be quantified. For example, try conducting customer surveys or Net Promoter Score (NPS) polls to gauge your customer’s trust in your firm. This allows products to fine-tune its customer care strategy and guarantee that the consumer always comes first.
3 Reasons Why Digital Transformation Is Important
For a variety of reasons, digital transformation is critical. We can list three fundamental reasons why each firm should develop a plan in the age of digital transformation.
1. It Conserves Time
This is the most popular motivator, yet it is only the tip of the iceberg regarding value. A digital transformation plan can help you save time in the office and with your consumers. You save time when technology works for you. And we all know that in today’s digital age, time and productivity are important commodities.
For example, new technology may enable you to provide answers to your customers more quickly. You can eliminate inefficiencies in your operations for your employees.
As a result, good digital solutions may enhance the employee experience. You will make your staff happier if you can save them time so they may focus on more important responsibilities.
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2. Innovation
Unsurprisingly, agility and expansion contribute to innovation—another reason digital transformation is critical. First, consider creativity in the context of our reality. Before the epidemic, just one in every five workers worked remotely. More than 70% of the workforce is now mobile.
Employees, we observe, want the flexibility of a heterogeneous workforce. According to our statistics, the transition to hybrid and remote work increased creativity and innovation by 56%. We live in an era where we are reinventing where and how we work. The digital transformation plan lies at the heart of this innovation. How are you best preparing your people to innovate?
Are you preparing your employees for success? Consider how a digital transformation plan might affect your company’s innovation capacity. Your organization will achieve greater success by fostering innovation and change.
When done correctly, digital transformation may influence your company’s revenue growth and profitability.
3. Growth and Agility
Agility and growth are fundamental to a digital transformation plan. A flexible, growth-oriented attitude is essential for a successful plan. From a cultural standpoint, it may foster creativity and progress. A firm that embraces change remains nimble and encourages growth demonstrates to its employees the value of innovation. When employees are given the freedom to learn and grow, the firm benefits.
We’ve discovered that a growth mentality and mental health go hand in hand at Exato. Employees must improve their mental fitness to grow and remain agile. We discovered that resilient professionals think more creatively, contribute to more agile teams, and are 20% more inventive.
How Does Digital Transformation Impact Company Culture?
In today’s world, far more than you may assume. We rely on technology to communicate, especially as our workforce becomes more dispersed. Technology is used to measure progress, simplify operations, and reduce bottlenecks in our workstreams. Employees are the ones who use the technology. End consumers of developing technology are humans. Employees need connection, a sense of belonging, and the opportunity to learn new things.
How can employees connect in a remote work environment? How do workers learn? What platforms do employees use to experience a feeling of belonging?
So many questions, right? Don’t Fret!! This blog is here to answer all these questions only. And the answer is using technology. However, for people to prosper, the technology must function well and give the intended results. Your staff should benefit from an effectively implemented digital transformation plan.
Trending Digital Transformation Tools
Indeed, you may have a solid idea of a digital transformation plan. You understand why it is necessary — and what you may encounter when putting it into action. Do you have the necessary equipment? Your plan, like your approach to mental health, should comprehensively represent your company’s demands. Different tools will address different needs, and assembling your plan may necessitate a portfolio of products.
You consider particular tools when you’ve established a clear understanding of what you’re attempting to accomplish and the potential for improved outcomes. Here are some popular tools to think about:
1. Tools For Collaboration
Did someone mention Google? Google has long been a pioneer in developing collaboration tools. However, the important term here is “collaborative.” People must collaborate effectively in a hybrid and evolving work environment, whether in a Google document, Office 365, or anything else.
Furthermore, internal communication methods store critical materials on Slack, email, and an internal intranet. Depending on the size of your firm, you may require additional internal communication assistance. Consider methods that will aid in team communication — and solicit employee input.
2. CRM Applications
A customer relationship management (CRM) system is critical for most (if not all) enterprises. A CRM assists your company in meeting the demands of its customers. It can assist companies in automating operations, expediting sales cycles, and enhancing retention, among other things.
3. CMS Applications
Data show that 70% of purchasers completely describe their demands before speaking with a sales professional. Your online content is critical to your transformative digital plan. Your website, blog, and other customer-facing material are all housed in a content management system (CMS).
4. Payroll And Financial Management Applications
Payroll and other HR activities may be time-consuming and frustrating. You can automate these tasks with the appropriate technologies, allowing your HR team to focus on more effective work.
5. Human Capital Management Software
Human capital management (HCM) is crucial for every expanding firm. From recruiting to employee experience to feedback, the appropriate HCM platform can assist in enabling your firm’s success. Some HCM software also covers other HR requirements.
