Technology is part and parcel of our lives now, there is no fighting it. We understand the need to romanticize the past, and that is perfectly okay. After all, we cannot fully understand where we are headed if we do not appreciate where we are coming from, right? Nonetheless, we have to learn to let go of the past and former ways of doing things if we are going to survive an ever-changing and volatile business world. In other words, evolve or die.
Technology has completely revolutionized the way we work and, in a world where tech is part of just about every aspect of our lives, it is surprising that so many businesses are overlooking just how instrumental it can be to their undertakings.
According to research, businesses that have embraced digital transformation have recorded a 60% contribution in revenue increase from each of their employees every year. With numbers like that, we should all be excited by the idea and prospect of going digital and what that would mean for our individual organizations.
Embracing digital transformation will simplify processes in ways that you have never imagined, whether that is implementing new pieces of software, creating more efficient marketing campaigns, or simply managing inventory.
The ways in which digital transformation will improve your business operations are almost limitless. Think Customer relationship management, Human Resource automation and payroll, Social media, Digital marketing, Website, Inventory management system, Analytics and reporting, and so much more.
According to a study conducted by Deloitte, 2019 was the first year in which small businesses indicated higher levels of digital engagement in comparison to medium and large business entities. This goes to show that there is a paradigm shift in the manner in which businesses are conducting themselves today. More and more businesses are clearly embracing technology and exploiting its benefits.
The main reasons why some businesses are still not taking advantage of technology as they should is that some are stuck in the past and resistant to any changes in how they do things, some have a fear of technology, while others are unaware of how they can use technology in the day-to-day running of their business.
Does any of this sound like you? If it does, we will be dispensing information on the technological and digital transformation of businesses on our blog on our weekly basis, covering a variety of different topics to equip you with the knowledge necessary for you to transform yourself from an outmoded trade to a modern undertaking capable of keeping up and competing with the best-of-the-best in today’s fast-evolving business world.
Digital is here, and it’s here to stay.
Therefore, in this post, we will be sharing with you some of the most compelling arguments for embracing digital transformation in your business now.
We all know that time is money when it comes to business. This, therefore, means that it is not only important but necessary, to spend your time and money on those things that actually contribute to the improved efficiency and productivity of your business.
Some businesses are shying away from digital transformation because they believe it will be too expensive to implement. But the truth is, failing to embrace digital transformation will actually render you obsolete in the long run, lower your ability to compete, and ultimately cost you and your business a lot more.
If you find that you and your team spend a huge chunk of your time doing manual tasks throughout each day, it may be time to go digital.
For example, in terms of inventory, if you have to count every item in stock, note it down, and input the data onto a spreadsheet file, the activity becomes extremely time-consuming. With an inventory management system, however, you could input the stock on-hand into a mobile device of your choosing and these numbers would automatically be updated to reflect in the ‘stock available’ on your website. A much simpler and effortless process.
The same would apply to HR processes. If you have to manually onboard employees, you will spend an unnecessary amount of time completing the admin processes that come with it. When automated systems are employed, on the other hand, you begin to realize just how much time you are saving. All this reclaimed time can then be used to work on tasks that help grow the business even further. For example, marketing and promoting the brand.
Promotes Effective Communication
Embracing technology allows for better communication between team members. Effective communication in the workplace significantly improves employee engagement and boosts morale, naturally improving performance and profitability.
We will be delving into more detail on the channels of communication that you can employ within your organizations to boost engagement and make communication more effective in a different post. Be on the lookout for that.
But to kick you off, at WorkNami we use Skype and Slack to communicate with our team and have several other channels to discuss different topics. This not only allows the team flexibility but also guarantees that the avenues of communication are open and that support from the team is always just a few clicks away. Best of all, these channels are completely free to get started, so if you are looking to boost communication in your own business, these channels are a great place to start.
Further, embracing these and similar channels of communication allows you to source talent even beyond your physical area of operation by enabling effective remote working.
Improved Customer Experience
It goes without saying that for a growing business, one of the main priorities is to make your customers’ experience as pleasant as possible. Unreplied emails, slow feedback for inquiries, unassigned order numbers, etc., can become extremely frustrating for your clients. This is bound to happen as your business grows, the number of inquiries and engagements increases, and there is no system in place to manage them.
Note, however, your customer experience doesn’t simply include relationship management, but everything from your website’s user experience to your marketing efforts. Digital transformation in this case allows you to effectively manage all customer experience-related elements in your business, which will allow you to meet your clients’ expectations and, more importantly, make them comfortable enough to put their trust in you.
Builds Public Confidence in the Business
As a continuation of the previous point, digital transformation boosts the public’s confidence in your business; this goes for both potential clients and potential employees.
For example, if a potential employee was to realize that your business processes are conducted completely manually, they may be inclined to assume that you are simply not an innovative, interpret that as a red flag, and decide that you are not the right fit for them.
Similarly, a potential client may be put off by assuming that you will waste their time by being slow in both communication and delivery, which may drive them to your more technologically-inclined competitors, who in this case will be regarded as more convenient and efficient to contract.
We have consulted with numerous organizations in their digital transformation initiatives and one of our main points of emphasis is that they should invest in the most progressive digital transformation options available despite the obvious concern of ‘price’.
You do not want to implement technological systems that will begin to be regarded as archaic the following year, forcing you to replace them. This is especially so if your only motivation is that they are cheaper to adopt at the moment.
It is important to ensure that the digital transformation you are making now will stand the test of time and serve your organization for the foreseeable future, and possibly even beyond. The goal here should be, of course, to keep up with the times, but also to keep your business as close as possible to the inevitable technological advancement curve.
Technology is always evolving, and technology that was a cutting-edge solution five years ago may still be functional today, but it may not be practically as innovative as it once was. Its value decreases by the day with the introduction of newer, more advanced solutions.
We, therefore, emphasize here that, in your quest for digital transformation, you go for the most progressive options, which will not only boost your competitive ability in the present, but save you the time, effort, and money by serving you for much longer.