10 Reasons Your Business Should Invest in Digital Transformation
The activity of generating a living or earning money through the production, purchase and sale of items is known as a business. It refers to a profit-making enterprise or an activity.
Today businesses are different and it involves technology.
To succeed in today's commercial battlefield, your company must embrace developing technologies and digital channels that are integrated into the consumer experience, irrespective of your sector or industry. To sustain a future regardless of what happens investing time, money and attention into your digital transformation is a must if you want to ensure long-term brand viability. It will assist you in engaging with customers, increasing operational efficiency, reducing the time taken to bring new products or services into the market and encouraging innovation.
Here are the 10 reasons in 3 stages why your business should invest in digital transformation as a guide to your efforts.
1. Consumer Culture
According to the digital 2022: April Worldwide Statshot Report, about 92% of global internet users watch digital videos at least once weekly. This covers everything from music videos to tutorials to gaming and influencers. On the other hand print media, while still important is no longer as powerful as it once was. Today's thirst for visual material is fundamentally digital ( look at TikTok for that matter) and you need to provide stunning video content to engage with your target audience. The ideal approach is to distribute such messages through digital channels and touchpoints.
The average college student has never licked a postage stamp as much as he or she today. Analogue approaches to promotional and internal communication will fail to deliver the outcomes you need to generate leads or drive revenue in the age of the digital native.
According to research by reviews.org, 62% of Americas admit to sleeping with their phone and 810% check their phone within the first 10 minutes of waking up. This only shows to prove how addicted and reliant people are on their mobile phones and other forms of digital technology. Ensure that your content (blog, landing pages, emails, etc..) is suited for mobile devices and that a fluid customer journey from one device to the next is enabled to ensure that customers are engaged and that purchases can be made via social media and shoppable ads.
2. The Stage of Digital Transformation
The year 2020 is a disastrous period in everybody's life. People and businesses were kept at bay and soon after meant to go digital. According to McKinsey and Company, the Covid-19 pandemic caused organizations to accelerate their digital revolutions, sometimes by ten years. This demonstrates how businesses have shifted their focus to digital services and goods in order to compete in a changing environment and meet the needs of their customers. While this level of adoption may have come as a surprise, it is the way in which businesses must continue to operate in order to prosper.
In terms of revenue and valuation, companies with a digitally aware management team beat their peers by 48%. Only 7% of 2,000 companies were headed by digitally competent teams, according to a study published in Sloan Management Review, with over half of the team being digitally savvy and knowing how emerging tech will affect their company's future. It's not enough for employees to be digital savvy, the executive team must also possess the necessary skills and knowledge to successfully implement a digital transformation.
According to Gartner, 63% of businesses anticipate seeing a financial return on their Internet of Things (IoT) investments in three years. You may boost your business success by using the IoT's power through technologies like automation, chatbots, and voice search.
3. The Power of Digital Transformation
According to a Valior analysis, there is a direct link between the extent of digital transformation and financial performance. Companies that are further in their digital transformation had roughly twice the revenue growth rate as those that are just getting started. With revenue generation as the primary goal of corporate growth and acceleration, investments in new transformation are a no-brainer.
The way organizations generate leads and make money is changing as a result of digital channels and technologies. The New York Times stated that revenue from digital products and online subscriptions surpassed print for the first time, while Amazon predicts that e-commerce sales will reach $729 billion in 2022.
Data analytics 78%, corporate website optimization 74%, digital media and search 71%, and marketing technology systems or platforms are the top areas where organizations are spending 70%. The number of digital channels, platforms, and touchpoints accessible is growing, and investing in these areas can help you maintain a healthy degree of commercial performance.
Nearly a third of the population is under the age of 20, with another third between the ages of 20 and 39. There are more digital natives (or developing digital natives) than ever before, with over 60% of the world's population under the age of 30. Investing in digital transformation is a must if you want to keep attracting and engaging this generation of digitally savvy customers.
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