Digital transformation – using digital technology to solve traditional problems – could give your business a much-needed boost. Here’s a closer look at the ways going digital can help you run an efficient, profitable business.
1. You’ll provide a better customer experience for your clients
Digital technology can help you offer your customers a better experience in several ways. Automation can help you respond to customer queries around the clock, while technology can help small businesses offer a customised experience for each customer. If you do a significant amount of e-commerce, improving your online shopping experience – from product display and selection to checkout – can go a long way in keeping your customers happy as they shop, and in helping you grow your sales.
2. Your employees can focus on what matters
Technology can help you run a tighter ship by freeing your employees from repetitive, non-strategic tasks. Consider outsourcing functions such as HR, payroll, accounting and other non-core business processes. By digitising such functions, your employees will have more time to focus on higher-value work that matters. This isn’t just great for productivity, but for employee morale as well.
3. You’ll encourage collaboration
Adopting novel technologies can help your business break down barriers to collaboration, especially if you have employees based in different locations. Shared workspaces, video conferencing capabilities and the ability to co-create and co-edit documents will go a long way in supporting your employees as they work together on projects. If you’re thinking of introducing innovations that are new to the business, it’s a good idea to run a pilot on a small group of employees before a larger-scale launch.
4. You can run a leaner organisation
One of the main advantages of embracing digital technology is being able to save on your day-to-day operating costs. The use of business technologies can help you digitise information-intensive processes, work more efficiently and free up resources that can be better invested elsewhere. Technology can also reduce the cost of running a physical business: allowing your employees to telecommute, for instance, could help you save on costs you would otherwise incur from running a large physical office.
5. You’ll set your company on a faster track to success
It’s a fact – a commitment to digital transformation pays off. According to a 2017 report from SAP, 80% of companies that have undergone digital transformation efforts reported higher profitability. Of the 3,100 global business decision makers surveyed, over a third said talent management and development were key drivers of digital transformation – with over 35% reporting that they believed digital transformation has helped their businesses better attract and retain talent. Embracing digital transformation could well do the same for your business.
This article was first published on DBS Business Class, on 4 April 2019. Information is correct at the time of publication.