The demand for digital transformation has steadily increased over the years. This was especially highlighted in 2020 when businesses, and even political and administrative entities, were forced to embrace technology like never before. The physical restrictions led to a surge in preferences for digital transactions. Resultantly, opportunities spurred for businesses as well. Until now, the benefits of digital transformation are still being reaped by those who have decided to take the step.

In this digital age, digital transformation is key for companies to thrive for a number of reasons. Let us look at 5 ways companies can be empowered by digital transformation.

4 ways digital transformation empowers businesses to thrive

1. Digital transformation enables employees to focus on what matters most.

With the advancement of technology, manual workload can be significantly reduced. Certain tasks can be automated. Instead of having to fulfill certain tedious tasks repeatedly and manually, certain platforms or software can be developed in order to perform the tasks instead. This significantly boosts efficiency, reduces workload, and allows employees to pay more attention to the tasks that are important and that can only be done by them. Moreover, because of this, there would be more room for opportunities and innovation to spur.

2. Digital transformation boosts customer experience (CX).

Offering CX is key to doing business in this age. With the advancement of technology, daily life has also been transformed. Those digitally literate populations have become quite accustomed to faster, more convenient, and easier transactions. Hence, with this convenience, expectations for good services and products have also skyrocketed.

Through digital transformation, businesses can transcend their capacities to boost CX like never before. Good CX results in customer satisfaction and potentially even customer retention. With the rise in competition, the area of CX may be the only viable battlefield when services and products are equally relevant and competitive. Thus, the importance of boosting CX cannot be stressed enough. It is one concrete way that digital transformation empowers companies to thrive.

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3. Digital transformation leads to potential partnership opportunities.

Undergoing digital transformation, especially in the early stage, enables companies to stay at the forefront of the race and position themselves to be potential viable partners. With the boost of efficiency in internal processes, collaboration with external partners resultantly gains a boost in efficiency as well. As time passes, digital transformation allows companies to monitor gains in time and resource, and even be more flexible, scalable, and productive. With this, existing partnerships can be strengthened ever more. At the same time, doors that lead to partnerships with others could be opened. This would, in turn, lead to greater product diversity and resultantly, an expanded customer base.

4. Digital transformation fosters faster and objective decision-making.

Because of technology, data gathering and data analysis has evolved like never before. The availability of specific technologies like Big Data, IoT, AI, and ML have brought great transformation. Having these technologies lie at the center of the digital transformation enables decision-making to be immensely easier and more objective. Efficient data-driven decision-making is made possible.

Through these technologies, data gathering has upscaled as well. Hence, having the right analytical tools in place would enable companies to make sense out of the gigantic quantity of data that has been gathered. Moreover, through algorithms based on AI or ML, the tedious task of manually going through large quantities of data and analyzing them has been made easier. By having these tools and technologies embedded deeply into the business’ core, the greater they could help the business.

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It is no question that business leaders would want their company to thrive in the market. Through digital transformation, this goal is realistically possible to achieve. The days where technology was not necessary for business processes are long gone. Though technology has already evolved massively, there is still great room for it to evolve even more. Hence, instead of going against this reality, companies should consider riding along with it. This is key for businesses to thrive.

ICTS Custom Software is a Vietnam-based software development boutique that focuses on cutting-edge technologies. We help SMEs (small and medium enterprises) digitize their business and handle the digital transformation in the most professional way, at a reasonable budget.

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Information source:

https://www.payoda.com/why-digital-transformation-is-essential-for-business-growth/