Digital transformation is more than just a buzzword; it is a crucial strategy for businesses and their growth. As evolving technologies equip businesses with new and exciting ways to serve customers, owners, founders, and CEOs of mid-sized and family businesses are feeling the pressure to fulfill the high expectations their prospects have of them.
According to estimates, businesses who’ve implemented effective digital transformation strategies will contribute more than 50% of the global GDP by 2023 and worldwide spending on digital transformation reached 1.3 trillion US dollars in 2020, with a 10.4% YoY growth – despite the economic depression caused by a raging pandemic. This clearly shows that savvy businesses of all sizes need to invest in upgrading their systems and processes, transforming the way they work.
However, 48% of leaders in mid-sized businesses are still only planning their transformation for a digital future. How do we go from planning to doing?
Let’s start by looking at the definition of digital transformation.
What Is Digital Transformation?
The answer to this question is more sweeping than many realize.
It can be broadly defined as the integration of the latest, tried-and-tested digital tech to improve all areas of the business as well as the inherent operational processes, all in an effort to provide greater value to prospective customers.
This includes using the best digital practices and employing new skills and talents to optimize business for the digital future.
However, digital transformation also mandates a cultural shift of sorts as businesses become more agile and deploy intelligent ways to getting things done, usually powered by automation and powerful analytics to guide the way.
The Benefits of Digital Transformation
As digital transformation has touched every aspect of a business, there are several reasons why it is vital for an organization.
This is why 89% of companies have already adopted a digital business strategy or plan to do so.