With technology around the world rapidly changing, digital transformation is reinventing the business environment as we know it. Every organization, from large multinationals to small businesses, now faces a choice: innovation or extinction?
Many senior executives thought that digital transformation was their top priority. However, only 30% of all digital transformation initiatives reach their desired goal. To help facilitate a company’s transition into a more digital world, we need to understand what digital transformation is and how to make it work effectively.
What is Digital Transformation?
Digital transformation is not just about technology or computer processes. It’s about redefining your entire business strategy. For a company to succeed in digital transformation, the business should think of technology not just as a support mechanism but also as a core competency.
One way of doing this is to create an entire business model on the backbone of digital innovation. For instance, online shopping stores, like Amazon, revolutionized the entire retail model. Before Amazon, brick and mortar stores reigned supreme. The advent of online shopping has rendered many traditional businesses redundant.
Consumer Behavior
It’s critical for every business to adapt to and take advantage of how the digital world has radically changed consumer behavior and expectations. Your clients, channels, and competitors have all gone online.
Around 79% of Americans use e-commerce regularly, and 68% of millennials prefer to shop online instead of in physical stores. And this is not just retail customers, but also 55% of B2B consumers who prefer to do business online.
These figures highlight the accelerating nature of online business and how consumers have radically changed their business modes. In future decades, these trends are likely to continue, and a viable business in any industry needs to have effective digital platforms.
Importance of Data
What makes the digital transformation unique and innovative is the unique way data is collected, analyzed, and used. This data is not just big pockets of numbers but detailed and organized information. This encompasses data about your clients, competitors, market, and supply chain
The practical analysis and implementation of this pull your business’s decisions and actions out of the shadow of guesswork. Research-backed and evidence-based models, statistics, and qualitative data are instantly available to businesses. The evolving and rapid nature of data has opened new avenues for owners to take their businesses onto and unleash their full potential.
Are you looking for help to digitize your business processes for the 21st century? Get in touch with 3Alpha, who provide reputable business information management services in Duluth, Georgia. We have extensive experience in this arena, and we ensure premium services to our customers. Contact us for more information.