5 Key points on why digital transformation will improve your business
What is digital transformation
Digital transformation is the process of using digital technologies to create new / or modify existing — business processes and culture.
This reimagining of business in the digital age is digital transformation.
Digital transformation changes the way an organization operates. From its systems and processes to its workflow and culture, these are all part of this process. This transformation affects each level of an organization and brings together data across areas to work together more effectively.
By taking advantage of workflow automation and advanced processing, such as artificial intelligence (AI) and machine learning (ML), companies can connect in ways that wasn’t possible before.
Why do we need it
- Enhanced data collection – Most businesses are collecting mountains of customer data, but the real benefit is optimizing this data for analysis that can drive the business forward. Digital transformation creates a system for gathering the right data and incorporating it fully for business intelligence at a higher level.
- Data-driven insights – Using the enhanced data collection, businesses will be able to highlight key insights and KPI’s that can improve multiple areas.
- Increased profits – The results reported by SAP Center for Business Insights and Oxford Economics:
- 80% of organizations that have completed digital transformation report increased profits.
- 85% say they have increased their market share.
- On average, leaders expect 23% higher revenue growth than competitors.
- Increased flexibility & agility – This allows businesses to focus and act on key areas of the business, this can be seen on trend basis and speed of insights.
- Stronger resource management – Digital transformation consolidates information and resources into a suite of tools for businesses