Digital transformation is the process of embracing digital technology to modify or replace existing systems to revolutionize how businesses function. This leads to an overall increase in efficiency, productivity, and an enhanced service-delivery experience. With the increasingly fast-paced nature of businesses today, managing data and overall functioning can be arranged in a much more efficient manner via the digital transformation route. Especially in the wake of the Coronavirus pandemic, entire organizations had to make the move to virtual functioning which led to the further strengthening of the idea that digital transformation is the way to go.
For larger businesses, digital transformation can be a new venture that could be slightly challenging. The process is much simpler for startups and they can begin with digital systems instead of replacing old ones. New or not, digital transformation withholds the capacity to hugely benefit its users by delivering a wide range of facilities in various areas of work.
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Let’s look at some key benefits that accompany digital transformation:
- It switches time-consuming manual processes with automated systems.
- Leads to increased customer satisfaction that emerges by automated and quick-response technology.
- Error-free collection and storage of data across various sections of the business.
- Automated data visibility and analysis can lead to a better understanding of the functioning and feedback on the existing workflow.
- Customer insights become easily accessible and hence can lead to beneficial reforms.
- An overall increase in productivity and profit.
- Helps eliminate risk factors by examining trends and possibilities.
- Newer systems run very smoothly and come with enhanced security that is otherwise not guaranteed.
- Choice of opting for technology that best suits the business’ goals.
- An ideal choice amongst the increasing pressure to cut down costs and improve customer satisfaction.
Now that we’ve highlighted the advantages of undertaking a digital transformation, let’s look at the current trends in the arena that can be a huge boon to the start-up market.
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Digital Transformation- A Major Focus Area for CIOs
In the post-COVID scenario, the entire world has become more digitized than ever. From schools to confidential courtroom proceedings, all of it has gone online. And consequently, businesses and workplaces have also seen a never-before-revolution with work-from-home becoming the new normal. However, even before the pandemic, businesses were under the constant pressure of keeping up with the current market trends, producing quality services, trimming costs, and enhancing the customer’s experience with the firm. This pressure has only increased in the post COVID scenario and CIOs have a major role to play in keeping up with the growing demands of their businesses.
Such a need can be efficiently fulfilled by CIOs who keep digital transformation at the core of their planning. This is especially beneficial in start-ups where the pressure to keep costs under check and yet retain a high-quality experience is more crucial than established businesses that have created a name for themselves. Digital transformation can also make up for labor supply and skill gaps that can further cut down costs.
Digital Transformation Pools Resources and Widens the Horizon
Start-ups can capitalize on digital transformation by centralizing data and creating a pooled source of resources. Traditional data management is time-consuming, full of hassle, and cannot produce the advanced options that accompany digital technology. Using advanced tools such as Artificial Intelligence (AI), Big Data, Internet of Things (IoT), and so on, start-ups can create access to actionable insights, analysis of trends and workflow, and discover areas of growth and reform.
This in turn leads to a better understanding of the business’ growth and needs. It also opens up undiscovered areas of exploration that could generate revenue in the future.
mobile-app-development-services Strategies Go a Long Way
There are more than 3 billion smartphone users in the world today and that number is estimated to increase by another several hundred million in the next few years. This just proves the already known fact that consumers today are using their mobile devices to search for things, shop, pay for services, and much more. This highlights the importance of producing services and applications that make this everyday experience smoother and refined for consumers. And with connected devices like smart-home systems, speakers, voice-assistance, and wearables on the rise, customers will be highly receptive to mobile applications and services that complement their devices.
Start-ups should therefore invest in creating an effective mobile-app-development-services strategy that keeps up with the changing trends in consumption.
Consumer Experience and Data Security Take a Central Role
The market is becoming increasingly consumer-centric and if start-ups need to make their mark, consumer satisfaction can play a game-changing role. Customer satisfaction, feedback, availability of quick-response from the firm, and remedial systems are important to gain positive consumer reviews and build a long-term relationship. Digital transformation uses conversational AI to produce trained bots that respond to consumers in a quickly and satisfactorily. If their world keeps moving, the business in start-ups will keep flowing.
However, start-ups that choose to go the digital way are also on the pathway of collecting, storing, and transferring a humongous amount of consumer data. It is crucial that such data is protected and never put in a vulnerable space. Importance needs to be given to ensure data security is always at the peak in any business.
CDOs: An Emerging and Essential Role
A 2017 study by Strategy& (PWC) has revealed that due to the exponential rise in digitalization, 19% of top global companies now have a Chief Digital Officer (CDO), 60% of whom were hired since 2015. Such is the pertinence of having an individual in the start-up that specializes in strategizing the overall digital transformation of the business. The CDO takes a center stage in ensuring that the business reaps the benefits of the digital wave by executing new digital plans that keep up with the fluctuations in the industry. The CDO also monitors the outcomes of the undertaken strategies and makes modifications wherever required.