- February 23, 2023
- Posted by: Merandi Global
- Category: Strategic Consulting
Did you know? Digital transformation of your business or brand results in the creation of multiple processes that offer expansive opportunities for robust and effective value creation that extend beyond cost savings. However, in the current environment, reducing business costs has been a significant obstacle, particularly for large organisations due to escalating customer data and changing customer preferences.
According to the report published by Statista, the value of companies’ direct spending on digital transformation methods is projected to reach approximately $6.8 trillion between 2020 and 2023.
Even 85 percent of business owners believe digital transformation offers them the chance to gain a competitive advantage in their industry. This is the greatest opportunity for small and medium-sized enterprises because, in this age of digitalization, it is difficult to compete with top competitors.
If this number isn’t enough to convince you to begin your digital transformation, continue reading our blog to learn how the power of digital technology can help you achieve success.
Engage with Customers More Effectively
Microsoft has stated that user experience will surpass price and product as the most important factor by 2020. Customers now expect to receive the exact product they envision at an affordable price and with a superior experience on any device. Digital marketing agencies can help you integrate digital transformation into your strategy.
Enhanced Agility
Digital transformation makes businesses and well-known brands more agile in terms of marketing. This improves the delivery of products and services, accelerates innovation, and increases customer retention. By hiring a skilled and experienced digital marketer, you can reduce the burden on your shoulders and expedite your digital transformation journey.
Empower your Workers
Forty percent of IT companies allow employees to work remotely; therefore, businesses must equip their employees and staff with the most advanced digital tools to work efficiently. Microsoft Office 365, Trello, Asana, and Slack are revolutionising the workplace by increasing daily productivity and facilitating employee collaboration through enhanced communication. By implementing digital technologies, your employees can access email, documents, and other crucial files from any device, regardless of location or time.
This is the best way to set yourself apart from other businesses.
Superior Bargaining with Suppliers
Supply chain management is an additional reason to choose digital transformation for your business. This can be costly for some businesses if they lack the proper information regarding work orders, purchases, and other internal operational costs. With digital technology, you can maintain an organised database of your suppliers and supply chains, making it easier to negotiate with domestic and foreign suppliers.
Expand your Operation
According to a recent report by McKinsey, business owners must accelerate the digitization of their company processes if they want to meet the expectations of their customers, as the use of advanced digital technologies and analytics can help them increase productivity through slicker, smoother, and more streamlined operations and reduce costs by up to 90 percent.
By digitising information-intensive processes, businesses can realise significant time savings, freeing up resources and allowing them to focus on other core company or brand objectives.
Increases Revenue
You may now understand the importance of digital transformation in a business after reading the preceding points. However, investing in the latest technology and tools can yield a high rate of return by providing your customers with the value they deserve. You can hire a custom software development company to launch a product that is capable of centralising information from various areas and making it available in real-time to the rest of the organisation. It would be one of the most effective technological tools for cost reduction.
Commence your travels today!
Do not wait for the opportune moment to begin your digital transformation journey. We hope that this blog has inspired you to consider new approaches to your work as a business owner.
Merandi Global Consulting can be contacted if you are seeking a reputable digital transformation company. Merandi has been leveraging the power of digital technologies to provide numerous benefits to businesses of all sizes. Our team of business strategists, website designers, mobile app developers, custom software developers, business coaches and digital marketers can assist you in digitally transforming your business by providing an extensive array of professional services.
Improved Reliability and Lower Risks
The old methods of maintaining consumer data cannot be restored and are not encrypted from a technical standpoint. This can facilitate the work of cybercriminals. As you are aware, as your organisation grows, its technology and processes must evolve.
By upgrading to the most advanced digital tools, your management strategies will become significantly more efficient and effective. Yet, choosing digital risk initiatives can cut risk-related operational expenditures by roughly 35%.
Enhanced Data Acquisition
Companies of all sizes, from fledgling startups to multinational IT conglomerates, can benefit from streamlined data collection procedures. Because they make it easier to collect and analyse customer data in order to make informed decisions, upgraded data management systems are introducing new windows for online businesses. All of your customer data can be added to a cloud-based system in a secure manner, resulting in a 50% cost savings compared to traditional data management systems.
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