Digital Transformation Provides Long-Term Growth and Support Benefits!
The term ‘Digital Transformation, or Dx, is everywhere today. If you have heard the term, but you’re not clear on its meaning, Digital transformation is a business initiative that adopts a customer focus by taking a digital or technology-driven approach to business. This approach includes business processes, software and solutions used to create concepts or products, complete tasks, work through approvals, manage projects, monitor, and manage suppliers, equipment, teams, etc. In short, every aspect of the business from business structure and models to customer interaction and operations. Digital Transformation technologies may include artificial intelligence (AI), ERP systems and solutions, private or public cloud environs, and digital solutions for augmented analytics, BI tools, workflow management, HR, product design, etc.
Businesses are often compelled to take on a Digital Transformation (Dx) initiative because of a single market change or threat but the drivers for and benefits of Digital Transformation should really be about long-term gain and benefits and less about a single, radical response to a competitor or a market issue.
‘Whether your business is a start-up, or a small, medium, or large enterprise, Digital Transformation is critical to building an environment that will support continuous improvement.’
Recent PTC surveys reveal that the top two benefits of Digital Transformation are to improve operational efficiency (40%) and to meet changing customer expectations (35%), but there are many other benefits reported by businesses including:
- Improve New Product Quality
- Increase Design Reuse
- Reduce Product Development Costs
- Introduce New Revenue Streams
- Enable Productivity Using Tools, e.g., AI processes
- Manage Business Performance with Data Availability
- Meet Customer Experience Expectations
Keep in mind that the enterprise focus on long-term results is crucial. Remember that this comprehensive overview of the business and its requirements will take time, and that the implementation of new technology and processes must be supported by management and by revisiting and adapting to new HR evaluation policies to support the use of technology and data in decision-making, by new training procedures and changes to other aspects of the organization to modernize and adapt to new technologies.
Whether your business is a start-up, or a small, medium, or large enterprise, these changes are critical to building an environment that will support continuous improvement and create an agile, flexible business environment that can easily adjust to changing customer behaviors and market conditions. Adopting a digital transformation strategy does not mean your business will expand in a week! This strategy is a long-term investment that will pay off over time and support your plans for the future.
‘The drivers for and benefits of Digital Transformation should really be about long-term gain and benefits and less about a single, radical response to a competitor or a market issue.’
If you need a roadmap to a Dx strategy, take a look at our White Paper for more details on the factors to consider in planning and deploying a Digital Transformation (Dx) initiative: Preparing Your Business For Digital Transformation And Data Literacy. Be sure that your Data Transformation (Dx) Strategy Encompasses Other Aspects Of Your Business Environment like enterprise culture, etc. Let us help you get started with a Digital Transformation (Dx) initiative.
Original Post : Digital Transformation is an Investment in the Future!