Regardless of your branch or industry, to thrive in today’s commercial battlefield, your business needs to accept the emerging technologies and digital channels that are embedded in the customer experience. We bring you some of the reasons to invest in Digital Transformation.
If you want to secure a sustainable future for your brand, investing time, money, and energy into your digital transformation strategy is essential. It will help you engage with buyers, improve operational efficiency, lessen the time it takes to get products or services to market, and drive innovation.
Experts at IDC say that by 2025, spending on digital transformation strategies will reach $2.8 trillion globally, more than double the amount in 2020. This investment will help organizations to go after a holistic digital strategy for people, processes, technology, data, and governance.
Here are 10 reasons your business needs to invest in and advance its digital transformation.
Consumer Culture
- About 92 percent of global internet users watch digital videos every week. This adds music videos and tutorials for gaming and influencers. Print media, while still appropriate, is a less potent force than it once was. Today’s hunger for visual content is basically digital and to connect with your target audience you have to offer engaging video content. Digital channels and touchpoints are the best way to convey such communications.
- Today’s average college student has never so much clicked a postage stamp. In the age of the digital native, analog approaches to promotional and internal communication will compete to provide the results you need to generate leads or drive revenue.
- 88 percent of Indians admit to sleeping with their phone and 80 percent check their phone in the first ten minutes of waking up. This just gives a perception of how addicted and reliant people are on their mobile phones and digital technology. Make sure you develop your content (blog, landing pages, emails, etc.) for mobiles and enable a faultless customer journey from one device to the other to ensure you engage customers and allow purchases through social media – social commerce and shoppable posts.
The State of Digital Transformation
Here we explore the necessity for digital transformation.
- The Covid-19 pandemic forced the advancement of companies’ digital transformations. This shows that companies have concentrated on digital services and products to compete in a changing marketplace and provide what customers want and need. While this level of acceptance may have been unexpected, it’s the way that businesses need to continue operating to thrive.
- Companies with a digitally sharp executive team outperform their peers by 48 percent in terms of revenue and valuation. Unfortunately, out of 2,000 companies, only 7 percent were led by digitally competent teams. In this team, over half are digitally sharp, with an understanding of how emerging tech will shape their company’s success. It’s not enough for employees to be up to speed digitally, the executive team also needs to have the desired skills and knowledge to drive a digital transformation plan.
- 63 percent of ventures expect they will receive financial payback in three years for their Internet of Things (IoT) projects. By investing in the power of the IoT through technologies such as automation, chatbots, and voice search, you stand to advance your commercial success.
The Power of Digital Transformation
Insights on the indisputable power of digital transformation in the modern age.
- There is a clear connection between the level of digital transformation and financial performance. Companies that are far down their digital journey had roughly twice the revenue growth rate of those that are in the first stages. With revenue generation being the primary goal of business growth and acceleration, this is a definite case for investing in digital transformation.
- Digital channels and technologies are changing how businesses initiate leads and make money. Amazon is said to see e-commerce sales reach $729 billion in 2022 (despite a decrease compared to the bumper year due to covid-19 in 2020). This shows the power and effect of digital and its impact on the bottom line.
- The ‘CMO Survey’ reveals that investment in digital marketing activities increased between 2021 to 2022. The top companies are investing in are our data analytics (78%), company website optimization (74%), digital media and search (71%), and marketing technology systems or platforms (70%). The capital of digital channels, platforms, and touchpoints available is on the rise and by investing in such areas, you stand to enjoy a healthy level of ongoing business success.
- About a third of the population is under 20 years of age followed by 30 percent between 20-39 years of age. – With over sixty percent of the world’s population being under 30 years old, there are more digital natives than ever before. To continue engaging this generation of digitally-minded consumers, investing in digital transformation is nothing short of essential.
Conclusion
Digital transformation is crucial to ensure the success of your business. And that doesn’t just mean you need the newest and most productive technologies, you also need a workforce that can drive transformation.
The most productive way to make sure your employees are up to the challenge – and up to speed with the most important digital skills – is to provide training. This could include short online courses that upskill an area like data analytics or SEO or it could involve a customized program that covers the fundamentals. Whatever your company needs, it’s determined to assess your digital capabilities and figure out where the gaps are that will help you achieve growth.
Reasons To Invest In Digital Transformation
For more information please feel free to contact us.
