Many believe that change leads to growth. However, this overlooks the difficulty of adapting to new technologies and systems. If you own or run a company, implementing process changes can be daunting, especially when it involves teaching dozens or even hundreds of people a new way of working. Nevertheless, the undeniable benefits of digital transformation, such as improved efficiency, enhanced security, and increased success, make it hard to ignore.
COVID-19 brought about a drastic shift in circumstances
When COVID hit, business owners faced financial losses or disruptions that made them reevaluate their plans and budgets, including those allocated for digital transformation.
Yet, the importance of investing in advanced technologies and efficient operating systems became evident as countless businesses had to adapt by transitioning online or enabling remote work. Companies equipped with up-to-date digital tools experienced a smoother transition compared to those heavily reliant on manual processes.
Efficiency, mobility, and customer experience are a primary priority
Chances are you remember what life was like before the internet – before everyone had a phone in their pocket that doubled as a computer, and before you could see a person on the other side of the world with a few clicks of a mouse. We have all reaped the benefits of technologies that make our working lives faster, easier, and better, which is why operational efficiency came out on top for 32 percent of respondents who listed it as the main driver of embracing digital transformation.
32 percent of respondents listed operational efficiency as the main driver of embracing digital transformation.
The cloud storage wars are being duked out by the Big Two
Google Cloud Platform and Microsoft Azure are locked in a Hunger Games-esque fight to be the best and most popular cloud storage provider. But size doesn’t always matter, and what counts in business is what works best for you and your needs. Doing some research into what platform or system would best benefit your business will ensure that you start to see the rewards quickly.
What digital transformation means for small and medium businesses
While we might assume a larger company with thousands of employees would have greater difficulty implementing new digital technologies, there are specific challenges for small- and medium-sized businesses too.
While larger enterprises can afford to hire vendors to create and implement a strategy for digital transformation, smaller companies may not have the executive management in place to lead that charge and may not have the budget or luxury to hire someone externally. The research showed that cost, time, and resources made up the bulk (61 percent) of challenges companies face when it comes to digital transformation.
Businesses with an advanced approach to digital engagement, as opposed to those with a basic approach, saw a 60 percent increase in revenue per employee.
But, despite the challenges, digital transformation should be a priority for all businesses, no matter their size. Businesses with an advanced approach to digital engagement, as opposed to those with a basic approach, saw a 60 percent increase in revenue per employee, proving that a more refined digital setup leads to significant growth and success. In simple terms, a little effort can reap great rewards.
The future is digital
While COVID-19 may have slowed some digital transformation down, the research shows that 50 percent of companies are in the experimenting and escalation phase of moving from old, outdated systems to a more modern way of working.
Unsurprisingly, IT Services are leading the charge of change and are further down the path of digital transformation – along with Education and Healthcare Industries – with Construction, Engineering, and Manufacturing being slower to adapt.
Encouragingly, despite COVID and all its nasty repercussions, 40 percent of those polled said they still planned to move to the next phase of their digital transformation over the next 12 months, meaning all of those businesses will continue to grow and develop in 2021.