The past eighteen months have perfectly demonstrated the importance of digital transition for businesses. The COVID-19 Pandemic has single-handedly been able to convince and convert businesses into the digital ecosystem at breakneck speeds.
This aggressive digital transition was the result of nationwide lockdowns, endless problems in supply chain management as well as issues on the payments front. Businesses that already had in place digital structures were not only able to sustain themselves but grow during the pandemic!
In this article, we are going to speak with leading experts at SOA People, a leading name helping businesses with the digital transition. Specifically, we are going to request them to list down the seven major benefits of digital transition for businesses in 2021.
Digital Transition: Meaning and Definition
Digital Transition is disruptive. It revolutionizes the functioning of a business organization. In simple words, digital transition refers to the use and integration of digital platforms, technologies, software tools, and hardware in all aspects of a business’s work and performance.
Digital Transition affects the following important areas within a business organization-
- The Work Systems see a major overhaul with the integration of software to aid and abet the systems.
- Processes relating to production, supply, distribution, and pricing all undergo a systematic change to improve efficiency.
- Work culture also gets affected as normal and traditional communication gets shifted to workflow tools, software and emails.
- Data generation becomes possible as a business looks to leverage all information that flows through its multiple digital touchpoints.
- Changes the way the business interacts and engages with its customers. This allows for faster turnaround times, not only in closing sales but also in addressing complaints.
In 2022, no business can escape the digital transition. Whether you are a big business or a small one, you can improve your businesses’ KPIs by opting for digital transition.
List of 7 Major Benefits of Digital Transition for Businesses in 2022
1. Improved Efficiency-
Inefficiency costs business time, effort, and most importantly, tons of money. Using digital tools and software can help streamline efficiency and ensure that all the verticals of an organization are highly productive. Integrating technologies and digital tools can help shorten turnaround times, boost communication, eliminate duplication, and address pressing concerns.
2. Builds Agility-
The more flexible and agile a business organization is, the better it will be able to make use of an emerging opportunity. The same applied to when the business needs to overcome challenges and stresses. Think how clothing brands were able to quickly transition to Ecommerce during the pandemic. This allowed them to continue with sales even when physical stores were shut.
3. Better Customer Engagements-
One of the many reasons businesses need to look at digital transition is because all their customers are online. Being on online platforms like search and social allow businesses more touchpoints to reach out to their target audiences, showcase their brand, and have meaningful conversations. It provides better customer engagement by allowing customers to buy from a brand digitally, thereby boosting sales.
4. Aggressive Responsiveness-
The digital has increased the appetite of customers towards response times from brands. Social media platforms rank brands according to their response timings. The faster you respond, the better are the chances of closing sales, getting deals done, addressing complaints as well as combating any negative comments surrounding the brand.
5. Faster Launches-
Businesses have typically suffered from long waiting times to get their products and services to the market. Many experts agree that digital transition enables brands to launch their products faster in the markets. This means that the shortening of the product’s lifecycle helps the brand. This results in better economics and helps them with cash flow among other things.
6. Greater Innovation-
The onset of digitalization has allowed traditional brick-and-mortar stores to innovate and experiment with their offerings. From running their own eCommerce platforms to building an online community on social channels, the digital offers a ton of innovative opportunities for businesses in different business niches. Think of how apps have transformed our world.
7. Higher Revenues-
At the end of the day, a business has at its core goal, higher revenues. This is true and has stood the test of time forever. Opting for digital transition helps in opening up more sales channels and marketing options. Any business that has gone for digital transition has seen its sales, revenues, and profits rise considerably. This is true across both B2C and B2B businesses.
The Final Takeaway
While the benefits of digital transition are there for everyone to see, what should not be lost sight of is the fact that this can be challenging as well. It is best that businesses that want to opt for digital transition take a well-researched and long-term view of the same. If you would like us to assist your business with regard to digital transition, please feel free to reach out to us in the comments below.