Change is coming for small to medium-sized businesses around the world, and those based in Ontario, Canada, are no different. Trends such as the rise of Millennials and Gen Z, the growth of eCommerce, growing customer expectations, business automation and a significant increase in the use of big data will all have an impact on how companies operate in the future.
To keep up, your company’s IT strategy needs to be constantly evolving. And for many companies, that means digital transformation.
To truly ensure your organization is ready for both industry changes and business growth, you need to create a strategic plan that analyzes your current IT infrastructure and ensures all area of your business have the correct IT supporting them. This, in essence, is the very core of digital transformation.
In this blog, we're going to look at five business benefits of digital transformation, but before we get into that, let's take a look at what digital transformation actually is.
What is digital transformation?
Digital transformation, in its simplest definition, is the integration of technology into all areas of a business. The result is fundamental changes to both how the organization operates internally, as well as how it delivers value to its customers.
By using digital technologies, organizations can build new (or modify existing) processes to adapt to changing market requirements and new business demand.It is the integration of computer-based technologies into a business's products, processes and strategies to achieve more efficient and productive results.
Today, digital transformation is a focus for many companies. In fact, 70 percent of companies either have a digital transformation strategy in place or are working on one.
Business benefits of digital transformation
1. Digital transformation will streamline your internal processes
Small and medium-sized businesses are too often bogged down by inefficient operational processes that not only waste time and money, but also make it far harder to achieve their business goals. New technologies, however, can streamline your internal processes and make your business more profitable. This could include anything from using faster WiFi, installing more dependable phone systems such as VoIP, using cloud-based systems or making use of communication tools to connect with remote workers and clients.
2. Digital transformation allows you to scale depending on the growth of your business
Growth is a fantastic indicator of success and means your business is likely achieving, and possibly even overachieving, its targets. Unfortunately, business owners know that they can’t simply assume that this growth trajectory will continue.
Thankfully, technology can help your business scale up or down, as and when it needs to. By investing in cloud computing systems, you will be able to use a pay-as-you-go pricing model to increase or decrease your company’s computing capacity without the need to invest in expensive physical hardware.
3. Digital transformation helps you to keep up with emerging trends
Earlier in the blog, we mentioned evolving trends such as the rise of big data, the changing workforce and growing customer expectations. To be successful, your business must evolve with these changes. By implementing new technologies into your company’s strategy, as well as keeping your software and hardware up to date, your business will ensure that it doesn’t fall behind industry competitors.
4. Digital transformation protects your data in a world saturated with cybercrime
There are far more connected devices and data sharing tools than your business could have ever imagined 10 years ago. The Internet of Things (IoT) means your company is continuously collecting data, and your customers trust your business to protect that information.
Cybercrime is a serious issue for modern businesses, and it’s crucial that you have the technology in place to protect both company data and your customer privacy. Technology solutions that improve security could include data backups, artificial intelligence (AI), anti-virus software and much more.
5. Digital transformation encourages a digital culture
We're now in a digital world where remote work and digital collaboration is key, and that means your culture has to be in line with those changes. Digital transformation can help your organization build a digital culture, where team members are provided with the right tools to collaborate seamlessly and work productively no matter where they are based. In this environment team member will proactively up skill themselves and learn digital tools to fully take advantage of the business benefits of digital transformation.
Want to learn more about the importance of digital transformation, and how it can help your business grow? Contact OT Group today. Our team of technology experts would love to answer any questions that you may have.
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