Companies are being forced to adjust their business strategies in order to adjust to the changing market realities as a result of digital transformation. What's noteworthy about this is that the firms aren't pushing the shift. Rather, the customer is driving this transition. Customers today want relevant content related to the things they're accomplishing. The approach is determined by their experience. To stay ahead of this new sort of "always-connected" client, any company must leverage technology to provide unparalleled customer engagement. Thankfully, putting the client first has already been central to the approach of many businesses.
Approximately 70% of firms have or are developing a digital transformation strategy. Considering this estimate, we are still a long way from 100% digital adoption. According to the State of Digital Business Report, 47% of organizations are yet to begin their digital transformation, whereas 59% are concerned that it may be too late for them. What makes this concerning is: according to the same poll, 55% of firms feel they have far less than about a year before they begin to struggle financially & lose market share.
In contrast, when asked what factors impact a company's choice to pursue a digital transformation plan, over half of all firms named consumer experience and happiness as the most important. Organizations that transition digitally have more engaged consumers.
Companies require a strategy that not only specifies which solutions must be used, but also provides protection against digital interruption. This is why, before leveraging the possibility of digital transformation, it is vital to comprehend the key processes and systems in order to find possibilities.
Figure 1: Benefits of adopting digital transformation in businesses
The new, technologically savvy customer
Digital technologies have altered consumer behaviors. Thanks to smartphones, applications, machine intelligence, automation, and other technologies, customers can obtain what they require nearly precisely when they want it. Without a question, digital technologies are critical to digital transition. IT expenditure hit 3.9 trillion USD in 2020 and is expected to touch 4.4 trillion USD by 2023. Cloud, artificial intelligence (AI), advanced analytics, as well as the IoT are some of the most essential and widely used technology advancements driving firms' digital transformation efforts.
Figure 2: Worldwide spending on information technology
How digital transformation can help you provide a better customer experience?
The most crucial aspect of the digital user experience campaign is the consumer. The goal is to guarantee that customers are happy with their experience so that they will remain committed to your brand and suggest your company to others. With customers increasing power over how businesses offer interactions, it's essential to create new ones that match their needs. Because every interaction with a consumer influences the overall image of a company, focusing on customer interactions is a good decision. The digital revolution delivers increased transparency, reduced information asymmetry, including new consumer advantages like new goods and services, better ease, greater choice, unique experiences, and cheaper pricing to corporate customer engagement. Digital transformation is a major shift in how insurers employ technology, drastically altering operations again for tech-savvy customers. To meet the expectations of insureds, brokers, agents, and stakeholders such as claim adjusters, underwriters, and so forth, insurers must digitize many elements of their business.
If you’re looking for an expert solution to transform your business digitally there are numerous service providers like Coforge. It is an OutSystems Partner that specializes in application development, delivery, and support. OutSystems is a contemporary application framework that assists enterprises in swiftly developing and deploying key business software programs. It is a cloud-native solution that enables service operators to shorten the program development lifecycle by utilizing visual, model-driven programming. OutSystems' AI-based support ensures that apps are produced in days or weeks rather than months or years.
Redesign your business to take advantage of digital transformation
Digital changes have changed the way businesses approach customer support. The traditional paradigm was to wait for consumers to approach you, whether it be in person or via call. However, the emergence of social networking has altered communication in the same way that it has altered advertising and even sales and consumer support. Progressive businesses see social networks as an opportunity to broaden their product offerings by meeting clients on their preferred channels. Better company practices are required at all times, but especially in times of tremendous hardship. The world at present, is propelled by technology, therefore businesses must decide whether to ride the tide or be shoved by it.
The execution of digital transformation initiatives is seldom simple; almost all these ventures lose impetus at various phases. The majority of digital transformation obstacles revolve on issues of planning, marketing, ethos, and skills. The most significant criteria determining digital transformation accomplishment are a defined company vision and a firm commitment to implementing it. Becoming digital entails significantly more than simply implementing new technology; it entails reinventing a company in the digital era. Each organization must set its own goals and determine its own method.