Digital Transformation: What It Really Means for the Future of Business

Digital Transformation: What It Really Means for the Future of Business

As technology continues to reshape modern business practices, companies across industry lines are taking a bolder stance on “digital transformation.” But nailing down what this really means for your business can be a challenge. The truth is, digital transformation can take many different forms depending on your specific objectives. For example, if you’re trying to streamline your customer service operations, it may be useful to integrate direct messaging and inbound call features into your workflow. On the flip side, companies interested in eliminating time-consuming administrative tasks may benefit from deploying an intuitive management platform on their back-end. So while technology can help you operate more efficiently, it’s important to fully understand what you’re trying to accomplish before freeing up room in your budget.

What is digital transformation?

The term “digital transformation” has generated a lot of buzz in the business world over the past few years, and for good reason. A 2018 report from the International Data Corporation estimated that 40% of companies’ IT spending would go toward digital transformation efforts in 2019, resulting in more than $2 trillion in new investments. While it’s still too early to tell whether IDC’s projections were accurate, it’s quite clear that the trend is more than just a flash in the pan. But what, exactly, is digital transformation?

According to the cloud-based software company Salesforce, digital transformation is “the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.” This type of re-imagining is typically aimed at improving employee productivity, automating manual tasks and cutting costs, but it also allows companies to keep pace with shifting consumer preferences and stay relevant in their market.

Considering digital transformation can have a positive impact on both internal and external business processes, it makes sense why close to 70% of companies have a strategy in place or are actively working on one, according to a survey from Pro Tech Research. That said, finding the perfect balance between traditional and digital resources starts with a detailed assessment of your needs, goals and financial limitations.

Key benefits of digital transformation

While the integration of digital technologies affects every company differently, many businesses have seen promising results from their transformative efforts. A recent survey from PTC asked over 100 business executives about the top benefits of their digital initiatives, finding that the majority of respondents felt new technologies allowed them to:

  • Improve operational efficiency (40%)
  • Accelerate time to market (36%)
  • Meet changing customer expectations (35%)

PTC’s research also discovered that 80% of companies that have successfully implemented transformative technologies believe they’re able to deliver improved value during their products’ lifecycles, with 60% saying their digital tech has helped create new business models. Whether or not you’re looking to completely overhaul how your company operates, digital transformation can provide the data-driven insights and strategic decision-making you need to stay competitive in the age of e-commerce and online retail.

Digital technologies and call marketing

For commercial businesses, customer satisfaction is the lifeblood of long-term profitability and growth. Offering consumers simple and convenient contact methods has become a necessity, especially for companies operating in highly competitive markets. Of course, ensuring potential and existing customers have a direct line of communication to your business is only one piece of the puzzle, as it can be hard to gauge how effective your marketing materials and sales pitches are without the right feedback mechanisms in place. That’s why business phone solutions often rank among the top transformative technologies organizations use to future-proof their business models.

In the most basic sense, digital transformation is all about leveraging data and analytics software to optimize workflows, improve employee productivity and personalize customer experiences. For example, a recent study by Accenture found that around 75% of consumers are more likely to buy from companies that have their name and purchase history on file, which is why advanced call tracking features and data integration are so valuable for attracting and retaining your core buying audience. The more customer information you can gather, the less reliant you’ll be on guesswork and over-simplification.

Finding a partner that can support your digital improvements can make or break your IT integration strategy. According to a 2018 survey from Futurum Research, less than 30% of an organization’s technology vendors are active partners in their digital transformation initiatives. This lack of hands-on support can not only complicate the rollout of new software and web applications, it can also leave businesses vulnerable to performance issues if problems ever arise.

At RingSquared, we are committed to setting our clients up for success. Our industry leading business phone solutions empower companies to improve the quality of their inbound leads, streamline their path to purchase and capitalize on consumer shopping trends. To learn how we can help your business take steps toward effective digital transformation, browse our service pages or reach out to a representative.