Digital transformation—a phrase that is becoming increasingly unavoidable.
A study says that by 2024, digital transformation is expected to reach a market valuation of $2.51 trillion.
Without a strong digital transformation strategy and the right digital technology, businesses will be more prone to doing unnecessary spending a lot faster and have very little to show for it. In this article, we will arm you with all you need to be successful with your digital transformation in 2024. We’ll explain, in simple terms, what digital transformation truly is and why it is a necessity for your business.
If you can’t wait to get started and take your organisation to the next level with digital transformation, Raksha IT is here to support you. Yes, an end-to-end engagement process is devised to support your firm at every stage of the technology journey, making sure that you have access to the expertise and resources you need to succeed. Reach out to us today & get started.
What is digital transformation?
The process of utilising technologies to improve your business strategy is known as “digital transformation.” It helps to enhance the experience of customers and employees, smoothing the functioning of operations, or offering new digital products and services. For example, Spotify relies on managed IT services to ensure high availability, performance, and security of its robust streaming platform. This allows Spotify to focus on what matters most, i.e., innovation and user experience.
Benefits of digital transformation for business
- Improves productivity and efficiency
Digital transformation enhances productivity and efficiency by accelerating processes and simplifying operations. Tools such as AI and machine learning often prove that they can go much faster and more accurately than humans. During the same period, business intelligence software and data analytics tools collect and process far more data than a human being can. And because of that, workers take decisions much faster than ever.
- Great user experience
Customers expect their needs to be fulfilled on their terms. You can do this by providing personalisation, seamless access across multiple channels, tailored service plans, and real-time data access. This will help you meet their ever-evolving expectations. This not only boosts lead generation but also uplifts retention and loyalty among customers.
- Better resource management
As businesses change, companies today have moved away from traditional systems that may exist in some isolated department with individuals doing little else but stuff into a hole here and keep again there, and now there is a modern IT setup that streamlines the process and helps share data without any hassles across the board.
- More revenue
The major driver of digital transformation for business is that it helps you to make more revenue by outperforming your competitors’ metrics.
- Greater agility
Digital transformation efforts push organisations to update their antiquated cultural and technical practices that were created for stability and take time to evolve. In the process, these organisations can adapt more quickly to one’s circumstances—for instance, smoothly scaling operations up or down by way of cloud resources.
Types of digital transformation
Regardless of the huge common objective, there are multiple numbers of different roads to get there. Your business might be looking to enter new markets, or you might simply entirely switch how you deliver your services without actually expanding.
So, here are four types of digital transformation for business you can look out for.
- Business model
A transformation in a business model happens when an enterprise wants to transform part of its operations by moving a product or service formerly offered in traditional form into the digital space. It emphasises innovation and creative thinking aimed at enhancing overall business results. Companies usually undertake a business model transformation when strategists find an opportunity to change the way or channel through which the customers buy or use a product or service. During this model transformation, the company should not react radically and seek to adopt entirely new skills.
- Business process
Business process transformation is making the internal processes of the organisation easier and streamlined. In the shortest possible time, it saves costs and reduces errors. Often this occurs through automation by investing in new software and research and development. However, while implementing a new system, leaders need to think of a few key things before jumping in. These would be how long it would take to implement the system, how changes might be managed, and whether the actual sense of urgency regarding changing the current system is essential. This change can also affect the external vendors and customers. Changes in processes, such as accounts payable, may alter how invoices are submitted, so managing this well requires dealing with both the internal teams and other partners.
- Business domain
A domain transformation here is a shift to the digital to open a new market or industry. A business may have gone through this transformation when it developed software to automate a process and later decided to sell the same to other businesses and companies, seeking a new source of income. Such change is typically triggered by competition or new technological developments that seem to challenge the existing model of business.
- Cloud transformation
Cloud transformation helps businesses shift their information systems to a cloud computing setup in any number of ways. This could be by moving an entire infrastructure to the cloud or part of their applications, data, or services. The cloud brings in a large number of advantages, including simplification of data sharing and storage, faster time-to-market, and scalability and flexibility in enhanced ways for organisations. Generally, on strategies for cloud transformation, there are a number of options. Firms opt to use a public cloud; here, one hires a third-party data centre to where their applications and data reside. To others, they build an internal cloud to themselves, popularly known as a private cloud. Others create a hybrid setup: mixing all these approaches in one optimal blend based on the needs of the company.
Do you want to make your cloud migration easier? Reach out to us today. Through our cloud migration services, we help you in digital transformation and making the move to the cloud through the right strategy, roadmap, workflow model, and ecosystem collaborations.
While digital transformation forms a more comprehensive business transformation strategy, it is the critical measure for success or failure. Combining the right people, processes, and operations with the right technologies will quickly nudge these organisations into responding to the disruptions or opportunities before them, furnishing them with an avenue to adjust to customer needs, sustain growth, and innovate in unexpected ways.
Don’t get left behind!
With Raksha IT, you can redefine your company’s future. Our end-to-end engagement process is here to support your firm at every stage of the technology journey, making sure that you have access to the expertise and resources you need to succeed. We are 100% concentrated on ensuring you have a great experience, from migration to continuous support, both remote and onsite.
