There is no longer a choice for businesses. Today, digitization is a must. For small enterprises, it’s a question of life and death, especially in the aftermath of the Covid-19 outbreak. Even if your business model is successful and everything appears to be running smoothly, without digital transformation, that extra cherry will be missed.
Let’s explore what’s this all about –
What is Digital Transformation?
The adoption of digital operations and tools to achieve strategic corporate goals is referred to as digital transformation. From internal processes to client contacts, it comprises all that goes into running an IT company. Digital transformation is an absolute necessity in the present technology world, whether it is a little business or a major corporation.
Why Does Digital Transformation for Small Businesses Matter?
From small local businesses to major global corporations, one thing is certain: digital transformation is critical for all businesses, no matter how big or little.
The disruption of work and business ecosystems necessitated the use of it, and most firms stepped up their efforts to meet this unexpected change. According to Dell’s Index 2020, which questioned over 4000 company leaders worldwide, eight out of ten organizations accelerated their programs in 2020.
It’s a positive move that encourages businesses to keep pushing forward with new digital technology integration across all industries.
The enterprise landscape is changing as a result of digital transformation –
According to a MarketWatch report, the worldwide digital industry is predicted to increase at a CAGR of 24.3 percent from US$ 445.4 billion in 2017 to US$ 2,279.4 billion in 2025.
Components, such as solutions and services, have been used to segment the global market for digital transformation. Mobility, big data & analytics, artificial intelligence, IoT, and others are classified into the solution category, while professional services and managed services are divided into the services segment.
You can increase customer value by implementing or integrating a digital transformation plan into your company. Small firms might add $2.3 trillion to GDP growth by advancing their digital transformation journey, according to a Cisco poll.
Numbers from Statista indicate global spending on Digital Marketing Services will reach US$1.8 trillion by 2022, and US$2.8 trillion by 2025.
Some Key Benefits of Digital Transformation Include:
- Improved Efficiency – Streamlining workflows, boosting data flow, and digitizing company operations are just a few of the advantages of digital transformation. Getting of mobile app development or using the best web design and development services, can actually improve the efficiency of your business by 45%.
- Improved Agility – Greater agility comes with increased automation and productivity. However, adopting an agile digital strategy is the only way for businesses to become more flexible in their initiatives and processes.
- Increased Customer Engagement And Satisfaction –One of the most essential aims of digital transformation is to improve customer engagement and fulfillment. When done properly, you’ll notice improvements in two different areas. For starters, digital transformation enhances client satisfaction. Second, it gives customers more information.
- Increased Opportunities – There are a lot of options, but there are also a lot of rivals. Developing a digital transformation allows you to recognize and respond to changes and difficulties, putting you in a better position to take advantage of opportunities that come your way.
- Improved Profitability – What happens when you run more efficiently with more opportunities, boost agility, and improve the perception of your organization among your customers? In the end, digital transformation will transform your entire company. Similarly, when properly applied, will considerably increase your overall profitability.
- Increase productivity and reduce resource costs – Organizations that aren’t digital or don’t have a totally digital process will waste time and money. When compared to others who accomplish the same thing as an automated process for a lower price, costs will quickly spiral out of control. Businesses may decrease expenses and increase productivity by implementing a proper digital transformation strategy and using the right tools.
- Transforming Customer Experience – Customer experience is at the heart of digital. Many businesses are becoming more conscious of this, with 92 percent of executives implementing complex digital transformation strategies to improve customer experience.
Digital Transformation Technology Trends To Get Ready For In 2022
It’s critical to retain your organization’s ultimate goal as the central rationale for developing a successful digital transformation plan and to design the strategy around it to help you achieve it.
The following are the key elements of any digital transformation:
- Mobile and web app development
Mobile and web apps, in combination with modern technologies such as IoT, AI, and machine learning, assist businesses in transforming their operations. Mobile app development for business is one of the best ways to implement the benefits of digitization in your business. Here are a few examples of how mobile apps can help you alter your business using digital solutions:
- Digital transformation in Manufacturing
- Digital transformation in Retail
- Digital transformation in Healthcare
- Digital transformation in logistics
- Digital transformation in eCommerce
Artificial intelligence will be used in a variety of areas, including healthcare, cybersecurity, manufacturing, and self-driving cars.
Face recognition algorithms in smart cars identify whether we are paying attention to the road or tell us if we are becoming drowsy. AI algorithms are used in practically every aspect of smartphones, from maintaining call quality to assisting us in taking better images. Smart toilets are on the way, and they’ll be able to examine feces samples and identify gastrointestinal disorders using computer vision.
- Augmented Intelligence
Augmented intelligence goes beyond artificial intelligence’s capabilities in that it allows humans and computers to collaborate, which is why it’s so important in DX strategy. The goal of augmented intelligence is not to replace people, but to collect massive amounts of data, analyze it, derive insights, and present them in a way that allows individuals to expand their knowledge.
- Cloud Computing
In the cloud computing field, innovative solutions continue to emerge, and 2022 will be no exception. Businesses of all sizes are likely to create more hybrid public-private cloud environments.
Furthermore, more businesses will use multi-cloud strategies to mix services from many vendors because it allows for more flexibility in accessing information, processing data, and completing a variety of tasks, making your company’s data more safe and available to your employees.
To better understand the consequences of not turning digital, we must first examine the statistics of organizations that have gone digital or are planning to do so soon. A digital transformation plan is already in place for 55% of the world’s startups. Simply going digital will no longer be enough. It’s just as crucial to have a digital transformation roadmap.
In order to achieve the goals you have set for your small business, it’s high time to get a digital transformation. And we have the perfect partner for you – ThinkStart Pvt Ltd, to help and assist you through the entire process of digitization of your small business and support you to grow with later most tech-savvy tools.
Get in touch with us – [email protected].