What is digital transformation?
Digital transformation is the process of a company integrating digital technology into their everyday business model. This includes converting to or creating new digital technology to alter a company’s culture. The main reason companies digitally transform themselves is to keep up to date with current trends. Keeping up to date with current trends helps improve business operations and better customer experience.
Forbes shared five digital transformation trends that companies should keep an eye out for in 2020:
- Governance is going to be key
- AI adoption is going to be a necessity
- Having humans monitor AI will create empathy and promote creative problem solving
- Customer experience will become the new main focus
- Using digital transformation as a service will be beneficial
What are the benefits?
Digital transformation is super beneficial for companies that wish to improve business format and customer relationships. Some common benefits include greater resource management, employee empowerment, more customer insights, better customer experience, and a new chance for company globalization. From digital transformation companies experience improvements in the areas of designing and creating digital products and services.
Why is now the best time for digital transformation?
By the end of 2020, 70% of companies will have digitally transformed themselves or will be currently working on a new strategy. 39% of company executives believe that their companies will get the most value from using digital transformation over the next few years. 27% of companies believe that digital transformation is a matter of survival. 93% of companies consider innovative technology a necessity to complete their digital transformation goals.
In today’s business world, especially in a time of crisis, it is so important for companies to digitally transform themselves. First, customers have high expectations for companies to reach their demands. Next, making sure that your company is well secured is extremely important to protect itself from hackers that can gain access to confidential company and customer information. Lastly, companies that are up to date with digital technologies appear more attractive for potential business partners giving the companies an opportunity for growth.