No matter what industry or sector you are in, you need to embrace developing technologies and digital channels that are part of the consumer experience if you want your business to succeed in the modern commercial battlefield.
You must put time, money, and effort into your digital transformation strategy if you want to ensure the long-term viability of your company. It will support consumer engagement, boost operational effectiveness, shorten the time it takes to sell goods or services, and promote innovation.
By 2025, according to experts at STS Digital Solution, global investment on digital transformation initiatives would amount to $2.8 trillion, more than twice what it was in 2020. With this investment, firms will be able to develop a comprehensive digital strategy that considers people, processes, technology, data, and governance.
Here are some reasons your company has to invest in and quicken its digital transformation to motivate your efforts.
- According to the April 2018 edition of the Digital 2022: Global Statshot Report, about 92 percent of internet users worldwide watch digital videos every week. This covers everything from gaming and influencer tutorials to music videos. While still important, print media is no longer as powerful as it once was. Because of the inherently digital nature of today’s visual content appetite (just take a look at TikTok’s meteoric development), providing interesting video content is essential to connecting with your target audience. The ideal delivery method for such messaging is through digital channels and touchpoints.
- The typical college student of today has never licked a postage stamp so much. Analog methods of advertising and internal communication will struggle to produce the results you need to generate leads or increase sales in the age of the digital native.
How digital marketing is progressing
Here, we examine the present business environment and how important digital transformation is as a result.
- According to Digital Marketers, the Covid-19 pandemic drove organizations to accelerate their digital changes, sometimes by a decade. This demonstrates how businesses have concentrated on offering digital services and goods to compete in a shifting market and meet the needs and wants of consumers. Although this degree of adoption may have been anticipated, it is the way that organizations must continue to function in order to prosper.
- In terms of revenue and valuation, businesses with a digitally competent management team outperform their competitors by 48%. Sadly, the same study indicated that only 7% of 2,000 organizations were headed by digitally competent teams, with a team that has over half of its members being tech knowledgeable and aware of how new technologies would affect their company’s success. Employee digital literacy is not enough; the executive team must also possess the necessary abilities in order to spearhead a digital transformation strategy.
- According to Gartner, 63% of businesses anticipate seeing a return on their Internet of Things (IoT) investments in three years. You may hasten your business success by utilizing the IoT’s power through technologies like automation, chatbots, and voice search.
Digital Transformation’s Power
Perspectives on the current world’s undeniable reliance on digital transformation.
- According to a Valior analysis, there is a direct link between the degree of digital transformation and financial performance. Companies who are further along in their digital transformation experienced revenue growth rates that were about twice as fast as those that are only beginning. This is a blatant argument for investing in digital transformation because revenue generation is the main objective of business growth and acceleration.
- Digital technologies and channels are transforming how firms generate leads and profit. The New York Times stated that online subscriptions and digital goods sales for the first time surpassed print revenue. According to Amazon, e-commerce revenues will exceed $729 billion in 2022. (despite a decrease compared to the bumper year due to covid-19 in 2020). This demonstrates the strength and sway of digital as well as how it affects financial results.
It is essential to undergo digital transformation if you want your organisation to succeed. And to do that, you need a workforce that can drive transformation in addition to the newest and most efficient technologies.The best method to make sure your staff is up to the task and proficient in the most crucial digital skills is to offer training. This could be a specialised curriculum that covers the essentials or brief online courses that upgrade skills in a field like data analytics or SEO. It’s critical to evaluate your digital skills and identify any gaps that could prevent your business from growing.