As per the Precedence Research report, the global digital transformation market will hit $1692.40 billion by 2030. The market size was US$ 484.44 billion in 2021.
Despite years of discussion, confusion, and challenges, the digital transformation took the flight, shaping industry after industry.
The exponential growth is the proof of it.
The leading players have dissolved the digital marketing feel in almost every sphere of their business operations to compete with the market demands. But, with a vague understanding of digital transformation, business owners use the wrong resources, leading to project failure.
According to the Boston Consulting Group (BCG) research, despite the effort, almost 70% of digital transformation projects collapses.
In light of reality, digital transformation is not only about renovating the IT infrastructure. Digital Transformation is a multi-faceted endeavour on the pillars of various goals depending on the type of business and its digital maturity.
It is the time to get yourself out of the monolithic digital transformation concept and plan for digital transformation according to your business goals. Following are a few tips for initiating digital marketing efforts and ensuring the success:
What Does Digital Transformation Stand For Your Company?
Digital transformation has no definite explication implying what it is. The meaning of digital transformation varies from one company to another. It depends on how you want to transform your production, business operation, sales, and marketing, on the pillars of advanced technologies.
Every business in this digital realm holds its distinctive products or services, business goals, and customers.
For instance, you run an e-commerce business. Your business goal is to grow a mammoth customer base to boost revenue. You need to embark on a digital transformation journey to help you meet your goals.
Your business is in the e-commerce sector, but you adopt technologies suitable for the healthcare sector. All of your efforts will fall on the ground.
Try to look at the bigger picture.
- To which industry does your business belong?
- What are your business challenges?
- What are the demands of your customers?
- Are there any other variables that influence your business?
- Do you want to improve your business operations?
The answer to these questions will help you to define what digital transformation would mean for your business.
Initiate With Customer Interaction View
It is a tricky yet crucial point to consider while initiating a digital transformation.
- Which new technology should you embrace to improve your customer interaction?
- Do you want to improve your internal client-facing operations or the external customer interaction?
Right from there, the discussion goes deeper, riddled and tangled with different variables.
Many times, the digital transformation initiatives freeze due to the intense complexities.
Try to pick things from the fundamentals of your customer interactions.
- What are your customer experiences with your company or services?
- What are the feedbacks from your customers?
- How can you add more value to your customer experiences?
Things will get easier once you identify the checkpoints to enhance your customer experience. Moreover, this approach will make sense to your customers.
- It will signal your company cares deeply about customer interaction and experience.
- You will gain a better competitive edge.
- What kind of digital transformation does your business require?
- You will create high-engagement customer interaction and conversion channels.
Take an example.
If you plan to invest in mobile app development for your business, consider implementing earn and redeem subscription rewards as a marketing campaign. It will enhance your customer experience and boost conversion.
Identify Your Capabilities
Once you learn about your business motifs to digitally transform, you must identify your capabilities.
- What kind of technologies are you using currently?
- Can your employees able to handle the advanced tech stack?
- Does the tech stack you choose to serve your digital transformation goals?
Most of the time, companies make their digital transformation strategies without assessing their present abilities to transform. It leads to futile experiments, making their efforts go futile.
It is wise to identify your company’s abilities and the experience of your employees before you invest a significant amount in digital transformation.
Decide How You Will Go Digital
You are sure about your digital transformation objective and abilities.
Now you can put your mind on how you want to transform your business operation digitally?
Myriad technological options are there to go digital, ranging from front-end to back-end.
- You can think of adopting cloud and IT infrastructure.
- You can embrace Blockchain technology for robust security.
- You can advance your production by implementing automation and machine learning.
- You can evolve your customer experience by adopting chatbots.
- Redesign your products with IoT.
- You can develop a digital ecosystem with Big Data, Data Science.
You must deploy a strategy that would bring transformation to your internal and external business operations. It will add value to your entire business operations.
Digital transformation takes time, followed by a series of disruptive processes. Once you decide your digital transformation motifs and what kind of IT uplifts your business requires, digital transformation will seem like a symphony.
Are you still having any confusion?
Partner with Orion eSolutions in your digital transformation journey. We hold an excellent team experienced in advanced technologies that can handle all kinds of digital transformation requirements.
Contact us today!
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