Remaining competitive and highly efficient is one of the major struggles for enterprises.
No matter how the market changes, you always want to be on the crest of the wave. In order to do so, you need to succeed with digital transformation.
Technological progress is shaping the surrounding world into a new ecosystem that changes our day-to-day culture. New habits and solutions desired by customers and potential partners create new demands for your business.
Such conditions and emerging opportunities compel enterprises to prioritize technology adoption.
For example, according to research done by Harvard Business Review in 2018, around 60% of companies are able to transcend their previous achievements by switching to cloud-based apps.
This is just one example of how digital transformation can generate competitive advantage in your enterprise by maximizing efficiency through innovations. In this article, we’re going to look at a few more.
4 examples of how digital transformation can generate competitive advantage
1. Greater solutions for process optimization
One of the fundamentals of a competitive company is having all of its processes highly optimized.
The most obvious example of how digital transformation can generate competitive advantage is its ability to develop solutions for efficiency improvement.
You don’t have to be a manufacturer to feel the need to optimize your processes with digital technology.
For instance, an AI-based program for converting voicemail into text will optimize your company’s administrative function, boosting overall performance by saving time that can be put to more crucial processes.
Also, even basic digitization of sales processes will save your sales team time and money that can be better spent on customer relationship building.
2. Digital transformation boosts workplace productivity
By optimizing processes, digital transformation also boost workplace productivity. This is an excellent example of how digital transformation can generate competitive advantage.
Your employees drive your company. Making their working environment well-optimized and progressive will quickly result in a better performance.
The modern market of digital accelerators offers numerous profitable solutions for almost every element of the office workflow.
What is now known as the digital workplace is a one-stop-shop for all the essential tools for your employees — from joint chat programs such as Slack and Blitz, project managing tools like Podio or Trello, to bigger entities like CRMs.
Of course, the integration of so many productivity-boosting digital tools can actually be counterproductive if enterprises don’t focus on successful and rapid adoption of these tools.
This is where Digital Adoption Solutions (DAS) come into their own.
3. Customer satisfaction through digital transformation
Possibly the most important example of how digital transformation can generate competitive advantage is what it can do to your customer satisfaction and retention levels.
The best way to appeal to customer loyalty is by providing a superior customer experience.
A study done by PWC reveals that clients with higher satisfaction levels are willing to pay more for services and products. To make your customers happier, you should create an efficient feedback loop and make sure that they feel heard and spoken to in a language that appeals to them.
Your audience is now used to managing the majority of their lives through digital accelerators. Thus, your enterprise’s digital presence is not an added benefit but an essential requirement allowing your company to interact with customers how and when they want your service.
Besides, big data adoption can help you to know your clients better and deliver to them the products and services that will enhance their lives.
4. Digital transformation brings new business perspectives
It’s not just your competitors that are striving to be modern, developed, and competitive in the same way you do. Your potential partners are too.
Digital transformation empowers you to be in an elite club of innovative and like-minded organizations. Digital implementation can open your business up to previously impossible opportunities by breaking down barriers such as distance and time.
Through digital transformation, you make it possible to find new partners and markets overseas.
Not only will digital transformation benefit your workflows but it will also impact your brand. Successful use of technology innovations help to create a progressive image for your company, so it can be seen as a modern and future-oriented market leader.
A 2018 survey done by IDG shows that 89% of organizations reported that they’re planning to adopt digital business models. 44% of them claim to have done it successfully.
There’s a strong trend among companies to lean towards technology implementation in order to boost efficiency.
Almost every young company and startup nowadays plans their business strategies from a technological standpoint. That is why, for your enterprise not to stagnate, it is time to consider how digital transformation can generate competitive advantage.
It’s your duty as a leader to see the potential in digital transformation now in order to allow your business to thrive tomorrow.