The benefits of digital business transformation
Overnight, the COVID-19 pandemic changed the way businesses operated. Digital transformation became the top priority for every business wanting to more than survive through a world-sized crisis.
According to a survey conducted during the pandemic, 49% of industry leaders were in the process of investing and implementing digital transformation. About 93% of the respondents who were already engaged in digital transformation before the pandemic said it gave them the agility to adapt to the COVID-19 crisis.
But why are businesses willing to take the digital plunge amid a crisis? What advantages are enterprises expecting out of digital transformation? Let’s take a look.
Top benefits of digital transformation for businesses
Businesses are embracing digital transformation as part of a holistic strategy to turnaround operating models and business structures. Even governments are implementing digital transformation through artificial intelligence (AI) and robotic process automation (RPA) to attract investors, deliver data-driven governance for smart cities, balance costs and budget, and enhance trust and satisfaction among citizens in national policies. Here’s what businesses can look forward to in their digital transformation journey.
- Improved efficiency and agility:
Implementing digital transformation through automation, data integration, and process improvement improves operational efficiency.
- Increased transparency:
The management can enable smooth data flow across verticals and clearly view a product, a service, or an employee performance across departments. This data provides insights about areas that are underperforming, thus demanding greater attention.
- Cost savings:
Businesses often spend a lot of time and money on maintaining legacy systems and products. Digital transformation will not only ensure that upfront costs are saved but also deliver savings in terms of long-term capital through efficient processes and quicker problem identification.
- Revenue growth:
You can minimise operational and capital expenditure to maximise revenue. In addition, you can recognise flaws within the existing business processes and drive revenue through pattern recognition, trend evaluation, and capitalisation of data-driven opportunities.
- Better customer experience:
Faster service delivery and knowledgeable customer service is the primary requirement for today’s buyers. You can achieve this by implementing the right digital transformation strategy. Deliver more agile customer experiences by leveraging insights received from unstructured and structured data.
- Better employee engagement:
Manage performance reviews and provide better coaching, training, and support to the employees. Improve overall work experience by helping employees stay organized and monitor their work patterns.
- Better resource management:
Get rid of data silos and integrate business units for a better flow of information across departments. Eliminate duplicate and superfluous technologies and associated costs.
- Flexibility :
The pandemic has taught us to be flexible and adaptable to survive through disruptions. With effective digital transformation, you can answer customer queries quickly and adapt faster to changing environments.
- AI-enabled supply chain management:
All industries, especially the manufacturing sector, can use AI to enhance supply chain functions. AI helps in the quick remediation and recovery of broken supply chains.
- Better operations management:
Companies see new lines of business open up with digital transformation. An efficient IT infrastructure and processes can transform the way you do business and handle operations.
- Improving competitive advantage:
With digital transformation, you can plan ahead of time for the future. This gives you a competitive advantage over other businesses. Digital transformation dials in on what you are good at to make it better and plugs the leaks in the existing processes.
For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.
How Infosys BPM can help ?
Infosys BPM applies a diverse stack of tools for a fit-for-purpose method for meaningful business impact and insights. We help businesses improve service delivery models, simplify end-to-end functions, and adopt next-generation products and services.
View our detailed digital process re-engineering and global business services offerings.