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More than half of CEOs, globally, say digital improvements in their business have led to increased revenue. But despite the obvious benefits of embracing business digitization and digital technologies, not every business has embraced it with the same vigour. Some have stayed still. Others have tried but failed to draw out the improvements they desired due to poor planning or implementation.
In fact, 73% of businesses failed to derive any value at all from their digital transformation, according to a study by Everest Group. This is a real long-term problem for any business trying to navigate a future that looks increasingly perilous and unpredictable. Digitally mature companies are nearly 25% more profitable than laggard businesses – so embracing digital transformation and business digitization is essential.
At Elite Group, we’ve helped businesses to make the most of their digital processes for years. Today, we work with many different businesses, helping them to navigate their way through digitization, to improve their business operations. We’re going to cover a few ways digital solutions can take your business to the next level.
Excessive costs arise in every area of a business where analogue, siloed systems reign. According to a report by McKinsey, digitizing business processes can cut costs by as much as 90%. Plus, legacy systems are often far more expensive to use and maintain than modern systems.
One of the biggest sources of waste is when separate software duplicates functions, or when you invest in multiple pieces of software that are available elsewhere as ‘all-in-one’ solutions. Investing in a fragmented technology ecosystem can lead to huge amounts of wasted time and money. It doesn’t have to be this way. Digital transformation and business digitization can help your business find the right technologies for you, that bring many applications together under one banner. Saving you time, money and effort.
For example, you may be paying for multiple phone lines, messaging applications and video conferencing software to separate providers. However, digital communication solutions, like cloud phone systems, unified these services, bringing them to you via a single platform, supplied by one provider for one easy-to-manage, affordable, monthly price.
Improving your business through digitization is about more than keeping up with the competition. It’s also about making sure your business remains relevant and operational in the future too. Many businesses are doing everything they can to future-proof themselves. But the ones who were already familiar with the benefits offered by tools like cloud systems will have been the ones who managed the turbulent times between 2020 and 2022 most effectively.
When the pandemic struck and much of the business world was forced into remote working, businesses that were already using cloud systems will have found it to be an easier process than those using on-premise communication systems, thanks to the ease of remote working provided by cloud systems. The number of remote workers in America will rise by 87% from pre-pandemic levels by 2025, according to a study by Upwork. It’s reasonable to assume other technologically advanced countries will experience similar numbers. If businesses want to make the right moves towards future-proofing their processes, a focus on improving remote working through cloud systems would be a good move.
Developments in digital technology often go hand-in-hand with developments in the speed of digital processes. The faster systems can operate, the faster we get our work done and the more money we can make for businesses in a shorter time frame. But faster communication between employees is also a huge benefit of digital transformation. Doing away with old, outdated messaging systems and replacing them with more streamlined communication applications could see a huge boost in employee productivity.
Teamstage, a project management solutions platform, describes improved employee efficiency as the “primary perk” of digital transformation and digitization in the workplace. While 74% of respondents to a study featured in Harvard Business Review cited communication and collaboration platforms as a key driver of employee efficiency. All of which can be onboarded in your business through digital transformation.
With improvements in digital technology leading to reduced waiting times and the expectation of instant responses, customers are more demanding than ever. Which is why it’s important for businesses using outdated methods of customer management and communication to adopt digital services, to meet customer demands and increase efficiency.
Improved call management and digital receptionist services can help lighten the load and direct customers to the right department quickly. Saving you, and the customer, time. Digital transformation is a key component in meeting customer needs. Improved digital technologies can boost customer satisfaction by up to 30%, as well as boost profits as a result by up to 50%, according to McKinsey.
If you’re unsure how to begin your digital transformation journey and join countless successful companies that have embraced digitization, we’re here to help.
With experience in many aspects of modern digital business technology – including cloud computing, digital data, mobile devices and more – we’re perfectly situated to help your business adapt to the digital age with a digital transformation strategy catered to you.