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There is a huge buzz around the world about business transformation. Since it has been proven that business transformation instigates the growth by enhancing several aspects of the organization. Companies have shown great interest in this practice.
From healthcare to banking, almost every industry is experiencing a huge shift in practices like replacement of processes, solutions, and channels of communication. Business transformation practices have revolutionized industries and compelled businesses to set a journey of change towards a new era of technology.
Business Transformation Facts That Will Amaze You
- Technology pioneer IBM has gone under business transformation multiple times in 100 years.
- As per the Gartner survey, 42% of CEOs have prioritized business transformation to adapt modern tech.
- 80% Several Global Leaders have told business transformation essential and useful.
In short, business transformation is critical for the survival of companies in the rapidly changing marketplace. Though, there are three main business transformation aspects that are affecting industries greatly. In this article, we will look at those aspects.
3 Main Business Transformation Aspects That Are Affecting Industries
#1. Digital Transformation
Who hasn’t heard about digital transformation yet? Indeed, None.
This is the most popular & discussed practice, which is also known as digital adoption. This practice is very simple, indicating the implementation of new technology to enhance all aspects of customer experience.
Companies adopt technologies and modern products/processes that help serving customers. Though, it is not dedicated to build digital capabilities, as it focuses on serving modern customers’ needs and reinvents the entire business with a digital mindset.
In this transformation model, companies utilize self-service digital mediums such as websites, social media applications, mobile apps, and supporting processes to provide impeccable customer experience.
More significantly, it is all about replacing the legacy system with modern technology solutions and products, such as cloud-based systems.
Impact Of Digital Transformation
Digital transformation impacts industries positively, as organizations utilize the modern ecosystem to perform operations and consumer services become more automated. Using mobile and web applications, it is easy to avail services to consumers, and everything records on a database that opens several opportunities.
Another major effect of this aspect is that now companies are having a new skill set to understand the capabilities of different tech trends and innovation.
- Deliver better customer experience
- More growth opportunities with new product solutions
- Personalized, hassle-free, and responsive CX
- Automated & streamlined business operations
- Helps in customer acquisition
#2. Data Transformation
Another most popular practice is the transformation of data which mainly includes insight gathering from collected data for better decision making. In this practice, information is the core of the innovation and software solution/product development process.
In this practice, the usage of business intelligence powered by artificial intelligence and machine learning algorithms grows. The chief goal of this practice is to provide the company with a deeper intelligence into customers’ experience needs and areas of improvement.
Since Big Data and analytics have entered the marketplace, companies are engaged in building data management capabilities and culture that depends on business intelligence. Using this aspect, it is easy to validate that customers are using the product solutions and their facilities.
Impact Of Digital Transformation
Today, data has become a vital aspect of business success. Thus, it has become critical for organizations to have a strategy for managing, organizing, and analyzing their data. That’s why data architecture is being used to combine data sets from key operations such as marketing, sales, digital channel, and customer service. Though this vertical is full of challenges as sorting historical data and insight gathering requires the implementation of modern tools.
Business Intelligence, Big Data & Analytics, Customer Experience.
- Business assets for significant competitive advantages.
- More informed and swift decision making using data analysis.
- Improved products and services using customers’ insights.
- Better conversion, reduced churns, the refined approach through data.
- Right data-driven strategy for a focused organizational approach
#3. Solution Transformation
What is solution transformation? Actually, companies are utilizing several digital business solutions in 2020, which majorly include websites, CRM software, and enterprise applications.
Though, the evolution of customer needs has indicated the need for changes in these systems as well. The major purpose of solution transformation is to solve customer challenges and rethink the complete product experience.
It is dedicated to realigning all parts of organizations to consumers’ needs. Over years, many companies have created many products that offer an isolated set of a point solution. E.g. SaaS, PaaS, and more.
Impact of Solution Transformation
This has made industries more customer-centric, however, challenges are major hurdles for businesses. Addressing challenges and introducing complete reinvention for product sale and development are strenuous and money-draining tasks. However, companies will have to shift from individual products and create a solution for better end-to-end CX.
Understanding the problems of customers, Recognizing an ecosystem that fulfills customer needs, Product transformation into a service.
- Consolidated and long-lasting relationships with customers.
- Solutions to problems of customers
- Guaranteed value at the endpoint
- Cross-sell opportunities using different products and services
All of these approaches allow companies to make revenue by transforming end-user experience and boost engagement. Altogether, business transformation takes up the business to the path of growth with new-age technologies.
Business transformation is essential for both small and large enterprises to serve the contemporary and evolving needs of customers. Thus, whether you belong to the supply chain, healthcare, media & entertainment, or IT industry. You must find new avenues for business development and advancement.
Consulting a business transformation and tech innovation agency can help you recognize opportunities and implement major changes that can result in great steps towards growth. So, get in touch with a business transformation consultant that can build a strategy for growth and success.