Initially, when an entrepreneur decides to digitally transform the business, the expenses may seem to be a burden, but benefits that you reap at the end of the digital transformation process will stun the investor!
Is Digital Transformation idea a financial burden? No, it is definitely NOT!
Let’s understand why is your digital transformation expenses are not really a financial burden, but a fruitful investment in technology to take your business to the next level.
What does Digital Transformation offer?
According to a recent survey, Digital transformation is the leading priority for information technology (IT) initiatives for global companies.
Digital Transformation offers any venture a cultural shift to be more agile and offers more intelligent ways of doing business, powered by technologies such as advanced analytics and artificial intelligence (AI) incorporations. Many corporates and businesses have already begun their processes and they are successful in meeting their prospects! A digitally transformed customer experience goes beyond a new website or sleek app. It focuses on integrated operating models with the customer at the heart. To truly transform your customer experience, you need to not only address the front-end of your processes for sales and marketing, but you need to look at how processes downstream are completed to ensure that you’re delivering on your brand promises by investing in Digital integrations and systems.
A Statista report also reveals that, ‘In 2022, spending on digital transformation (DX) is projected to reach 1.8 trillion U.S. dollars. By 2025, global digital transformation spending is forecast to reach 2.8 trillion U.S. dollars.’
After the United States, the country that has been known as the most digitally transformed country in the world, the most digitally competitive country, and the country with more digitized Data, the countries like Denmark, Sweden, Norway, and Finland are also making their way into list with good ranks. Also, other countries have begun to adopt digitization and have initiated the process of transforming their systems digitally to be more competitive in this technologically-enriching world of fastest and responsive communication systems.
For example: It has been found that over 90% of the companies are doing business in the cloud. Cloud technology for cost reduction and digital business model will further lower the cost. For many companies the driver for digital transformation is cost related, moving to a public, private, or hybrid cloud environment lowers operational, hardware, and software costs, while helping the companies to shift the team or workers for other projects. This improves efficiency to take up many projects and delivering it on time. Cloud Consulting services are one of the most used IT services in the recent years.
Many Efficient Cloud Computing Service providers are helping the organizations in storing and using oodles of Data for redefined business processes and growth.
3 Types of Digital Business Models to opt for cost- efficient solutions
There are three types of Digital Business Models you can check out to transform your business digitally as per your industrial needs, business and customer or employee behaviour, Data that you store, type of operation, and wants.
Before a decade only 4 companies out of ten had Digital Business Models. But, in 2022, 8 companies out of ten own a digital business model and generate revenue through the top 10 social/digital platforms.
Understand the Digital Trends and the Investment details before you opt for a service/model to automate your system or for any digital transformation endeavours to attain the anticipated results. Talk with digital technology experts, finest Tech Partners, and best IT service providers to understand your business model and the Technologies to integrate and how the tentative results will be.
1. Data/ AI driven model
Transaction platforms like Amazon or seller and e-commerce owners can adopt this model. Here, the Data analytics, intelligent decisions, and IoT integrations will make your business go places. You can also build your business system Infrastructure. IoT Experts will find the right point where you utilize this technology for productive results.
This model can be helpful for corporates. And, it is a necessity for the corporates too. It has been stated in a survey that,
‘Corporate investments on digitization and digital transformation are increasing rapidly (trillion dollars) CAGR-15.5 % between 2020- 2021 and expected to be increased as 16.8% between 2022 – 2024’
2 . Digital addition of Analog model
If you have a legacy system or an Analog business process in Finance, Education, Media, Healthcare, or any industry, automating your processes with industry specific features help your employees and save the customers from tiresome old methods. Automated systems and the new technology-built enterprise applications and systems are the only way out to improve your business revenue. Consult the best Legacy System Modernisation consultants or Enterprise App Modernisation experts for more insights..
3. Digital Transformation as a Service model
If you have product to monetize, you can adopt to this model. Data products with technologies integrated, Digital marketing, and automated process will help you in improving your revenue and reaching more clients.
Manufacturing units, Agricultural & Chemists, and industrial business owners can also do Data based production, Digital automated provision of services, and Digital sales, by opting this model. They can also opt agencies for automated services, digital retail transaction, marketing, and IoT machineries to add value to their digital transformation.
As we are concluding, let’s know What Digital Transformation will offer you instantly,
Data collection enhancement/structuring – Effective Data collection and structuring it for improved business performance on all the grounds.
Resource Management reformation – Manage your resources efficiently by integrating the right technology and automated system to manage your resources profitably.
Learning Customer Insights through Data – Understand your customers very clearly by reading the data on their behaviour on your website or applications and give them what they expect from your business.
Improve Productivity of the employees and System – Organizations can improve the productivity of the employees by automating the systems while the productivity of the legacy systems and old processes can also be mitigated through digital transformation.
Wrapping up
Digital Transformation is the integration of technology in all the areas of a business and it results in fundamental changes to the way a business functions. Many companies are using this process and developing feature-rich mobile apps and websites for their businesses to be more efficient and profitable. The leading Mobility Service Providers are the choice of the entrepreneurs in 2022 to optimize their business whether it is small scale or large scale.
If you are looking for expert assistance on how to get started with your digital transformation, how to take your business to the next level through digital and technical processes, or looking To enhance your businesses through the revolutionising Technologies, smart solutions, and innovative Digital Transformation ideas, the Team C-metric is just an email away with almost 3 decades of experience to serve you better.
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