Have you found yourself choosing to order your groceries online rather than going into the shop? Pre-ordering your lunch through an app to skip the queue when you pick it up? Getting your news through your phone rather than a newspaper? There isn’t much we can’t or won’t choose to do digitally in our everyday lives, from how we shop to how we stay physically and mentally healthy. It’s not that surprising when you consider that in the world right now, more people own a mobile device than a toothbrush, and one in three marriages start online.
Digital processes become more and more prevalent through our quick adoption to them. Perhaps you resisted at the start, but now it seems foreign to order a taxi by phoning up. When you have the option to compare pre-determined prices and rides closest to you through live tracking and can book at the click of a button, why would you?
From the second you pick up your phone in the morning, till you put it down to sleep at night you’re sending out information to the world. In 2019, the average person makes 4,758 interactions every day. To think that 90% of the world’s data has been generated within the last two years, we are all wondering what things will look like in five, ten, twenty years from now.
A digital transformation is the integration of digital processes into areas of a business, fundamentally changing how you achieve strategic business goals, and deliver value to your customers. It has enabled technology to be highly accessible, and not only large organisations have access to the latest developments anymore. A digital culture can be harnessed by businesses of all sizes, and this has proven many advantages. Studies reveal that 55% of start-ups have adopted a digital business strategy compared to 38% of traditional enterprises, and start-ups increase revenue by 34% when they rely on digital strategies.
Just like how you prefer to book your dinner reservation from your phone at whatever time suits you, rather than having to call up within their business hours, your customers think the same way. So, to keep up with customer expectations and competition, businesses must evolve too. According to tech media company IDG, 89% of companies plan to adopt a digital-first strategy, but only 44% of them have actually done it. Further reports reveal that 59% of companies are worried they may already be too late to make their digital transformation, and there is reason to worry with 55% of businesses believing they have less than a year before they start to suffer financially and lose market share.
Ultimately, this shift is all motivated by providing a better experience for your customers. Going digital means you can measure and monitor this very well. You can couple instinct with real data-driven insight to make informed decisions about how to best reach your customers and find out what will improve their attitude and behaviour towards you.
Replacing manual process with digital ones allows workflow to be much faster. This means the whole organisation is more efficient, freeing up people’s time to focus on customers, and other means to make the business thrive.
Digital transformation can be measured with profit margins, and through adopting digital strategies businesses can expect to grow revenues by 23%. This is because of the additional and better resources available to make smarter decisions that increase productivity, saving time and money.
Disengaged employees are thought to cost the UK £52-70 billion per year, in lost productivity, making 100 times more errors than engaged colleagues, this is productivity lost. In addition having disengaged employees greatly affects staff retention, with employee engagement a huge reason as to why employees leave an organisation. Digital businesses empower employees through better communication, transparency and further learning opportunities.
Imbedding a digital transformation requires an entire cultural shift from traditional business structures to one that empowers employees to make decisions and contribute ideas. There’s no finish line when you digitally transform, and it’s never going to be a rigid model. Technology will continue to evolve, so place yourself at the forefront of it now so you can be fluid in your movements as it does, as well as being able to quickly adapt as competition and the economy changes too.
Create a forward thinking, open culture where employees feel inspired to think innovatively, and don’t be afraid to roll up your sleeves and get in the heart of the action with them. Right now, your competitors are thinking of new ways to do what you do better. How do you stay one step ahead? Be proactive, be on the lookout for processes, technologies, opportunities for automation and everything between that can drive your company forward. Research and listen, you’ll gain a more dynamic understanding of how your business works and of your customers when you involve people working at all levels of the company.
It can seem a daunting task, but think about where you are at now, what is achievable and put a plan into action. Envision being your customer and make a change that will improve their perception of you. Is it allowing them to book online, catching them at more purchase opportunities? Is it allowing your team to use real data to control ordering of supplies and minimise food waste? Or, is it creating a virtual reality prototype for your customers to explore properties from their smartphone like Airbnb? Think outside the box and inspire others to do the same. Break down the steps, and importantly prioritise proper training to your own staff at each stage.
It’s key that you understand digital transformation has no end point. It sets your business up to be more resilient and creates a culture within your company where people are inspired to keep innovating. To be successful, monitor the effect your digital processes are having and adapt accordingly. Get feedback from your customers and your staff so you continually learn and grow.
People are the greatest asset of most businesses and how we hire is now rapidly changing due to digitalisation. Talent sourcing is quickly adopting disruptive staffing enabled solutions because it saves companies so much time and money compared to using traditional recruitment models. If you’re ready to transform your business in an impactful way today, we can help you. Our solution to staffing optimises your operations, and will engage and empower your workforce, all shaped around giving you the time and focus to provide the very best experience to your own customers and clients, allowing your business to truly thrive.