- October 16, 2023
- Posted by: zeinab adel
- Category: All Articles
7 Digital Transformation Business Objectives That You Need To Discover
Digital transformation, one of the most buzzing words nowadays in the business scene. The definition of it has been changing between transforming business models transforming customer’s journey or totally transforming how a business operates.
And the thing is that digital transformation business objectives are also transforming through this journey. If you asked someone what digital transformation was in the early 2000th he would have said that it’s about using these heavy computers and saving data on floppy disks and optical disks.
And with the years, this definition has been changing into adopting new technologies, using business management systems such as ERP and CRM, and using cloud computing systems.
And now in 2023, Digital transformation is more about acquiring cutting-edge tools and technologies such as Artificial Intelligence, Robotics, Internet of Things and so much more.
So, in this piece, we’re briefly defining what digital transformation is and why you need it. While also extensively explaining what are the key digital transformation business objectives and how to define your own.
Table of contents
- What Is Digital Transformation?
- Why Do You Need To Transform?
- 7 Key Digital Transformation Business Objectives
- How To Determine Your Own Digital Transformation Business Objectives And Goals?
What Is Digital Transformation?
Technically, it’s the practice of implementing digital technologies into all areas of your business. But, practically, digital adoption is the art of transforming how your business operates to get better results including the transformation of people, data, and systems.
This is because digital transformation is not a one-size-fits-all strategy. We can tell that transformation is a perspective or a point of view that differs with every business niche, size, and objective. However, although there is no one single digital transformation strategy for all businesses, there is one fact; you need to keep constantly transforming to survive.
Why Do You Need To Transform?
Because Benjamin Franklin once said “Change is the only constant in life. One’s ability to adapt to those changes will determine your success in life.” This more than 3 centuries old quote simplifies why transformation is a must.
Coming to the real modern world, the objectives of digital transformation can vary between improving productivity, reinventing a brand’s value proposition, enhancing operational efficiency or just simply boosting revenues.
Also because it’s definitely one of the most growing sectors to empower businesses worldwide. The global spending on digital transformation technologies is expected to grow from 2.16 trillion U.S. dollars in 2023 to 3.4 trillion U.S. dollars in 2026. And yet is more to come.
And now, let’s have a closer look together on what are the most popular digital transformation business objectives.
7 Key Digital Transformation Business Objectives
When you start with an end in mind you pave the road to a smooth journey with defined milestones. That’s why setting a group of defined digital transformation business objectives and what are the expected benefits to reflect in your business is an essential step before starting.
1. Keeping Pace With Evolving Market Demands
All industries are currently growing at a skyrocketing pace and the only reason is technology. For example, if your business was part of the retail industry 20 years ago and you’ve never evolved you must have been missing out on E-commerce, mobile commerce, supply chain management, online payment, inventory management, internet digital marketing, and automated data collection systems.
This is only the basics without mentioning that you may have been using virtual assistance, robotic automated reply, or Augmented Reality for showcasing products.
Just Imagine how digital transformation would have entirely transformed your business and then you’ll discover that consistent transformation is a must.
2. Operational Costs Reduction
Automating manual processes and time-consuming tasks is a key factor when you’re trying to reduce your internal operations costs. This can happen by handing some of these business processes to customized systems or AI tools.
Also one of the current booming costs reduction tools is using real-time data and analytics technologies to improve decision making that can lead to improved profits.
In addition, digital technologies can be used to reduce waste in a number of ways. For example, businesses can use updated technologies to track inventory levels and to optimize supply chains.
The cornerstone is that any reduction in operational costs results in increased revenue and overall profits which is a main goal for every business, that’s why this is one of the key digital transformation business objectives.
3. Provide Exceptional Customer Experience
Providing an improved customer experience or even going beyond customer expectations is also another principal digital transformation goal and it can be fulfilled through different majors such as;
Digital technologies can be used to personalize the customer experience by providing specially tailored content and offers that are relevant to their interests and personal preferences.
Also, new robust technologies can make operations more convenient to do by offering online self-service options and providing seamless assistance tools such as chatbots, live chat, and unified commerce touchpoints.
Speed is a critical factor when it comes to customer support where updated technology tools can be used to speed up the overall user experience such as omnichannel helpdesks, conversational AI, and Chatbots.
Don’t miss out on harnessing these benefits of digital transformation in your business.
4. Improve Agility And Compliance
Businesses now have to be ready to reinvent their own business models and respond to change rapidly in order to keep up with the market pattern. And only technology has the power to enable businesses from scaling up and down and to empower them from responding to trends so they can quickly adapt to the customers’ demands.
5. Increase Governance And Data Security business operates
What’s more important to business than enhancing data security and increasing governance for both businesses’ and customers’ data? And the only solution for such a thing is by implementing the latest robust cybersecurity technologies such as AI, Machine Learning, IoT, Zero Trust Architecture, Cloud Computing, and Blockchain.
6. Enhance Productivity, Collaboration, And Team Communication
Building a healthy work environment is the optimum goal for every business. This is because a motivational workplace can improve employees’ performance, maximize productivity and minimize turnover. Digital technologies lead to achieving these goals by using tools that enable knowledge sharing and streamline communication.
In addition, when you decide to implement new tools that minimize time-consuming, mundane tasks this means you give your employee time for creativity, invention, and professional development.
7. Gain New Competitive Advantages
In a high-speed business marathon, how to guarantee that you come among the top companies if not the first? The answer is technology. Be the first in your niche who provide certain features using technology adoption and ensure that you are preceding your competitors with a few steps. For example, Implement technology such as AR and be the “trending” supplier for any type of services or products in your industry.
Already set your goals? What about challenges?
Get prepared to overcome any challenges through the journey
using this powerful white paper from asgatech
“What Are 2023 Digital Transformation Challenges
And How To Solve Them”
How To Determine Your Own Digital Transformation Business Objectives And Goals?
After you discovered the 7 Key digital transformation business objectives, you have to know how to set your own goals and objectives. And never compromise time in planning because “A goal properly set, is halfway reached”
- Assess your current business situation. What are your strengths and weaknesses? What are your opportunities and threats? What are your current goals and objectives?
- Identify the areas where digital transformation can help you improve. This could include improving customer service, increasing efficiency, or reducing costs.
- Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your digital transformation. For example, you might set a goal of increasing customer satisfaction by 10% within the next year. This strategy must outline a time-framed agenda, assets, and responsibilities.
- Involve all stakeholders in the process. This will help to ensure that everyone is on the same page and that the goals are aligned with the overall business strategy.
- Be realistic about what you can achieve. Digital transformation is a complex process, so it’s important to set realistic goals that you can actually achieve.
- Be flexible and adaptable. The digital landscape is constantly changing, so be prepared to adjust your goals as needed anytime.
Finally, We know that digital transformation can be a complex and challenging process, but it can also be a great opportunity to improve your business. And as Tony Robbins once said, “Setting goals is the first step in turning the invisible into the visible.”
And By following these steps, you can set yourself up for success in your digital transformation journey.