Imperative. Massive. Revolutionary.
It is the kind of digital transformation that industries can expect this 2021. But why does digital transformation remain a hot topic even though it’s been around for a long time? Let’s do a deep dive into its definition and how it impacts businesses across industries.
What is Digital Transformation and Why is it Imperative?
Digital transformation is the use of technology to radically improve the performance or the reach of an organization. In a digitally transformed business, digital technologies enable improved processes, engaged talent, and new business models. It is also important to note that digital transformation is about people and processes as it is about technology .
To thrive in the digital era, achieving digital maturity has become a requirement. A study from MIT Sloan Management Review and Deloitte identifies five reasons why it is imperative to pursue a digital strategy:
- Improve customer experience and engagement
- Improve operational efficiency to increase agility and lower costs
- Improve business decision-making to isolate problems and determine best-fit solutions
- Improve product and service innovation to stay ahead of competitors
- Transform the business through the exploration of new delivery models
How Massive should Digital Transformation Be?
- Today’s organizations, both large enterprises and startups, have been embracing digital transformation, which leads to the continuous exponential increase of its acceptance as well as its market size.
- By 2023, the total expected expenditure for digital transformation efforts is $2.1 trillion.
- 77% of CIOs rated digital transformation as the top priority for their 2021 budget, pushing cybersecurity down to second place.
- 70% of Organizations either have a digital transformation strategy or are working on one.
- 55% of startups have already adopted a digital business strategy.
- 89% of enterprises are planning to adopt or have already adopted a digital business strategy.
What Makes Digital Transformation Revolutionary?
Digital transformation has dramatically innovated various industries in the past few years and for years to come. Here are some of the companies that have been successful in harnessing the power of digital transformation:
- Amazon implemented a customer-centric digital strategy, from manufacturing to feedback analytics, resulting in a seamless customer experience.
- Netflix infused its “customer obsession” culture with advanced technologies focusing on user interface, data collection, recommendation engines/algorithms, and AI chatbots to transform itself into a global digital powerhouse. This strategy was called the “Netflix Architecture.”
- Nike focused on the power of data analytics, revamped its eCommerce strategy, and created stronger digital marketing campaigns to ramp up its direct customer sales.
- Best Buy leverages digital technologies, allowing them to fully shift to digital marketing, provide customized support based on digitally gathered data, and improve delivery times through AI and automation.
- Honeywell initiated its transformation by introducing a new digital portfolio that included data-driven, internet-connected products and services.
- German automaker Volkswagen (VW) will invest $4 billion in digital transformation by 2025. The massive investment is expected to make around $1.1 billion in sales by 2025 from new digital services, including car-sharing, parking, and parcel delivery services.
These giant companies’ ongoing success proves that businesses must embrace technologies that provide them with the unmatched support and customer experience they crave. After all, customer experience is—and will continue to be—the driving force behind technology advances.
The “always connected” customers of this digital age expect relevant interactions that tie into what they are doing at all times and are compatible with the device they are using. Their digital journey dictates your digital strategy.
It is where TaskUs comes in.
We dive deep into your company’s needs, pain points, capabilities, objectives, and goals so that we can work on a tailor-fit solution for you. We understand that digital transformation solutions for one organization in a specific industry don’t necessarily apply to the next.
Start your Digital Experience Roadmap with Us
Here at TaskUs, digital transformation begins and ends with customers in mind. It means rewriting the way we do things. Using the most advanced technologies in AI, RPA, data analytics, and robotics, we ensure that our clients get the most value out of their digital transformation journey. The human element is a critical component to the journey.
Ready to rewrite your digital journey? Future-proof your business with TaskUs and achieve these impactful results:
- Seamless and integrated customer experience
- Improved brand perception and culture
- Significant increase in revenue and reach
- Efficient automated processes reduce costs
- Digital congruence and extension of your current system value
- Relevance and competitive advantage
- Digital Enablement Turning your transformation into a successful journey
- Digital Transformation In A Nutshell | by Dennis Hambeukers | Design Leadership Notebook
- Digital transformation strategy
- Worldwide Spending on Digital Transformation Will Reach $2.3 Trillion in 2023, More Than Half of All ICT Spending, According to a New IDC Spending Guide
- Digital transformation snags the top spot as CIOs’ number one budget priority
- 72 Vital Digital Transformation Statistics: 2021/2022 Spending, Adoption, Analysis & Data
- 4 Customer Service Strategies Every Business Should Learn from Amazon
- Digital transformation: What can we learn from Netflix?
- Volkswagen to invest $4 billion to build digital businesses, software
- 7 Examples Of Successful Digital Transformation In Business
- How Digital Transformation is Driving The Customer Experience