Digital business Transformation (Digital technology) benefits and uses
Digital transformation has transformed modern life with gadgets such as laptops, tablets, and smartphones, It has revolutionized every aspect of people’s lives in recent decades, Office work, shopping, music, movies, television, photography, travel, transport & communications are some areas that have been transformed, It’s become rare to find an electronic device or large machine that doesn’t incorporate digital technology in some way.
Digital business transformation advantages
The Financial Services industry is experiencing a rapid change in the area of digital, businesses are starting to perceive the potential of digital for engaging customers externally, but also for streamlining internal processes, Digital Transformation has the potential to integrate and streamline entire business processes to increase business performance.
Digital technology is the devices that can be smaller, lighter, faster, and more versatile, So, huge amounts of information can be stored locally or remotely and moved from place to place almost instantaneously, Connecting the enterprise-wide systems and technologies simplifies the customer experience.
You can work more efficiently, You can make better decisions, and improve your customer’s perception of your business, the digital transformation will transform your entire business, You can reduce costs, Optimising business technology and operations around digital technology offer cost-per-transaction savings and increased sales.
Digital transformation allows you to manage, use, and exploit different digital channels and touchpoints available in digital marketing, There are many marketing automation and brand management platforms available to help control the content you are placing in these digital channels.
Digital technology gives companies the ability to combine data from all customer interactions and formerly unstructured sources into a useful, actionable format to optimize customer experiences and expenses.
Digital technology creates capabilities that can help the company acquire, retain, and assist customers while reducing marketing spend, The introduction of cost-effective, customer-focused digital tasks streamlines business workflows and eliminates the overhead associated with outdated solutions.
Digital technology helps businesses to discover more adaptive and agile models based on customer parameters that were impossible to uncover & track in the past, Identifying silos that span multiple functions and processes becomes much easier, allowing the organization to increase its efficiency & impact.
Digital transformation presents streamlined operations, Streamlining operations saves time, money and allows your teams to be more efficient and almost eliminates user error, Digital transformation increases sales, The companies that use digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation.
Digital transformation offers an enhanced brand reputation, The people can communicate externally in a consistent voice, So, they can build a great brand experience for their customers and prospects on and off-line.
Digital transformation can improve management decisions, Robust analytics provided by technology platforms allow top management to make strategic and informed business decisions, Modern technology and systems aid in the production and sign-off of new products, campaigns & services
Digital transformation allows companies to tap larger online markets while delivering additional value to existing customers, Digital technologies have eliminated the barriers imposed by geographical locations, and Mid-market companies can streamline their communication processes across borders with the aid of advanced collaboration tools.
By tracking IP addresses, the companies can personalize customers’ experience based on their geographical location, Online retailers display personalized product recommendations depending on the local weather conditions of the visitor.
The companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation, Digital transformation can revolutionize your entire business, It enables a more sound understanding of customer behavior and subsequently drives more accurate targeting of products and services.
Disadvantages & risks of Digital technology (digital transformation) in human life
