Digital transformation is essential for any business hoping to survive and grow. The 2020 pandemic illustrated this all too clearly. But do you know why you should do it, and the unique benefits digital transformation can bring to your business?
Keep these business benefits of digital transformation in mind as you leap into the digital future. Knowing what you stand to gain will boost your motivation and shape a coherent digital transformation strategy to achieve your business goals.
Here are 5 business benefits of digital transformation future-thinking business leaders can’t afford to ignore:
A full digital enterprise has tools and processes at the ready to drive product innovation quickly, efficiently and at scale. Of these, a low code development platform is a foundational tool upon which a successful digital transformation is built and maintained.
In terms of innovation, low code platforms like OutSystems help you deliver digital solutions and bring digital products to market fast. Their rapid prototyping capability and tools that enable junior development resources to punch above their weight will keep you at the forefront of innovation, without breaking the bank.
Related: Find out just how much low code contributes to your digital transformation business objectives, in our Leader’s Guide to Using Low Code To Achieve Key Business Goals.
Improve speed and agility
A digitally mature business can keep up with market changes more easily than one relying on legacy systems. It’s equipped with tools and processes to continuously transform and remain future proof.
Never be taken by surprise again, even by unprecedented events like the 2020 pandemic. No matter what the market, or current events, throws at you, you’ll be able to change on a dime with rapid development and agile solutions.
Gain full visibility
Enjoy line of sight on every project and process in even the largest organisation. In a digitally mature business, it’s much easier to gain visibility over, and insight into, business operations.
This could save you the financial, legal and brand repercussions of persistently inefficient processes, projects slipping through the cracks, or even being launched before they’re working properly!
According to a study by the SAP Centre for Business Insights and Oxford Economics, 80% of digitally transformed businesses report an increase in profits. According to McKinsey’s Digital Quotient Benchmark, this could lead to up to 4x the 4-year Revenue CAGR.
With the cost-savings and productivity boosts that a digitally mature business enjoys (and translates into profits), can you afford to ignore the business case for digital transformation?
Boost customer and employee retention
Today’s customers and star employees expect digital-first solutions. As a full digital enterprise, you can attract and retain a better quality of clients and talent. Self-service customer portals, cutting-edge productivity tools, speedy resolution of process or product errors — these are just a taste of how your business can boost customer and employee satisfaction and retention, once digitally transformed.
Reap the rewards with strategic innovation consulting
A digital transformation strategy isn’t a one-size-fits-all phenomenon. To maximise the benefits of your transformation, you’ll need a systematic plan that’s based on an expert assessment of your unique business goals, and challenges.
Strategic innovation consulting arms you with a digital transformation blueprint that clearly sets out each step on your journey towards digital maturity, and ensures the process remains efficient. As a strategic innovation partner, we’ve helped businesses across Southern Africa update and transform their business models and achieve their digital transformation business objectives. And we’d love to do the same for you.