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Six Things Digital Transformation Does for Your Company
Is your organization embracing digital transformation? And if you are not embracing it, should you?
What is digital transformation exactly? When someone says that they want to digitally transform their company, what does that really mean?
The concept of digital transformation is the use of digital technologies in a strategic manner that streamlines and accelerates your operations. By digitizing your company, your goal is to gain the benefits of digital transformation, which can include increasing revenue, enhancing your customer experience, gaining a competitive edge and more.
- Improved Efficiency
Improved efficiency is a significant drive for a company’s digital transformation. Organizations are moving away from manual processes and replacing them with electronic versions, which facilitates a quicker process flow and thereby increasing efficiencies.
- Robust Decision Making
When company management has sufficient, well-planned data to make sound decisions, it shows in the success rate, brand suitability, and brand name of the business. The sounder the decisions, the better the chances of achieving organizational goals.
- Enhanced Profitability
Digital transformation is best measured by financial gain and profit margins. One example comes from Forrester’s report, Digital Rewrites The Rules Of Business, which detailed how BMW DriveNow created a co-owned, joint venture that lets consumers drive BMW cars on a pay-as-you-go basis. It is now in 12 cities, including London, Milan and Copenhagen, with more than 5,500 vehicles serving more than 800,000 registered customers. DriveNow, which is ReachNow in the U.S., is profitable and accounts for an estimated 10% of London’s car-sharing market and 50% of Germany’s car-sharing market.
- Improved Customer Strategy
New technologies create capabilities that can help a company acquire, retain, and assist customers while simultaneously reducing marketing spend. Digital transformation’s main concern is using technology to enhance the customer experience. By shifting focus and paying more attention to what customers want, customer service is improved consistently across all touchpoints and channels.
- Improved Silos
With a digital transformation, silos that span multiple functions and processes becomes much easier, allowing an organization to increase its efficiency and impact.
- Fosters a Digital Culture
The consumerization of technology is reflected by a clear appetite from employees for a workplace that is digital by default. Almost two-thirds of employees in an Aruba study (64%) said that they thought their organization risked falling behind if new workplace technology wasn’t integrated. In addition, 71% said they think the workplace of the future should be fully automated, with 72% stating that the workplace should become a completely interactive environment that automatically updates and adjusts itself, while 61% called for virtual and augmented reality to play a stronger role. Increasingly, said the Aruba study, people are looking for a digitally-powered working environment that makes everything more efficient.
For enterprise security, thanks to machine learning and other AI-based technologies that are part of the digital transformation process, enterprise security teams can now do what was humanly impossible: granularly monitor behaviors, patterns, and other activities of employees, guests, contractors, and IoT devices. They use AI-based algorithms that automatically seek out anomalies and other minute behavioral changes that are often indicative of a pending security breach. Once the machine-learning technology pinpoints a compromised user or device, it can then be quickly investigated and removed, or otherwise remediated, before the damage is done.
In the end, a digital company transforms, it innovates and it displaces. Digital transformation can help an organization, including enterprise security, to become more effective in leveraging data, analytics and other tools to mitigate risk and allow business units to operate effectively.