A crisis can actually be transformed into a great opportunity for your business. For instance, the current crisis that the world is going through is that of COVID-19. Such crises can actually accelerate your corporation’s Digital Transformation which in turn can help enhance its reputation.
What is Digital Transformation?
Digital transformation is simply defined as the process of incorporation of digital technology in all the aspects of a corporation or a business. This results in bringing about essential changes in the way that businesses operate and the quality that they’re capable of conveying to their customers.
“By 2021, 90% of digital giants will willfully “self-disrupt” to create their next leadership opportunity.” – Vladyslav Kushneryk
In simpler words, digital transformation is all about modifying the approach that businesses implement in interacting with their customers, as well as how they offer a consistent experience for them, as and when needed.
Why is Digital Transformation Required?
Customers have always demanded for easier and convenient processes from different business corporations even during normal situations, let alone those of crisis. Therefore, businesses will especially fail if they’re unable to provide their customers with the demanded digital services.
So a crisis situation can always be taken as an opportunity to accelerate digital transformation. However, there are many companies today that still haven’t done so despite the fact that all forms of modern technology exist today.
The Importance of Digital Transformation in Today’s Businesses
Today’s world is changing rapidly. There are many businesses and corporations that have started to move on a journey towards digital transformation by instigating e-commerce, finding new possible customers, assimilating Big Data, networking with people on social media, and much more. Such are the businesses that are actually adapting to a lot of crises much better to be able carry on with their business operations.
This tells us a lot about how important digital transformation is for companies. Organizations that haven’t already implemented such technology must start doing so to be able to enhance their success, especially during times of crisis.
Digital Transformation is not considered to just be an option for the success of companies any more. In fact, it is actually considered to be rather critical for the growth and placing of various companies in the economy during times of crisis and even long after.
For instance, it’s been known that the businesses in Spain that have accelerated their Digital Transformation have been able to adapt well especially during hard times like these. According to a research conducted in the year 2018 from Intel and Dell EMC, those bodies that are able to implement Digital Transformation can actually enjoy adaptation and competitiveness as much as up to 22 times higher levels.
It would be a good idea to try and locate new customers for your business but that’s quite challenging during a crisis. So instead, it would be better to pay attention to your present customers, who might already be aware of your company’s work and appreciate it. Digital Transformation has certainly proved to be a great strategy for this purpose.