How Digital Transformation is Driving Business Change

Let’s be honest — it’s downright amazing how technology is transforming our economy and society. And the most amazing part is that the digital transformation is only just beginning.

As Chuck Robbins, CEO at Cisco Systems, explained in 2017: “Billions of devices, tablets, cars and most importantly — people — are on the brink of being connected over the next decade. Technology is fundamentally changing the way we live, work and solve problems.” He’s correct. And this digital transformation will certainly continue to change the business world.

Tomorrow’s leaders will increasingly use technology to build smarter strategies, enhance operational efficiencies, deliver faster services, and expand their reach into global markets. In its Top 100 Global Technology Leaders report, Thomson Reuters reviewed successful companies and confirmed that current leaders like Amazon, Walmart and Citi are embracing technology to drive productivity in both management and operations.

At the same time, the rapid pace of technological advancement can make it challenging to stay ahead of the curve. In 2016, Forrester interviewed 30 consulting firms, including large players like Deloitte and boutique firms like Senn Delaney, about the future of digital. Every firm said they anticipated significant changes, such as an emphasis on analytics and customer experience, to become more prevalent by 2020.

Smart companies will work hard to understand these trends and think creatively about ways in which they can leverage the power of technology to achieve their own business goals.

The power of digital transformation

We can think about digital transformation by focusing on three key concepts: reach, relevance, and resonance.

Reach

“Reach” is your company’s ability to foster connections between clients, partners and employees.

In some cases, digital transformation is making connectivity more complicated. A 2016 MacAfee report revealed that the average organization uses 210 different collaboration tools, including email apps, file-sharing solutions, workflow managers, office software suites, accounting software and more.

At the same time, companies on digital journeys are driving greater “field productivity,” allowing their people to access and share information anytime from any mobile device.

These new options for connectivity make it possible for work to happen faster. Just imagine a sales rep using their smartphone at a client site to give an immediate quote on additional work, or a C-suite executive using their tablet in a boardroom to access financial data for strategy planning.

Relevance

“Relevance” refers to  your company’s ability to hit the right targets and focus your energy on high-payoff areas. A PWC Annual Global CEO survey found that 74% of respondents believed their ability to harness digital technology would become  their differentiating factor.

However, certain industries — such as construction — may be lagging behind other sectors in this regard. Research from PWC in its 2017 Engineering and Construction Trends found that construction firms are facing higher customer expectations and different financing requirements.

In response to these challenges, the report advised construction firms to implement digital tools to adapt to changes in RFP processes, better understand their market position, and take a closer look at their cost structure.

Resonance

“Resonance” refers to the impact your company has on its industry and marketplace. Is your digital journey adding value to your products or services, driving efficiencies, and opening up new opportunities?

Recent advances in technology offer significant opportunities for companies to shake things up and take their industries by storm. Some possibilities include:

• Using artificial intelligence (AI) to automate formerly manual and repetitive tasks
• Diving into big data analytics for a better understanding of customer behavior and industry-wide trends
• Embracing cloud software and mobile technologies so your teams can expand into new areas and markets

Embracing digital technology for a successful future

In today’s tech-savvy world, companies must be focused, nimble, data-driven and organized. Your digital tools should be as integrated as possible, with different parts of your business connecting to yield immediate information and valuable insights.

Admittedly, small businesses in sectors like construction and consulting may feel that adopting new technology is too expensive or intimidating. However, companies aiming to expand their reach, improve their relevance, and deepen their resonance will surely find that digitization is their best investment.

Digital transformation is the path to a successful tomorrow.

Digital transformation with CRM software

Are you ready to embrace digital transformation? If the answer is yes, then powerful customer relationship management software is an ideal starting point.

CRM software provides a digital platform for connecting every part of your organization — from the C-suite and finance department to your sales and customer service teams.

Remember those businesses that are using 210 separate tools to manage their day-to-day activities? An effective CRM consolidates many of these functions into a single system, including lead tracking, customer management, and workflow automation. A comprehensive, shared platform is an invaluable tool for growth, driving better employee collaboration, greater mobility, and stronger customer relationships.

The future is digital — and a great CRM is a key step in your digital journey. To embrace the power of technology in your own business, try Method:CRM free for 30 days.