There has been a lot of buzz across industries about digital transformation and lets be honest, the reality is that digital transformation is a business imperative. Organizations that delay transformation or ignore it altogether risk being irrelevant.
According to trends analyst Altimeter, digital transformation as “the realignment of, or new investment in, technology and business models to more effectively engage digital customers at every touch point in the customer experience lifecycle.” Simply put, business success in a digital age requires new technologies, new strategies, and a new psychology.
3 reasons digital transformation is a business imperative:
- Drive revenue growth: Digital channels have evolved from the single-function, static websites of the 1990s into multiple tools and systems that Perficient’s clients say provide more than 25 percent of business revenues.
- Connect with customers when and where they want: Mature businesses respond through the channels customers prefer, at the speed they expect, and with little or no friction or inconsistency between channel experiences
- Deliver superior customer experiences: Using the stock market as an indicator, Watermark Consulting found that customer experience leaders in all markets had a 43 percent average value gain over six years, compared to laggards who lost 33.9 percent of their value in that same time.
Today’s competitive markets demand that companies evolve faster, become more efficient, and focus on memorable customer experiences. Yet big change intimidates even the most innovative companies, and digital transformation requires a big, overarching commitment for it to succeed.
Companies must be aware of the risks and requirements of digital transformation before investing the necessary time, money, and resources.
In part one of our digital transformation guide series, Laying the Groundwork for Success, we take a look at the steps necessary for a successful digital transformation. Digital transformations are large undertakings and building a strong foundation is critical to their success. Download the guide today and be sure to check out our other valuable digital transformation assets.