When companies look at the possibility of converting more of their processes to a digital methodology, all too often the discussion revolves around the cost of changes. What tends to get overlooked is the value that can be derived from digital transformation initiatives, as well as the opportunity costs of not upgrading.
There are numerous ways that a company can adopt digital systems and workflows throughout their organization. Just as a few examples:
- Upgrading to robust Customer Relationship Management (CRM) or Partner Relationship Management (PRM) platforms that allow universal access to vital data.
- Implementing better digital storefronts with more personalized presentations.
- Utilizing marketing automation systems, such as email marketing, to reduce manual labor in drip-feeding messages.
- Adopting digital inventory or product tracking, such as via barcodes and QR codes. AR or VR systems can also be utilized to further improve product picking and tracking.
- Upgrading existing robotics systems to utilize AI or other automation, reducing the need for manual oversight.
Digital transformation isn't an all-or-nothing proposition, and can often be implemented on a case-by-case basis depending on which areas of a business are most in need of upgrades. This, as MIT also points out, can result in three major new value drivers.I. Operational Value
In many cases, the biggest benefits from digital transformation come from improved efficiency and less waste within an operation. Nearly all of the above examples will either reduce the need for extra manpower, prevent costly mistakes, or both. In the short term, these significant improvements to workflows will quickly pay for the upgrades, while providing long-term cost reductions that are effectively permanent.
II. Customer Value
Your customers will also benefit greatly from digital upgrades. Their shopping experience can become smoother, while offering customized recommendations that encourage upsells. Calls to customer support or technical support become much smoother, when every department has access to the same customer records. Having more lines of communication will make it easier for them to reach you, such as outside typical office hours. These upgrades can all significantly improve your Customer Experience, leading to happier and more loyal customers, as well as increased lifetime value.
III. Ecosystem Value
For larger operations, the value in digital transformation can be synergistic - by upgrading and improving your systems, you also improve the workflow for all your partner companies and workers as well. Those who utilize third-party sales partners, for example, will be make themselves easier to do business with, improving partner sales while making themselves more attractive to other potential partners. Significant value can also be derived by centralizing elements such as training and technical databases, ensuring partners and technical workers all have access to the same information.
LogicBay can help you unify your ecosystem and streamline digital initiatives. We have extensive consulting experience, helping global companies become more tightly integrated, while also offering superior software tools that offer training, communications, and collaboration opportunities across your ecosystem. Contact us to learn more.