By: Kathy Kent Toney, CEO & Founder of Kent Business Solutions
I spoke with someone the other day who mentioned they are seeing more blogs and articles around Digital Transformation (DX). There’s a good reason for that!
Forward-looking companies are embracing DX to remain competitive, and for a good reason. Here are some eye-opening statistics:
With this in mind, companies that don’t embrace DX efforts can experience the following consequences:
1. Inability to Meet Customer Expectations
Here’s a perfect example of how not embracing DX can lead to disaster:
Years ago, many of us were more than willing to hop in the car to grab a movie at Blockbuster, bring it home, and settle into our favorite armchairs to watch it. Now with a few clicks of a remote, we can watch a Netflix movie from the comfort of our homes.
Discerning companies, like Netflix, see the writing on the wall and change with the times. Blockbuster didn’t do this—they refused to go more digital, which led to their demise.
2. Higher Costs Associated with Manual, Inefficient Business Processes
Many employees manually fill out forms or use Excel spreadsheets to complete their work. Some of these tasks can be so repetitive that they are mind-numbing. Both scenarios can be time consuming.
With automated systems, employees can fill out forms that parse out correct information and tasks to other people next in the work queue. That way, people will know what they're supposed to be doing when they're supposed to be doing it. Furthermore, systems with artificial intelligence and bots running in the background can make repetitive decisions without employee intervention.
3. Higher Costs Associated with Maintaining Legacy Systems
Companies that refrain from updating their legacy systems to newer, more efficient technologies waste precious resources by pouring money into maintaining those systems. Organizations may find that the inefficient patchworking of outdated systems could cost more than implementing new, more efficient systems that could provide a greater Return on Investment.
Employee frustrations can also run higher around not having more intelligent, integrated systems at their disposal, and keeping employees happy in a tight business market is of utmost importance!
These are just a few examples of the consequences companies can face by not embracing DX. Organizations that prioritize DX projects in their budgets, choose the right software platforms to meet their needs, and successfully implement their initiatives are more likely to reap benefits that will help place them at the head of the pack.
This last sentence is crucial! Companies must choose the right platform and ensure proper management of the project to be successful.
If you're interested in learning how to do this right for your DX projects, check out Michael Cantu’s and my book, No-Nonsense Digital Transformation. It provides a step-by-step roadmap for preparing for and implementing digital transformation initiatives in your business so you can help ensure success even before you start.
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