Digital Transformation is universally understood to be beneficial to business operations and sales channel systems alike. Legacy modernization is key in transitioning to the shift in the digital world, running a digital transformation initiative concurrently with a unified commerce infrastructure is the best way to maximize results from sales channels and technical capabilities. Economics and external factors have re-shaped the market as automation and digital transformation focuses have become standard practice.
Digital Transformation is the process of integrating digital strategies into an existing aspects or areas of business, adopting the technologies with the goal of improving business process, and streamlining its implementation. The deployment of digital transformation can range from digital, non-digital, or mechanized, and can optimize commercial systems and fundamentally change business operations. This modernization can take the shape of cloud computing to machine learning with intelligent automation.
Does digital transformation have a high ROI?
To answer the question of whether Digital Transformation has a high ROI, you first must look within your given industry, that will guide you to whether one takes focus. According to Deloitte, “the implementation of digital technologies can help accelerate progress towards enterprise goals such as financial returns, workforce diversity, and environmental targets by 22%” (Deloitte, 2020). Companies with higher digital maturity report 45% revenue growth compared to 15% for lower maturity companies, benefiting business and consumer. As industries transition to expressly modern methods, such as unified commerce, digital transformation is evidenced to match innovation and ensure a cohesive sales lifecycle.
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In order to mirror the innovation of unified commerce, digital transformation is a necessity to drive sales in an evolving marketplace. Utilizing aspects of digital transformation will allow you to best interact with unified commerce, a necessity to be a player in the evolving digital customer experience space. Within unified commerce sales channels, digital transformation bridges the gap between a system operating at full capacity and maximizing sales, versus a system with no means of benefitting its sales channels. Digital transformation can be the answer to taking your business to the next level. Learning more about the role of digital transformation and how it can be used in conjunction to unified commerce is essential to maximize business operations and mirror the innovation unified commerce provides.
Why is it important to understand digital transformation?
It’s often hard to pinpoint where the value in specific operations lay when processes are run simultaneously, such as automation systems and digital transformation. Distinguishing between the two and analyzing business processes separately allows for you to isolate business value and accurately access ROI, whether it’s derived from digital transformation or automation in this case. When doing so, you will find digital transformation is of value to you and your customer.
However, some find it hard to define digital transformation as it applies their industry as a broad initiative. Though seemingly interchangeable, the phrases of digital transformation, digitalization, and industry phrases like intelligent automation, or even automation in the broad sense have separate connotations that can alter their perception and the actions associated with these words. To differentiate between them is to better serve your ERP interface and match the innovation that unified commerce provides. Digital transformation connotes business operations, whereas automation tends to lean industrial by nature of the word but are much more complicated than to separate the phrases simply by industry. These processes can run concurrently to produce better result for your business.
Digital Transformation is one of the most effective tools a business can use to boost its infrastructure and significantly bolster already existent business processes and systems. Digital Transformation in its essence is enhancing business functions through automation and modernization. As companies and industries continually revolutionize techniques standard throughout the market, it is essential that any business move steadily into the 21st century through Digital Transformation to fully capture their market potential. When a company invests in Digital Transformation, improving and streamlining their methods and employee training, not only will a company recoup money invested in these improvements, but they will also see a steady increase in profit margins and overall competitiveness within national and international markets. It is essential for any business looking to stay relevant in a changing industry to diligently invest in their future and begin Digital Transformation.
- Gurumurthy, R., Schatsky, D., & Camhi, J. (2020). Uncovering the connection between digital maturity and financial performance. Retrieved from Deloitte