Regardless of your sector or industry, your company has to adopt innovative technologies and digital channels that are integrated into the consumer experience if it wants to succeed in today’s economic battlefield.
You must put time, money, and effort into your digital transformation plan to ensure your company’s long-term viability. It will support customer engagement, boost operational effectiveness, shorten the time it takes to sell goods or services, and promote innovation.
IDC experts forecast that by 2025, worldwide investment in digital transformation plans would amount to $2.8 trillion, more than twice what it was in 2020. With this investment, firms can develop a comprehensive digital strategy that considers people, processes, technology, data, and governance.
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1. According to the Digital 2022: April Global Statshot Report, about 92 percent of internet users worldwide view digital videos weekly. This covers lessons for gaming, influencers, and music videos. While still important, print media is no longer as powerful as it once was. Because of the inherently digital nature of today’s visual content appetite (take a look at TikTok’s meteoric development), providing exciting video content is essential to connecting with your target audience. The ideal delivery method for such messaging is through digital channels and touchpoints.
2. Today’s typical college student has never licked a postage stamp so much. Analog advertising and internal communication methods will struggle to get the results you need to generate leads or increase sales in the age of the digital native.
3. According to research by Reviews.org, 62% of Americans admit to sleeping with their phones, and 80% check them within the first 10 minutes of waking up. This only sheds light on how dependent and addicted people are to their smartphones and other digital technologies. To guarantee customer engagement and allow purchases through social media—social commerce and shoppable posts—be careful to optimize your content (blog, landing pages, emails, etc.) for mobile devices and provide a seamless consumer journey from one device to another the next.
Also Read – How to Increase Social Media ROI
The State of Digital Transformation
Here, we examine the current business environment and how significant digital transformation is.
4. According to McKinsey and Company, the Covid-19 epidemic compelled organizations to accelerate digital revolutions, sometimes by a decade. This demonstrates how businesses have concentrated on offering digital services and goods to compete in a shifting market and meet the needs and wants of consumers. Although this degree of acceptance may have been anticipated, it is how organizations must continue to function to prosper.
5. In revenue and valuation, businesses with a digitally competent management team beat their competitors by 48%. Sadly, the same survey indicated that only 7% of 2,000 organizations were headed by digitally capable teams, with a team that has over half of its members being tech knowledgeable and aware of how new technologies would affect their company’s success. Employee digital literacy is not enough; the executive team must also possess the necessary abilities to spearhead a digital transformation plan.
6. According to Gartner, 63% of businesses anticipate seeing a return on their Internet of Things (IoT) investments in three years. You may hasten your business success by utilizing the IoT’s potential through technologies like automation, chatbots, and voice search.
Digital Transformation’s Power
Insights on the undeniable power of digital transformation in the modern age.
7. According to a Valor analysis, there is a direct link between the degree of digital transformation and financial performance. Companies that are further advanced in their digital transformation had revenue growth rates about twice as fast as those that are only beginning. This is a blatant argument for investing in digital transformation because revenue creation is the main objective of corporate growth and acceleration.
8. The way organizations generate leads and profit is changing due to digital channels and technology. The New York Times stated that online subscriptions and digital goods sales for the first time surpassed print income. According to Amazon, e-commerce revenues will exceed $729 billion in 2022. (despite a decrease compared to the bumper year due to covid-19 in 2020). This demonstrates the strength and sway of digital and how it affects financial results.
9. According to the “CMO Survey,” between 2021 and 2022, there was a rise in spending on digital marketing activities. Data analytics (78 percent), website optimization for the business (74 percent), digital media and search (71 percent), and marketing technology platforms or systems round out the top investment areas for businesses (70 percent ). Investing in these areas benefits you from a healthy degree of continued company success as more digital channels, platforms, and touchpoints become accessible.
10. 30 percent of people between 20 and 39 years old make up the next third of the population, around one-third of the total. There are now more digital natives (or aspiring digital natives) than ever before, with more than 60% of the world’s population under 30. Investing in digital transformation is necessary if you want to keep luring in and engaging this generation of digitally savvy consumers.
It is essential to undergo a digital transformation if you want your organization to succeed. And to achieve that, you need a workforce that can drive change in addition to the newest and most efficient technology.
The best method to ensure your staff is up to the task and proficient in the most crucial digital skills is to offer training. This might be a specialized curriculum that teaches the essentials or brief online courses that upgrade skills in a field like data analytics or SEO. It’s critical to evaluate your digital skills and identify any gaps that might prevent your business from growing.