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Understanding Digital Transformation and How to Start the Journey:

Understanding Digital Transformation and How to Start the Journey:

In short, digital transformation involves using new technologies to improve existing processes and products. Digital transformation aims to change the way organizations use technology, people, and process to create new business models and new revenues streams. In order to be successful in this new world, you need to change your mindset and approach. Think about how you would work differently than you are now. Focus as much on what you do well instead of focusing on what you don't do well. It’s time for you to think differently.

IT leaders reprioritize strategies and adopt new technologies to transform their businesses. Digital transformation marks a rethinking of how an organization uses technology, people, and processes in pursuit of new business models and new revenue streams, driven by changes in customer expectations around products and services. The goal is to become more agile, efficient, and effective at responding to changing market conditions.

Companies embrace digital transformation by building software systems—including customer relationship management (CRM), enterprise resource planning (ERP), and data orchestration systems —that enable them to offer new services and enrich existing services. As companies embrace these new technologies, they're creating innovative solutions for their business challenges. The most common type of digital transformation involves the adoption of new information technology (IT) platforms and applications to improve operational efficiency and enhance user experience. This may involve replacing legacy ERP or CRM systems with newer, cloud-based systems, or consolidating multiple systems into a unified desktop application. Companies can also leverage new IT capabilities to provide better customer service through automations, self-service options, or other innovations.

In addition, digital transformation often includes the development of new business models based on new technologies. For example, online retailers have adopted omnichannel retailing, which combines traditional brick-and-mortar stores with ecommerce websites. Similarly, financial institutions have developed apps that allow customers to access banking services without leaving their homes.  The traditional phone call is still important, but so are other channels such as text messaging, social media, chat, email, video calls, etc. In fact, according to Forrester Research, nearly half of consumers would rather receive a personal response via text message than over the telephone.

The first step towards digital transformation is defining the scope of the initiative. An organization should consider all areas where it could benefit from technological advances. For example, if an organization has been relying solely on its legacy database system, then it may want to evaluate whether or not it makes sense to invest in a cloud-based solution.  Identify the specific goals of the project. These goals will vary depending on the size and complexity of the organization, but there are some common objectives:

  • Improve operational efficiency – By implementing a new platform, an organization can increase productivity, reduce costs, and streamline operations.
  • Increase agility – A new platform allows employees to access data whenever they need it, wherever they are located. This reduces the lag between decision making and execution, which helps companies respond quickly to changing market conditions.
  • Increase visibility – New platforms allow users to view data in real time. This gives them greater insight into their customers, suppliers, competitors, and markets, which enables better decision making.
  • Improve security – Data stored in the cloud is protected by multiple layers of encryption. This prevents unauthorized individuals from accessing sensitive information.
  • Create new offerings – Many companies have already begun to develop applications that leverage new technologies. If an organization wants to stay competitive, it needs to build upon these efforts and expand its portfolio of offerings.
  • Create new sources of revenue – Companies often find that new ways of generating income through technology are just as important as improving existing ones.

    Digital transformation is about changing business processes. It's not just a new technology or an IT initiative.  It's a way of thinking, a mindset and a culture that permeates every aspect of your organization. And it's the only path to winning in today's digital world.  The team at SpiceCSM can help you with your journey once you're ready to transform your organization.

 

Don’t forget to head on over to our Blog to read more about How a CRM is Critical to The Customer Journey.  If you want to learn more about how SpiceCSM is helping transform organizations and customer experiences, or to start your journey contact us for more information.  

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