Digital transformation refers to the process of using technology to modify existing or create new business processes that change how you operate and deliver value to customers.
Transformation is not only about reacting to current problems but being proactive in anticipating future problems. Incorporating new technologies may put you out of your comfort zone now, but they can also be instrumental in driving business growth.
Digital transformation can allow you to future-proof your business and accelerate growth by setting you apart from your competitors and increase the value you provide to customers. In doing this, you drive revenue in your business and improve your day-to-day efficiency. By being proactive and introducing new technologies, you can also develop a culture shift in your business that challenges the status quo and foster a sense of innovation. Through digital transformation, you can:
- Collect data that you can use to make informed decisions about your business,
- Automate tasks to improve efficiency,
- Prevent errors by implementing project management tools so tasks are not forgotten.
Digital transformation has helped some of the world’s largest businesses stay relevant in the marketplace. To provide an idea of the value digital transformation has to offer, take a look at some examples below.
Microsoft developed the wildly successful Windows operating system and Office suite yet increasing competition from Apple and Amazon in recent years has disrupted their position in the marketplace. In 2014, Microsoft decided to diversify their revenue by offering cloud-based services to other businesses. Not only has this increased their profits and value, but it has also changed their public perception from being an outdated organization, into a forward-thinking technology company.
Lego is one of the world’s most recognisable brands, however after experiencing a decline in revenue throughout the 1990s, they almost went bankrupt in 2004. To stay afloat, Lego recognized the need to undergo a digital transformation and expand their offerings. Now, Lego offers movies, video games, mobile applications and more which has allowed them to be profitable once more.
Want to dive deeper into choosing the right technology tools for your business?
The City of Perth invites you to our free event on Wednesday May 12th. Over breakfast, business expert Andrew Erkins will guide you through choosing the right digital platforms for your business and how these tools can make it more efficient and profitable.
This event will be hosted both online and in person, register your seat here.
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