Digitisation is changing the way we work, live and consume. It’s also imperative for your business to embrace digital transformation to survive and thrive in the years ahead.
Digital transformation requires a robust strategy across your entire value chain. It’s not as simple as moving from paper processes to digital platforms. Your need to facilitate a cultural shift and align every component of your business strategy and IT infrastructure with digitisation.
We’ve entered a new era of networking using intuitive and intent-based technologies that constantly learn, adapt and protect your organisation. Digitisation sits at the heart of this change.
The benefits of digitisation are far reaching. Here are 10 reasons why your business needs to implement a robust and intelligent digitisation strategy:
- It’s a winning strategy
Digitisation will give your business a competitive advantage, giving you the agility you need to futureproof your organisation. Movie rental firm Blockbuster did not heed this warning. As our viewing habits moved online, Blockbuster failed to keep pace. In a similar vein, Kodak’s reliance on physical films and photographs meant it floundered in the digital age.
“Predictions say digital disruption will replace nearly four out of the top 10 industry leaders within five years. While this is a time of tremendous change, it is also a time of tremendous opportunity. Cisco truly believes that the technology behind the disruption plays a crucial role in solving some of the world’s greatest challenges,” according to Karen Walker, Cisco’s SVP and chief marketing officer.
- Improved customer engagement and experience
Digitisation provides your customers with a range of new and improved channels, which will allow them to engage with your organisation more effectively. Not only will this give you a competitive advantage, you will boost your engagement levels and improve your user experience.
Time-stretched but savvy consumers now thoroughly research products and services before they make the decision to buy. As such, customers now expect a seamless experience delivered through a range of digital channels so they can make a decision and make one quickly.
- Keeping up with the competition
Don’t assume you’re the only business considering digitisation. Research reveals only one-in-six businesses are resisting digital change as 83% are implementing some form of digital transformation.
If your competitors are providing a better customer experience and a similar product, it’s obvious who your customers will choose to go with.
- Match your workforce’s expectations
Imagine starting a new job with a company that doesn’t use emails or any other digital communication tools. It’s highly unlikely in this day and age, but it’s clear to see that your employees expect a certain level of connectivity.
Businesses that fail to introduce cutting-edge technology will struggle to attract and retain the best talent. You will not, for example, be able to introduce desirable mobile working strategies to empower your workforce to work anytime, anywhere and from any device.
- Optimise your productivity
If your employees can work smarter and your customers can engage better with your organisation, you will see productivity gains.
Digitisation provides in-depth data and analytics tools to help you to identify and respond to specific scenarios, either in real time or pre-emptively, putting you ahead of the game.
If you integrate your new digital tools and technologies, then your IT infrastructure will also be streamlined, allowing you to avoid duplication of effort and data.
- Realise massive cost savings
Digitisation will improve your organisation’s efficiency, which translates into cost savings and increased profits. For example, smart buildings could save the UK economy an estimated £135 bn per year due to increases in productivity and reduced medical costs as explained in the featured paper which illustrates how sustainable intelligent buildings help contribute to better health and well-being.
Elsewhere on your IT infrastructure, you can eliminate repetitive administration tasks by introducing automation. This saves your staff’s time and allows them to concentrate on more important tasks.
According to the MIT Center for Digital Business: “Companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation.”
- A more attractive prospect to investors
If you’re looking to grow your business substantially and require investment for this purpose, an investor will be more likely to contribute to a digitised entity.
Investors are aware that the only true contenders in a saturated marketplace moving forward will be those businesses that have fully adopted digitisation.
- Compliance made easy
The GDPR legislation will be effective from 25 May 2018 to help organisations better control and secure personal data.
Digitisation can help you comply with the GDPR. When digitally upgrading your existing paper processes and/or IT infrastructure, you can put the necessary framework in place to gain compliance with the upcoming regulation.
- Better business continuity
If your legacy systems went down, would your business still be able to operate and what would such a failure cost you?
In the event of a disaster, your IT infrastructure needs robust digital systems and processes in place to protect and restore your data. Again, digitisation enables this vital change.
10. A lower environmental impact
While digitisation doesn’t necessarily mean going completely paperless, it does mean you can eliminate many paper processes.
You’ll also achieve energy savings by streamlining your processes and buildings with smart technologies to further improve you eco-friendly credentials, and save your business money.
The impact of digitisation across your organisation is substantial, but highly beneficial. To find out more about digitisation and how to make it work for your business, click here.