No matter what industry you operate in, you’ll have noticed by now that technology is changing the way we do business. Technology continues to evolve, and businesses need to keep up or risk becoming obsolete. Companies that continue to practice traditional business methods will find it more difficult to stay relevant and competitive.
If they overlook the significance of digital transformation, they face an imminent threat of being outsmarted by more innovative players in the game. The day is coming when digital transformation will mean the difference between survival, and the ability to thrive in this technology-driven world.
What is Digital Transformation?
Digital transformation involves the use of digital technology to solve traditional business challenges or to radically transform a process so it becomes more efficient. It disrupts the traditional way of running a business and promotes the development of new business models. It is steadily becoming a global driving force in today’s economy and its effects will be inescapable.
The Technologies Behind Digital Transformation
Digital transformation encompasses many different types of technologies including artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), cloud computing, robotics, and more.
The Benefits to Businesses
Digital transformation is of paramount importance for any business looking to succeed and stay ahead of its competition. Businesses must realize that the markets they serve have changed dramatically, and there has been a significant shift in consumer trends. Businesses can’t respond to these changes with traditional methods.
Instead, they should leverage the power of the latest technologies through digital transformation and adopt a forward-thinking mindset. Negligence could threaten their very existence.
Businesses that embrace digital transformation will reap countless benefits including:
- Intelligent business applications
- Streamlined business processes
- Improved efficiency and productivity
- Optimized operations and automation
- Product and service innovation
- Improved communication
- Reduced costs
- Superior analytics
- More informed and faster decision making
- Improved market penetration
Commercient recognizes the necessity of digital transformation, and believes that business should harness the power of innovative technologies to stay ahead of the game. With IoT Pulse, you can connect your ERP to over 1100 apps, such as HubSpot, eCommerce, marketing systems, and more, and help free your data and automate certain processes.
Commercient SYNC, the #1 data integration platform for sales, is a digital tool that integrates your ERP and CRM systems. With all your data in one place, employee efficiency and productivity will be improved. Your sales team will have access to ERP data within the CRM, such as customer information, sales history, invoices, terms, and more.
With a two-way SYNC from Commercient, new orders and accounts are integrated from CRM to ERP. An affordable solution that requires no coding that can help you focus on growing your business.
Digital Transformation in Manufacturing
It is evident that customer expectations are evolving right alongside technology. Customers of today have higher expectations and they demand more for less. This puts a lot of pressure on manufacturers to make processes faster, while creating better and cheaper products. To keep up with these challenging demands, manufacturers need to explore new ways of delivering innovative products and services; and digital transformation will be the solution.
The benefits for manufacturers include automation, lower production costs, better product quality, shorter product development cycles, and much more.
Companies are Dragging Their Feet When it Comes to Digital Transformation
A number of businesses have realized the need for digital transformation, however, getting there is proving challenging for some. They are faced with obstacles that hinder a successful transition.
A survey of 1,600 business and IT decision makers conducted by Forrester revealed that 22% are still investigating digital transformation or not transforming at all.
Below are some of the digital transformation barriers met by some businesses:
- There is no digital transformation strategy in place
- Lack of digital literacy
- Lack of resources
- Data privacy concerns
- Cyber security concerns
- They don’t believe in the need for digital transformation
- They have not made digital transformation a priority
- They display resistance to change
These barriers can be overcome, and digital transformation should be a #1 priority for your business. Chances are, your competitors have already begun their digital transformation journey. If that’s the case, remaining ignorant will prove costly down the line.
If you’d like more information on how digital transformation can help your business, call Commercient today at (844) 282-0401 (US), 44 20 3870-2803 in the UK, and 27 87 550-5997 in SA, or email us.
About the Author
Anna Kinnear is a Sage Financials Consultant at Edgeware, and holds a Bachelor’s Degree in Accounting Science from the University of South Africa. She has always had a passion for reading and writing.