“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.”
– John Chambers, Executive Chairman, Cisco Systems
The above quote by John Chambers perfectly sums up the impact of digital transformation, which is spreading across the world and changing our entire living experience. Before we understand data and statistics relating to this phenomenon, let’s understand what digital transformation is.
‘Digital transformation’ is the adoption and strategic use of modern-day digital technologies by a business to stay competitive in today’s fast-changing digital world. Such a transformation is not limited to the business world, but extends to every sphere of modern living, plus government agencies, public sector agencies, healthcare and alike.
Successful deployment of these technologies is measured by parameters such as customer success, enhanced customer experiences, efficient operations, innovations, and financial success. With Commercient SYNC, the #1 data integration platform for sales, and IoT Pulse, you can steer your business towards digital transformation.
In the race to keep up with the changing landscape and embracing disruptive technologies, let’s take a look at what the corporate figures on the ground are telling us, and what their impact is.
Adoption and Adaptability
80% of businesses accept that they have average or above average digitized capacities. About 85% of companies think they can transform themselves to the changing digitized ecosystem within the next 2 years, and believe that if they can’t keep up with the changing climate then, the business is likely to face pressure financially and otherwise. The rest are slow adopters and set in the age-old ways of working and most likely to fail as a business when the competition heightens.
Role of Leaders and Decision Makers
Most businesses are confident that their core leadership is equipped with practical knowledge and understanding of the latest disruptive technologies. However, only about half of the total number thinks their company has a well-planned strategy for moving towards digitization. This is vital as the world is already witnessing the 4th Industrial Revolution, and every business needs to chalk out a path that takes them towards attaining automated freedom.
People in key positions are leading the pack when it comes to implementing digital transformations. These leaders are an interesting mix, involved in actively leading their company’s digital efforts. About 34% are CMO’s, 27% are CEO’s, while 15% efforts are led by CDO’s, and about 5% by CXO’s. Such an initiative is important as any change can only begin at the top, so that subordinates can follow.
One of the biggest benefits of greater digitization and integrated processes is the availability of real-time data-both digital and non-digital. 39% of companies believe that digital transformation has increased real-time transactions which are humanly impossible, given the sheer size of this data. Analyzing such massive data and then working with it to bring customer success and profitability is something only automation can achieve.
28% of business houses say that embracing this new-age technology has brought-in new customers while 25% say it gave a positive thrust to product development initiatives. Besides reduced costs and operational efficiency, another area where digitization makes a cut above the rest is Customer Service—helping add the frills to the same old product. Value service at minimal cost, to gain new clients as well as retain the old is the new mantra being adopted across all sectors. This has also accelerated innovation and improved products in response to customer demands.
45% of business executives expect that following automation, their profitability will grow. 25% believe it will bring enhanced customer experiences. Such automation can personalize pricing, product and service using data and analysis for a particular customer. Tailoring the product to meet individual needs can bring down the cost for the customer and increase satisfaction levels. Also, with well-integrated systems such as accounts and services, you can monitor cash inflows as well as expenses, making it easier to plug any loopholes. Excellent After-Sales service also makes all the difference to profit margins. When you do well in this area, you have the edge over your competition.
Been There, Done That
Companies who were the first to recognize and move along with automation in their working processes claim to have reaped the early bird rewards. 37% of corporates claim an increased market presence, the same percentage felt they now have digitally superior customer engagements, 32% believed it has led to enhanced mobile and internet interactions with customers, and about 37% felt that such a disruption has created a positive future outlook for their employees and about 30% felt it was a proven formula for success and higher revenue.
Experts have evaluated the advantages and downfalls that such a fast-paced change will bring to our future lives, leaving no business, sector or space untouched by its formidable influence. There is no denying the fact that such an inter-connected and transformative state is already here and will become a part of everything, whether we accept it or not. A change in attitude is the first step that every company needs to become a part of this fast-paced process.
If you are a business ready to take that all-important next step, Commercient SYNC, the number one integration platform for sales, can provide you with benefits of integration and years of experience. Commercient’s SYNC seamlessly integrates ERP and CRM systems, connecting data such as customer information, order history, inventory, serial numbers, bill to and ship to addresses, and much more.
You can also opt for the two-way SYNC, where Commercient integrates CRM data back to the ERP, including new and updated accounts, sales orders, etc. Such a precise and clear 360-degree view of data will improve your overall processes, be it sales or customer service, leading to enhanced customer satisfaction compelling them to keep returning. You’ll be able to focus on growing your business.
IoT Pulse connects over 815 apps to your ERP, such as Magento, HubSpot, CRM, SurveyMonkey, etc., to help automate certain tasks and improve your overall business operations.
If you’d like to learn more about SYNC and IoT Pulse, please contact us today.
About the Author
Raj Adhi is a professional writer, editor and blogger. She has completed her Graduation in Chemistry and Masters in Journalism from University of Mumbai.