Digital Transformation has become a hot topic globally for good reason!
70% of organizations either have a digital transformation strategy or are currently working on one.
The pandemic has forced businesses to rapidly adapt and change the way they operate. In order to survive, many have had to quickly move their operations online and adopt digital tools and technologies.
This has had a profound effect on how businesses operate and has resulted in many companies accelerating their digital transformation plans. In fact, 97% of executives say that the COVID-19 pandemic sped up digital transformation efforts.
A recent Zippia research study summarized that "Digital transformation refers to the growing trend of companies adopting digital technologies to improve overall business processes and the customer experience. It’s the step that’s taking the business world into the digital age officially, which comes with consequences of drastically altering the market across various industries."
Why should this matter to a business?
56% of companies are prioritizing digital transformation worldwide as of 2021. That means, your competition is shifting their mindset rapidly! They recognize the need to change the foundational approach to business growth and serve the customer in an efficient and effective environment.
In order to stay relevant and keep up with the competition, businesses need to continually grow. And in order to grow, they need to adopt new strategies that will help them reach their target audiences. One such strategy is a digital-first approach.
56% of CEOs said that their digital improvements have already improved profits.
What does a Digital-First approach provide?
Digital-first is an approach that puts digital channels and technologies at the forefront of a company’s operations and decision-making.
It is about using digital tools and platforms to reach and engage customers, employees, and other stakeholders in new and innovative ways. It's about connecting technology to provide exceptional customer experiences in the research, buying, and delivery processes.
- It improves operational efficiency (40%)
- Allows for faster time to market (36%)
- Helps meet customer expectations (35%)
- Provides real-time information on behaviors, responses, engagement, and opportunities for management support
What are the main reasons businesses don't go Digital-First?
Some of the reasons are:
- Lack of leadership commitment and ownership
- Lack of Resources
- Risk Aversion
But if a business is going to stay relevant in this digital world, they need to consider what strategies will best help them grow.
Global spending on digital transformation is expected to reach $6.8 trillion by 2023
Digital transformation is no longer a nice to have, it is now a necessity for businesses of all sizes.
A Digital-First approach is one of the most effective ways to ensure that your business is able to not only survive but thrive in the new digital world.
To learn more about where to start in your Digital-First journey, contact KBK Communications for a free consultation. We'd love to get you started!