15 Amazing Facts About Digital Transformation
Digital transformation is a growing concept that promises businesses with great things, such as innovation, profits, and streamlined processes, just to name some. This idea of reviewing how we use innovative technology to create new profiting streams and business models is not that new. As such, business transformations should be a journey, not just a moment of hype fuelled by innovative technology. It’s something that businesses cannot afford to ignore, especially in these recent times.
Digital transformation comes from a simple fact: The world is going digital.
From banking to shopping to communication… and everything in between, many of our daily tasks are now digital. The issue here is that many businesses are not ready for this new reality. The skills, processes, and technologies they have may not translate well to a digital world. A modern company must transform itself and adopt the processes and technology needed to operate in today’s trend of the digital world.
To give you a little rundown of the state of digital and experience transformation, here are some interesting facts and statistics.
- Digital transformations are fueled by opportunities to grow businesses, the boost of competitive pressure and new managerial standards.
- Up to 55% of startups have adopted a digital business strategy, in comparison to the 38% of traditional companies, according to IDGWorld in June 2018.
- According to ZDNet’s statistics, around 70% of companies either have in place a digital transformation strategy or working on one.
- Around 21% of companies and other organizations think they have completed digital transformation already.
- Another statistic says that 27% of companies say that digital transformation is a matter of survival.
- Digital-first companies are 64% more likely to accomplish their business objective than their rivals.
- According to Motista, a brand will have a 306% higher lifetime value when consumers have an emotional connection with that said brand.
- Because of digital transformation, loyal clients or customers are 5 times more likely to buy again and 4 times more likely to refer the brand to friends and family.
- Around 84% of customer-centric companies are more focused on the mobile customer experience.
- Global business leaders, around 68% of them, believed that the future of business involves AI or artificial intelligence and humans working together.
- It is believed by marketing leaders that AI will lead to the biggest improvement in customer experience. According to Oracle, 34% of these marketing leaders believe that.
- Around 30% of a company’s technology vendors are effectively engaged with their digital transformations.
- Digital transformation and an attention on customer experience can generate a 20-30% increase in customer loyalty and satisfaction and an economic gain of 20-50%. According to recent statistics.
- In another statistic, 76% of customers expect companies to understand their expectations and needs.
- In digitally mature companies around 81% if employees say that innovation is a strength of the company. Compared to the 10% of employees of early-stage digital companies.
We hope these facts and stats will make you have a better scope or idea about digital transformation and how important it is today. Digital transformation can deliver significant rewards, but misunderstanding the concept can put you to the wrong path. In its purest form, it is just a business transformation, a process that we will have to undertake eventually to grow our business. It is not that big or as daunting as many assumed, but it does take on-going company wide commitment.
Digital transformation is about the integration of people and technology. Every part of it is based around an understanding of people. There will be endless advanced developments as we push ahead, but digital isn’t always the only answer. We should utilize innovation to make the lives of our clients and workers better. If we manage to achieve this, we may simply reap the rewards that digital transformation promises.