There are many reasons for undertaking the process of digital transformation. The one most talked about is how much it improves the customer experience, particularly when it comes to helping them spend quickly and receive their products just as fast. Another huge benefit is that it ultimately saves your company big when it comes to costs.
A recent survey by Onguard found that the majority of CFOs were mainly interested in the lower costs potential of investing in digital transformation. On the other hand, partners and customers will see big improvements in dealing with your company’s digital interface when you are working towards advancing this technology.
How does digital transformation decrease your costs? By automating much of the traditional paper shuffling, manual data entry and cutting down on the extensive IT teams that keep whatever outdated digital strategy that is in place working properly. Digital transformation is just that, a transformation in many ways, and it will indeed change the way your business operates from its very core.
This also means changing the teams and the people that are needed to operate your business and most CFOs also recognized the fact that digital transformation will result in a loss of jobs, but that is also part of reducing costs. As many aspects of your business are becoming digitized and automized, job descriptions will change and the jobs people themselves are able to focus on will change as well.
Many digital transformation advocates want employees to realize that digitally transforming a business will also likely increase their satisfaction at work. The mundane and repetitive tasks they may be used to dealing with will go to an automated digital solution and free them for more creative tasks. Your customers, whether they be trade organizations or retail shoppers, are beginning to demand higher and higher levels of digital presence and efficiency. Those who are delivering are the ones we see making huge leaps as leaders in their respective industries.
For CFOs the power of digital transformation to change the business landscape is becoming more and more clear. From lowering costs to increasing customer satisfaction, the impact is far reaching. While lowering costs may be the foremost thing on their minds, this investment in digitizing will inevitable trickle down to customers or trade partners and improve the experience with your digitally transformed business.
Do you think digital transformation could help lower your costs while also increasing customer satisfaction? Get in touch with us today to find out how to make it happen.