The Importance of Digital Business Transformation
About 15 percent of small businesses in the U.S. don’t use any technology at all. 40 percent don’t maximize the use of technology. This is according to a 2019 Oasis survey.
You might think that it’s only small businesses that are still in the stone age, but you’d be wrong. A good number of large corporations are still using at least one legacy tech tool.
You might have your reasons for not embracing digital business transformation. Maybe your brick-and-mortar store still meets your sales goals year over year, so why fix something that isn’t broken?
What if we told you the right technology can improve the performance of your business tenfold? It’s true!
Read on to learn the benefits of digital business transformation.
Access to a Wider Market
Digital transformation expands your business’s market access. If your local target market has about 10,000 potential customers, going digital can expand that market to more than 1 million customers.
How? You ask.
Over 90 percent of American consumers are shopping online. This roughly means that if your business doesn’t have any online presence, it’s only accessing about 10 percent of its target market.
Something as simple as setting up a business website might not sound transformative, but it’s one of the most impactful digital transition moves you can make. A website that’s well-optimized for search engines will bring in a ton of new customers.
Combine a business website with a presence on various social media channels and you’ll see impressive results.
Data Is the New Gold
Big Data isn’t a fad created by large corporations. The truth is data will transform your business. You’ll have better insights into consumer behavior, for example.
But where do you get this data? You need to collect and analyze it, and to do this, you need to have the right technology tools. A website is a basic example of a tool that can help your business gather customer data, such as names, phone numbers, and email addresses, but there are more sophisticated tools you can deploy.
Effective Reduction of Operating Costs
If your operating costs are spiraling out of control, it’s probably because you haven’t transformed your business digitally.
Of course, the cost of technology is a big hindrance for many small businesses looking to digitize their operations. However, focusing on the cost is failing to look at the bigger picture. In the long run, the right technology will lower your costs and pay for itself.
Cloud computing is an example of a transformative technology that will substantially lower your IT costs. By storing data on the cloud, for instance, you won’t need to incur big money on physical infrastructure, such as servers. And now that there are companies offering cloud staffing, finding cloud professionals isn’t a big deal.
Embrace Digital Business Transformation
You’re failing your business if you haven’t embraced digital business transformation. In fact, you’re setting it up for failure. The digital revolution is well on course and your business should be enjoying the benefits – such as those fleshed out above.
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