Digital transformation is a critical part of any company’s strategy for success
Around 70% of companies say they have a digital transformation strategy in place or are currently working on one. Studies also show that the digital transformation market will grow to a value of $1,009.8 billion by 2025.
When the pandemic broke out in 2020, the demand for authentic digital transformation increased. According to Fortune and Deloitte, about 85% of companies said their organizations significantly accelerated digital transformation during the crisis, with about 3-quarters saying the pandemic spurred the formation of new alliances and partnerships for digital transformation.
The pandemic also highlighted how ill-prepared most companies are for an unpredictable business environment. 70% of CXOs said they lacked confidence in their company’s ability to adapt and adjust to disruptive events.
Using Digital Transformation for Agility
Here at Bulb Tech, we have been helping companies prioritize agility and resilience for years – long before the pandemic hit. Using automation, chatbots, and remote asset management tools, we keep businesses running in any environment.
Since the pandemic, we have seen a number of our clients accelerate their approach to digital transformation to meet new demands:
- Resilient execution: the crisis has highlighted the need for businesses to be more robust in their day-to-day processes. Today’s businesses must be prepared to operate from anywhere while maintaining security and efficiency.
- Focus: The pandemic highlighted the areas on which business leaders need to focus. At the same time, it demonstrated the value of innovation and co-creating strategic opportunities for partners, ecosystems, and businesses.
- Transformation: since the pandemic, companies have recognized the need to invest in digital solutions for customer service, collaboration, and employee productivity. This has redefined expectations for the tools companies need to succeed in the new world.
Building Resilience for a Post-Pandemic Future
It’s no secret that the last few years have been problematic for businesses and consumers alike. The pandemic has caused most businesses to consider more carefully the need for change. The willingness to continue using tools and services that are simply “good enough” has decreased significantly since the events of 2021.
There is a clear need for change among most business leaders today. Unfortunately, many of the companies facing new challenges since the pandemic are struggling to find the right path to transformation. Today’s leaders are not quite sure where to start with their strategy for adapting to a new digital landscape.
According to Deloitte’s Human Capital Trends Survey, the ability of employees to take on new roles, adapt and retrain is critical to managing business disruption. However, prior to the pandemic, companies did little to focus on this adaptability.
To truly survive and become more resilient, companies may need to find a partner capable of providing complete solutions to their digital transformation needs. Going forward, executives in all industries will need to do the following:
1. Take a virtual focused approach
Rather than looking for ways to reduce investment in new technologies and solutions, organizations should actively seek opportunities for smart digital transformation. A virtual approach to transformation will allow companies to implement things like digital self-care solutions and automated troubleshooting to help them serve their customers faster or automate business processes to improve efficiency.
Implementing AI will be an important first step for many business leaders. Intelligent solutions should make it easier for businesses to determine exactly where they will have the best opportunities for growth post-pandemic. AI solutions can more easily analyze large amounts of information, identify trends, and suggest ways to improve business operations.
2. Automate as much as possible
As mentioned earlier, automation is one of the most effective ways to invest in digital transformation. It allows companies to get more done without stretching their employees beyond their capabilities. AI/ML technologies and automated workflows are becoming more affordable, especially with the help of the right company (like Bulb Tech).
According to a survey conducted by Deloitte in 2020, about 73% of executives say they want intelligent automation for their business – an increase of nearly 60%. As employees and executives embrace automated efficiency, companies can access and leverage more AI capabilities in the cloud to drive customer management and product innovation. For example, the best customer relationship management tools now include customer models to predict and flag the customers most likely to leave a company.
3. Amplify and accelerate innovation
Companies are now in a great position to leverage innovation and creative technology as the perfect solution for better customer service and team efficiency. With AI and data analytics, teams can strengthen modeling, discovery, and prediction strategies, enabling faster prototyping and testing. More business leaders are beginning to implement AI into their R&D, product innovation, and experimentation strategies across networks and ecosystems.
Leveraging common platforms, markets, and data tools allows today’s leaders to expand the features and functions they offer faster than ever before. This ensures that companies of all sizes can remain competitive in a changing marketplace. Businesses can even look for new ways to serve their customers more effectively, such as self-service, automated systems, and chatbots.
In many ways, digital transformation ensures that businesses across industries have what they need to survive in a modern landscape by providing access not only to new technologies for manufacturing products and services but also to new solutions for customer satisfaction.
Implementing Digital Transformation for Agility and Resilience
Resilience will matter for businesses of all sizes in today’s changing ecosystem. Although the headaches of the pandemic have subsided somewhat at the time of writing, most experts agree that customer trends, market changes, and digital transformation are just getting started. Companies need to make sure they have an effective system in place to execute their digital transformation plans if they want to survive in the future.
Companies need the right leadership strategy and mindset to implement a digital transformation strategy that ensures resilience and agility. Leaders need to evaluate the opportunities facing their teams and select innovation strategies based on the specific needs of the business. Leaders should understand the how and why of digital transformation and what it takes to bring their vision to life.
From a mindset perspective, companies need to be in the right position to challenge orthodox methods of doing business in the current business landscape. Companies should focus on an agile mindset where change and creativity are constant. To enable this future, you need to ensure your talent and teams have the right training to thrive in this new environment.
It’s also important that your company has a plan for how much it can afford to spend on things like innovation and transformation. Having a budget and a list of priorities of what you will spend your money on is essential.
Find Your Digital Transformation Partner
Digital transformation is a game-changer for any business, regardless of size. It’s not just the big brands with the biggest budgets that need to think about investing more in their technology these days. Every business needs to be set up for success with the right agile strategy. Luckily, with the right partner, it’s much easier to get the right results.
Contact Bulb Tech today to find out how we can help you plan, manage, and implement your new digital transformation strategy. With our help, you can ensure your business has the agility and resilience to handle any event, no matter how unpredictable.