The world is increasingly digital, and that reality impacts all businesses in some way. Every keynote, discussion, article, or study seems to emphasise the importance of digital transformation, with 60% of companies planning to increase spending on digital transformation in 2023.
What’s not so obvious to many business leaders is what digital transformation means and why it is needed. Is it just a catchy phrase for cloud computing? What are the steps needed to take? Are there any specific things we should do? What parts of our business strategy need to be altered? Is digital transformation really worth it?
What is digital transformation?
Digital transformation will look different for every company, making it hard to pinpoint a definition that applies to all. However, generally speaking, digital transformation is the integration of digital technology into all aspects of your business, resulting in a fundamental change in how you operate and benefit customers. In addition, cultural shifts necessitate organisations to constantly challenge the norm, experiment, and be comfortable with failure.
How can you be sure it is the right time to begin your digital transformation journey? Here are 3 reasons why you should get started right away.
1. Your business isn’t growing
Businesses should make a strong effort to transform digitally in order to survive and thrive in today’s competitive market. If you’re trying to grow your business but aren’t seeing the results you expected, you must investigate new digital technologies, tools, and processes that might help you achieve your goals.
2. Employees need modern tools to be effective
Business transformation is more than just technology. It is about how organisations and leaders think, act, and make decisions. For that reason, business transformation is really about changing the culture of the organisation and that includes providing employees with modern workplace tools to be effective and innovative. This can include productivity and collaboration solutions and tools, such as Microsoft 365, with Teams, SharePoint, and Office 365. Working from home and hybrid workplace models are a big part of the future of business and these solutions enable organisations to grow and thrive in any circumstance.
3. Make better decisions, faster
Being able to take advantage of big data by placing data and analytics at the heart of a digital transformation strategy is imperative. Enterprises today enjoy unprecedented quantities of data. Using the correct set of analytical tools, this data may be converted into critical business insights that can be used to make more rapid, more informed decisions. The more deeply analytical tools are incorporated into corporate operations, the greater the degree to which they will integrate and have an impact.
Begin your digital transformation with modern workplace experts
It can be difficult to know where to start on your digital transformation journey without the right partner, but ensuring your work environment is optimised with the right technology is important. Virtu’s IT professionals can help organisations deliver a premium modern workplace that nurtures the employee experience, enhances business growth opportunities, and support your journey into the future of technology.