Today we are in the midst of the fourth Industrial Revolution, and it is digital. Advanced digital technologies like Artificial Intelligence, Internet of Things (IoT) networks, and advanced analytics allow companies to reawaken how business is currently done and how companies interact with the world. Digital transformation changes how companies do business and their culture as well. As a result, companies find it necessary to re-evaluate their current business models, processes, and customer interactions.
Benefits of Digital Transformation.
Today’s digital transformation looks at existing processes and finds ways to integrate digital technology stacks customized with particular business needs and goals in mind. It is imperative your team with a trusted partner ensuring the process runs smoothly. Avail Recovery provides a free project assessment to help minimize cost. Here are some benefits of digital transformation:
- Improves services provided to your customers by making your interactions with them more efficient and convenient.
- Improves scalability under changing market conditions: Digital transformation gives companies the agility to bring new products to the market quicker and implement Continuous Improvement (CI) initiatives more seamlessly.
- Instills the high-technology culture into your workforce: This will benefit you for years to come.
- Companies see increased profits after going through a digital transformation. Here are some results reported by the SAP Center for Business Insights and Oxford Economics:
- Organizations that complete digital transformations report an 80% profit increase.
- 85% of these companies report an increase in market share.
- On average, leadership at these companies expects to surpass their revenue growth over their competitors by 23%.
What is Digital Transformation?
Once we stopped manually filing data and documents printed on paper and implemented electronic filing systems to file and store documents, digital transformation was underway. It allowed us much faster access to this information. Although this new process was a much more efficient working method, the techniques being used were still designed around outdated analog-era ideas.
Digital transformation is the integration of digital technology into every area of the business. This fundamental change allows companies to run more efficiently and deliver value to their customers. Often, that means abandoning long-standing processes and favoring new techniques that are still being defined and proven. In addition, it may include updating existing IT equipment. Avail Recovery will manage the entire IT Asset Disposition process for you.
Examples of Successful Digital Transformations
- Faced with dwindling market share in the consumer electronics industry, retail giant Best Buy looked to new leadership that brought a more innovative digital perspective to the table. His fresh perspective transformed the company over a seven-year period by using digital technology to improve delivery times. This helped catapult their stock up 300%.
- Target implemented a digital transition strategy that included adding new technology in their stores, added online shopping, and increased their social media presence. This strategy helped to get the latest products and popular brands in front of customers faster. Eight years after starting this process, Target’s stock value increased over 50%.
- Software giant Microsoft, known for its Windows and Office Suite products, has been under pressure from Apple for decades. The company decided to change its strategy and develop a cloud networking system business. They changed from traditional software to a cloud system that’s more fluid for both personal and enterprise use. After six years, Microsoft’s stock had tripled with a market value of over one trillion.
Digital transformation is allowing companies to reinvent themselves by providing improved data collection and better customer service. Businesses are seeing reduced costs and higher profits. The IDC predicts that by 2023, 53% of all information and communication technology investments will be in digital transformation.
A big challenge with digital transformation is the integration of different systems into a centralized workflow. Suppose your current technology equipment is not capable of supporting your plans for digital transformation. In that case, Avail Recovery can assist you by fully managing your equipment de-installation and removal of assets, as well as the destruction of any data residing on electronic storage media. (Source: Smartway)