Data is now an essential part of how most businesses operate. Data and digital transformation has not only impacted large organisations, but many small and medium enterprises (SMEs) are also enjoying the business benefits of digital transformation. Events of the past few years have shown us how adaptable businesses and consumers alike are to change, and how people are willing to accept transformation.
Smart business leaders anticipated digitalisation, but few imagined how data would transform the sector. This revolution is well underway, and the COVID-19 pandemic has only accelerated the rate of transformation.
What is Digital Transformation?
Digital transformation is the process of integrating digital technology across the many areas of business operations. This speeds up business processes, as data is shared across all departments in real time, optimising efficiency and boosting profits.
Digital transformation is much more than simple cloud-based data sharing. By using data the right way, businesses can gain valuable insights and make smart decisions, enhancing business intelligence.
Data transformation has positive impacts on all areas of business operations including processes, systems, company culture, and workflow. Real-time data insights allow all departments to work together effectively, building collective effort in the right direction for the best results. These insights are supported by Machine Learning (ML) and Artificial Intelligence (AI) for better processes such as workflow automation.
Benefits of Digital Transformation for Businesses
Effective use of data and digital transformation can have significant benefits for companies of all sizes.
Low Operational Costs
Sharing data in cloud environments has a low operational cost. Because everything is in the cloud, there is no need for expensive hardware or software. Likewise, the IT team no longer needs to take care of hardware infrastructure and address software issues, and instead can focus on other projects to improve the company’s systems.
Better Data Insights
Digital transformation facilitates customer insights that allow businesses to better target potential clients. These days, there is no shortage of data available, but the challenge is to use this data to your best advantage. Digital transformation empowers companies to translate their data into meaningful insights. Different departments can work together in the same direction with a clear view of overall strategy, goals, and upcoming opportunities.