Nowadays, when technology has shown its importance in various business occasions, digital transformation has been asked by many businesses. What exactly is digital transformation? How can you make a digital transformation for your business? Preface Coding has got you prepared!
About Digital Transformation
Digital transformation is the integration of smart technologies, processes and competencies across every business operation.
According to AIMultiple, nearly 90% of all companies have already adopted a digital-focus business strategy or plan to do so. As today’s customers are more demanding than ever, businesses must embrace new technologies to deliver a seamless and satisfying customer experience.
In other words, digital transformation is driven by customers. Common practices include business model transformation, organizational mindsets reposition, market expansion and more.
Source: The Enterprisers Project, Whatfix
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Benefits Of Digital Transformation?
Prefer doing business in a traditional way? Don’t rush into decisions without considering the wider context! Below are 5 huge benefits of digitizing your company:
1. Enhance Efficiency
Digital transformation can greatly improve efficiency and drive business growth by leveraging innovative technologies and tools. A survey of 128 executives by PTC and corporate leaders found that this is the most prominent advantage of digital transformation.
2. Reduce Costs
Digitizing your business can not only improve efficiency but also save money in various ways. By moving to cloud-based systems, for example, the cost of storing and managing information can be reduced by 50% compared to traditional physical infrastructure. Additionally, digitizing can also help identify and eliminate unnecessary expenses, such as maintaining old, legacy systems and products that are no longer needed. This can help keep the budget under control and ultimately increase cost savings for the organization.
3. Increase Revenue
Navigating the shift to digital can not only improve productivity and save costs, but also open up new revenue opportunities. Digital transformation can help generate leads, increase sales, and improve revenue. Companies will be able to offer faster services through new channels, and improve their ability to reach new customers, and expand their customer base. This can lead to stronger profitability growth, according to SAP, 80% of companies that have undergone digital transformation projects reported stronger profitability growth than those that have not.
4. Better Customer Experience
Digital transformation can greatly improve the customer experience by redefining the customer journey. With digitalization, businesses can gain new insights into customer buying behaviors and preferences by analyzing data collected from computers, such as website analytics and social media data. This information can be used to develop customer-centric marketing campaigns, which can lead to increased customer satisfaction and trust. According to McKinsey, digital transformation can lead to a 20-30% increase in customer satisfaction. In addition, companies can provide a more personalized and seamless experience by integrating multiple touchpoints and channels into the customer journey, such as mobile apps, chatbots, and social media platforms.
5. Create Competitive Advantage
In today’s fast-changing environment, it is important for businesses to stay competitive by updating technology and keeping pace with the competition. Failure to do so can result in a loss of market share. According to McKinsey, companies that stay competitive typically have faster product launches, better customer experiences, and reduced development costs, which are often a result of investing in new technology. In 2020, McKinsey found that companies that invest more in new technology usually have an edge over their peers in terms of competitiveness. However, it’s not only about investing in new technology, it’s also about using it effectively and efficiently, to stay ahead of the competition.
Want to keep up with the tech-driven future? Check out Preface Coding Event for our latest Tech Seminars and Coding Workshops to stay relevant! Come enjoy the exquisite beverage selection from Preface Coffee & Wine while updating yourself with the most up-to-date knowledge!
Business Transformation Examples
1. Web Programming
Digital transformation often starts with web development as a website is the public face of a company to the world and is the foundation of trust, both internally and externally. It is important to ensure that the company website is not only visually appealing, but also meets existing and future business objectives. A website that is not aligned with the company’s goals in the long-term will not be able to support the business objectives. Web development is often the first step in digital transformation as it sets the foundation for other digital initiatives such as e-commerce, online marketing, and digital customer engagement. Additionally, a well-designed website can also play a critical role in improving the customer experience and driving business growth.
If you’re looking to revamp your website strategically, one option to consider is joining a comprehensive full stack web development course. Many organizations offer courses that are taught by experienced programming instructors and cover both front-end (HTML & CSS) and back-end (Python in Django) development. These courses often include real-world business use cases from the technology hub of Silicon Valley, which can provide valuable insights and practical knowledge. By participating in such a course, you can gain an in-depth understanding of web development and learn how to align your website with your company’s goals and objectives. Preface is one of the organizations that offer such a course. Please check with us!
2. Python In Business
Python plays an important role in digital transformation, since it is the most common coding language used in automating different tasks. Moreover, with Python, you can efficiently process and analyse big data to drive valuable business insights.
If you want to learn Python that is not limited to basic use, Preface’s Data Science & A.I. with Python is exactly what you need. The curriculum will guide you through data science, machine learning, and artificial intelligence with a focus on practical business applications. The professional instructor will also teach you how to leverage the power of Python to derive value from data for better business decisions and outcome forecasts.
Recommended Resources
Books
If you have no conception of digital transformation, this book can help you better understand four major disruptive technologies, which are cloud computing, big data, AI, and IoT accordingly. Supported with real-world examples of global case studies on digital transformation initiatives, this book is recommended as an educational and informative read.
This book serves as a must-read guideline for business and IT leaders. The author will tackle topics ranging from creating a successful digital strategy to establishing cultural change, supplemented with digital transformation best practices. If you are making plans for updating products, technologies, and business processes, this book can provide you with some solid and valuable suggestions.
Online Resources
Ionology is a vendor of online courses. The video looks at what digital transformation is, the major mistakes businesses make, and how they fix those mistakes when approaching digital transformation.
In around 30 minutes, you will get a quick overview of the basic elements of a digital transformation effort, the best products and processes to get started, and what the top benefits of a digital workplace can be.
Corporate Training
Investing in your employees strategically is a promising way to take your business to the next level. If you are working on the digital transformation, the first thing you should do is to ensure your talents are able to keep up.
Sign up for the Corporate Training Program by Preface! Preface will customize the learning materials per your request, more importantly, every topic is backed by real-life applications and business use cases so as to make the digital terms understandable and relatable to what is happening around your business.
