Digital transformation is all about making life easier and better for both businesses and their customers. The goal is to improve the way a company operates and delivers value to its customers by utilizing new technologies like AI, cloud computing, IoT, big data, and mobile. These technologies enable companies to streamline processes, enhance efficiency, and improve their customer experience by integrating them throughout the business. Digital transformation can be extremely powerful if implemented right; Businesses must embrace it to succeed and grow.
Here are some data points from industry reports on why digital transformation is the way to go for businesses:
- Increased revenue: Can you imagine boosting your company's revenue by 14.6%? That's exactly what a fully embraced digital transformation can do.
- Better profits: Companies that undergo digital transformation are 26% more profitable than their competition.
- Improved customer satisfaction: Creating better customer experiences with digital transformation is a big benefit for companies. Companies that have gone through digital transformation are twice as likely to report increased customer satisfaction.
- Increased efficiency: Nobody likes waste, and digital transformation can help eliminate it. Companies can see a 25-30% increase in the pace of their operations.
- Better decision-making: Data is key, and digital transformation helps organizations make the most of it. 66% of companies reported increased accuracy in data-driven decision-making after undergoing digital transformation.
- Staying ahead of the game: With digital transformation, companies can keep up with the competition and thrive in the long run.
With digital transformation, companies can offer tailored and convenient experiences to their customers, boosting loyalty and happiness. Automating manual processes saves time and money while utilizing technology to collect and analyze vast amounts of data leads to precise decision-making. With digital transformation, companies can offer tailored and convenient experiences to their customers, boosting loyalty and happiness. And with the right tools and technology, employees can be more productive and fulfilled in their roles. It's a win-win for everyone. So, whether it's responding to changing market conditions or keeping up with client expectations, digital transformation is the key to sustainable success. It's not just a trend, it's the future.
However, to truly reap the rewards, companies need to be willing to make some organization-wide changes. This means updating their technical infrastructure, revamping their business processes, and even changing the culture within the organization. It may seem like a lot of work, but trust us, the results are worth it. So, if you want to stay ahead of the game and position your company for continued growth, it's time to start thinking about digital transformation.
The Economist report (2020) says nearly 59% of the participated bank executives believe the branch banking model will become obsolete by 2025. That tells most consumers are looking for seamless digital banking services. As consumers are getting aggressively tech-savvy, it becomes quintessential for credit unions to implement top tech trends. However, they are far from behind in going fully digital, as digital transformation in credit unions is still a tough nut to crack.
One can leave home without a wallet, but not without a mobile phone. This tiny, sleek, and smart gadget has become an integral part of our lifestyle, with our days beginning and ending with it. It has transformed our lives in ways that go beyond texts and calls. It has become our confidant, partner in crime, and understands us like no one else.
Travel expenses represent a significant part of every organization’s budget. As expense management is crucial in identifying and addressing the revenue leakages, we see an increased number of business leaders spending significant time in developing effective Travel and Expense management strategies. Forward-thinking leaders are challenging traditional models for T&E management to provide greater transparency to the institution’s financial efficiency and improve compliance.
Performance engineering is the backbone of every software development company. All efforts of an organization will go futile if Performance Engineering is not executed robustly. When a product falls due to performance-related issues, it also takes down the brand's name with it.
2021 was a self-fulfilling prophecy in what we have come to realize as the Digital Age. The year saw an increased urgency to accelerate the transformation efforts and further enhance digital capabilities across value streams than ever before. While transformations are not accomplished overnight, this year also showed a massive uptick in organizations encashing and realizing the returns on their digital investments.
The application of AI in Test Automation seems to be the most efficient way towards Continuous Testing in agile teams. Remember the early days of Test Automation when the QA teams used to loosen up in the first 1-2 weeks of the release cycle and then frenetically rush towards the end of the cycle? It’s categorically one of the concealed side effects of juvenile agile teams. The disgruntled QA leads started scribbling test scripts in Ruby with Selenium, Appium, or Jenkins and applied traffic light signals to indicate test result status.
Relaxation of COVID Restrictions across the globe is providing an opportunity for hospitality industry to get back to normal. However, to make the most of this opportunity, they need adapt to new QSR technology trends. From automation to artificial intelligence, every breakthrough in technology is supporting QSR digital transformation. So without further ado let’s look into some of the groundbreaking trends of Technology in Restaurants.
With the rise of digitalization, data has become one of the most valued resources. Organizations' dependence on data is rapidly growing, so is the need for data processing platforms.
ETL is an acronym for Extract, Transform, and Load. It's a process of extracting data from the source systems, transforming them into a uniform data type, and then loading them into a central repository. For ensuring the quality and accuracy of extracted, transformed, and loaded data, organizations adopt a process called - ETL testing.
In an age marked by blurring difference between Physical and Digital worlds, Phygital Experiences are leading the way in enhancing the brand experience. Phygitalization, in short is revolutionizing retail customer experience. We’ll take a closer look at what phygital retail is, the benefits of it, and examples of retailers excelling at this multi-channel sales and marketing strategy in this article.
Digital Transformation, also known as DT (and at times as DX), is the adoption of digital technologies to transform business processes.
New technologies have emerged, changing forever the way business happens. No one sends snail mail but an email. We file tax returns online and access our bank accounts through a browser or app.
Over the past few decades, digital technology has permeated every business vertical, from managing human resources to accounting, sales forecast, and logistics.