Investing in digital transformation is the path that will allow our company to achieve its objectives through the purposeful use of digital technologies; we will also accept that before knowing the cost of the digital transformation of a company, we will need to know the projects and tasks that the roadmap of this digital transformation will require.
It is then that we can convert what would be a cost into an investment, because in the process of carrying out the initiatives with a purpose that we define, we will obtain results that coincide or not with those expected, but that in any case will allow us to obtain the difference. Between what is expected and what is obtained, thus having the profitability of that investment. And in either case and regardless of the most tangible performance, we will have learned as a company what works and what doesn't.
The benefits of investing in digital transformation in companies are so tangible that they should prioritize any company’s strategy that wants to survive its competition. The delay in the change concerning their competition can probably take them out of the market. Let’s see what is the return on investment in the digital transformation of your business and because it is one of the most attractive investments in terms of ROI:
- Improved productivity. Production processes improve and are more efficient. The company continues to maintain its traditional channel, but its digital channel is also gaining prominence. Investing in digital transformation decision-making becomes more accessible and agile with the help of digital tools. Besides, these tools add value: how to be able to evaluate your processes, analyze decision-making, and automate processes.
- Cost Optimization. Investing in digital transformation improves production and saves time. As a consequence, production times are reduced, and errors in the same are reduced. All this is synonymous with cost reduction and increased business competitiveness.
- Attract and retain talent. Digitizing your company improves its image and online reputation. This fact is not only valued by customers but also by professionals from the same or related sector. For this reason, the latter will be attracted to your company, the talent in it will increase, and it will generate an increasingly better online reputation as a result of the investment in digital transformation. Also, it is essential not to leave out the Millennial Generation and Generation Z, who have come to represent more than half of the global workforce in just a few years. Millennials are characterized by loving constant changes and fighting only for their interests, so they do not commit to anything or anyone in the long term.
- Improve your customers' experience. Customers have multiple offers on-demand. Therefore, they will always choose the one that offers them the best shopping experience. Digitization not only allows you to provide your product or service 24 hours a day, 365 days a year. It also brings you closer to your customers through more direct and personalized communication—one of the factors that they value the most. But improved communication is not the only determining component. Achieving an optimal experience in the search and selection of the product you are looking for will also make a difference. Also, thanks to the latest data collection systems, we obtain much more information. With good management and analysis of it, we can make the correct decisions in each case and that is reflected in the customer's experience.
- Acquire new Competitive Advantages. In current times, companies that have a better offer of digital services have the advantage over those that only have traditional channels. Digital transformation allows a company to create new products and services according to customers’ needs, which undoubtedly diversifies services, makes better decisions, and drives growth.
- Boost the culture of innovation. Your business’s digital transformation is a philosophy, and it is not about making a one-time investment. It is about betting on innovation and continuous improvement of business processes to transfer it to the income statement. For this, corporate culture is vital. Agile innovation management in companies is one of the most important tools to adopt new methodologies to create new products, solutions, and business opportunities.
Digital transformation has to do with the introduction of new technologies and the new mentality and way of working of a company. Investing in your business’s digital transformation optimizes production processes to the maximum in an increasingly digitized environment. This new way of doing business focuses on having a global vision of the business strategy that is now divided into two channels: offline and online, which complement each other.
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