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Digital transformation is the process of embracing digital technology to modify or replace
existing systems to revolutionize how businesses function. This leads to an overall increase
in efficiency, productivity, and an enhanced service-delivery experience. With the
increasingly fast-paced nature of businesses today, managing data and overall functioning
can be arranged in a much more efficient manner via the digital transformation route.
Especially in the wake of the Coronavirus pandemic, entire organizations had to make the
move to virtual functioning which led to the further strengthening of the idea that digital
transformation is the way to go.
For larger businesses, digital transformation can be a new venture that could be slightly
challenging. The process is much simpler for startups and they can begin with digital
systems instead of replacing old ones. New or not, digital transformation withholds the
capacity to hugely benefit its users by delivering a wide range of facilities in various areas of
work.
Introduction
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It switches time-consuming manual processes with automated systems.
Leads to increased customer satisfaction that emerges by automated and quick-response
technology.
Error-free collection and storage of data across various sections of the business.
Automated data visibility and analysis can lead to a better understanding of the functioning
and feedback on the existing workflow.
Customer insights become easily accessible and hence can lead to beneficial reforms.
An overall increase in productivity and profit.
Helps eliminate risk factors by examining trends and possibilities.
Newer systems run very smoothly and come with enhanced security that is otherwise not
guaranteed.
Choice of opting for technology that best suits the business’ goals.
An ideal choice amongst the increasing pressure to cut down costs and improve customer
satisfaction.
Now that we’ve highlighted the advantages of undertaking a digital transformation, let’s look at
the current trends in the arena that can be a huge boon to the start-up market.
Let’s look at some key benefits that accompany digital transformation:
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In the post-COVID scenario, the entire world has become more digitized than
ever. From schools to confidential courtroom proceedings, all of it has gone
online. And consequently, businesses and workplaces have also seen a
never-before-revolution with work-from-home becoming the new normal.
However, even before the pandemic, businesses were under the constant
pressure of keeping up with the current market trends, producing quality
services, trimming costs, and enhancing the customer’s experience with the
firm. This pressure has only increased in the post COVID scenario and CIOs
have a major role to play in keeping up with the growing demands of their
businesses.
Such a need can be efficiently fulfilled by CIOs who keep digital
transformation at the core of their planning. This is especially beneficial in
start-ups where the pressure to keep costs under check and yet retain a
high-quality experience is more crucial than established businesses that have
created a name for themselves. Digital transformation can also make up for
labor supply and skill gaps that can further cut down costs.
Digital Transformation- A Major Focus Area for CIOs
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Digital Transformation Pools Resources and Widens the Horizon
Start-ups can capitalize on digital transformation by centralizing data and
creating a pooled source of resources. Traditional data management is time-
consuming, full of hassle, and cannot produce the advanced options that
accompany digital technology. Using advanced tools such as Artificial
Intelligence (AI), Big Data, Internet of Things (IoT), and so on, start-ups can
create access to actionable insights, analysis of trends and workflow, and
discover areas of growth and reform.
This in turn leads to a better understanding of the business’ growth and
needs. It also opens up undiscovered areas of exploration that could
generate revenue in the future.
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mobile-app-development-services Strategies Go a Long Way
There are more than 3 billion smartphone users in the world today and that number
is estimated to increase by another several hundred million in the next few years.
This just proves the already known fact that consumers today are using their mobile
devices to search for things, shop, pay for services, and much more. This highlights
the importance of producing services and applications that make this everyday
experience smoother and refined for consumers. And with connected devices like
smart-home systems, speakers, voice-assistance, and wearables on the rise,
customers will be highly receptive to mobile applications and services that
complement their devices.
Start-ups should therefore invest in creating an effective mobile-app-development-
services strategy that keeps up with the changing trends in consumption.
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Consumer Experience and Data Security Take a Central Role
The market is becoming increasingly consumer-centric and if start-ups need
to make their mark, consumer satisfaction can play a game-changing role.
Customer satisfaction, feedback, availability of quick-response from the firm,
and remedial systems are important to gain positive consumer reviews and
build a long-term relationship. Digital transformation uses conversational AI
to produce trained bots that respond to consumers in a quickly and
satisfactorily. If their world keeps moving, the business in start-ups will keep
flowing.
However, start-ups that choose to go the digital way are also on the pathway
of collecting, storing, and transferring a humongous amount of consumer
data. It is crucial that such data is protected and never put in a vulnerable
space. Importance needs to be given to ensure data security is always at the
peak in any business.
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CDOs: An Emerging and Essential Role
A 2017 study by Strategy& (PWC) has revealed that due to the
exponential rise in digitalization, 19% of top global companies now have a
Chief Digital Officer (CDO), 60% of whom were hired since 2015. Such is
the pertinence of having an individual in the start-up that specializes in
strategizing the overall digital transformation of the business. The CDO
takes a center stage in ensuring that the business reaps the benefits of
the digital wave by executing new digital plans that keep up with the
fluctuations in the industry. The CDO also monitors the outcomes of the
undertaken strategies and makes modifications wherever required.
