The word ‘digital’ has different interpretations. For a watch aficionado, the word might mean a watch that does not have dials. For a marketer, digital would be SEO, content marketing, paid ads, and the likes. In the same way, the term digital transformation has many interpretations by people in the technology itself, that’s where the problem lies- a half-baked understanding of it.
Something as important as digital transformation cannot have mere assumptions doubt its efficacy. When leaders make business decisions that involve technology, there is no room for guesswork, and there can be no half-heartedness. If you are investing in technology, you need to go all in. Digital transformation can be a game-changer for your business, it overhauls your business, processes, and even creates better relationships with customers.
If you have been putting off digital transformation for your business because of hearsay from people, let us help you by debunking a few myths about it:
1. It means overhauling your website:
For those who are unaware, digital transformation might look like an optimization process that makes a few customer interaction touchpoints better. Digital transformation is much more than that- it involves creating efficient processes for virtually every part of your business.
2. Only the leadership team is required for digital transformation:
There is a misconception that only the management is responsible for the overall success of the digital transformation efforts. The success of a digital transformation entirely depends on each and every individual who is a part of the organization. If a large part of the organization is not entirely on board with the program, then it is difficult to make it successful.
It is an initiative that will affect everyone involved, not only from the tools and technologies that they will manage but also their style of working. So it needs the approval of everyone, which is why we say that there should be a cultural mind-shift change to make it happen.
3. It only makes an organization digitized:
Just digitizing a process that was entirely manually-done earlier is not entirely digital transformation. Many businesses take the term digital transformation literally, there is much more to it than just ‘digitizing’ your business. Digital transformation provides value to both the customers and employees of the organization.
For the customers, it provides an excellent experience throughout every interaction touchpoint. For the employees, it makes their work easy, helps them become more efficient, and adds value to their time.
4. It gives overnight results:
Expecting immediate results from a digital transformation program is akin to wanting washboard abs after 4 hours in the gym coupled with a combination of Keto diet with intermittent fasting for a single day. That’s how ridiculous it is. Results are to be expected, but it takes time for you to realize the extent since there has been a change in everything, right from the technology you use, the processes you have and the attitude of your employees.
5. It is expensive:
The best thing about digital transformation is that it doesn’t necessarily have to be done for the whole business. You can do it in parts based on your schedule and exigencies. In fact, the technology partner who helps with digital transformation will chart a roadmap for you that will outline everything from the changes that should be made including the finances required.
Considering it a financial burden is certainly not a wise mindset to have. The advantages of overhauling your system completely is there for all to see. Based on an IDC estimate, businesses will spend more than $2 trillion on digital transformation projects in 2022. This number implies that more and more businesses are investing in it, so if you end up slacking on this, your competitors will get ahead of you.
6. It requires a dedicated Chief Digital Officer:
Digital transformation can be a gargantuan task for businesses as those who don’t know it in its entirety will find it difficult to wrap their heads around the idea. So, hiring a Chief Digital Officer might look like a rational decision. The truth is that your technology head is more than qualified to coordinate with your digital transformation partner and ensure that there is smooth functioning. The technology head should have the freedom to call the shots and has to be someone highly motivated so that there is no oversight during the program.
7. Customers don’t think digital is a priority:
We are living in a time and age when businesses are luring customers with same-day delivery, instant issue resolutions, and other offers that might have seemed unreasonable just a decade ago. Only the hospitality industry was known to bend over backwards when taking care of its customers, that too only the Hiltons and Marriotts of the world could afford it. But every business these days is expected to treat their customers like royalty. With new digital transformation processes, you can provide delightful experiences.
8. It is about reducing the workforce:
Sure, digital transformation will reduce the dependencies on certain job roles that perform routine tasks which a machine can automate. But it also gives birth to new roles which will give rise to more employment opportunities.
9. It can be done later:
Many businesses are skeptical about digital transformation as they might not be aware of the kind of results that it can produce. Businesses believe that there is still a lot of time before they can give a go-ahead for digital transformation. The fact is that they are moving backward by not adopting technology that can elevate their business results. Also, it isn’t a process that can be completed overnight, a lot of preparation is required.
10. It is not linked to business metrics:
Digital transformation is not about going digital, nor does it concentrate on fulfilling vanity needs. Every new process that is created or technologies adopted as a result of the program will affect your bottom line directly. Expect better customer engagement, faster throughput, higher NPS score, increase in revenue, reduction in costs, and so on.
Businesses that leverage digital transformation will improve their overall efficiency as if it were on steroids. It would be unwise to ignore technologies and processes that can propel your business towards success. Get the most from digital transformation by tying up with the right partner.