When the idea of Failed Transformation Traumatic Syndrome was introduced at the DocuSign MOMENTUM’16 conference earlier this year, five imperatives were named as an antidote to the problem. Leadership, technology, mindset, trust, and speed were posited as the best tools to help companies fight the risk of succumbing to the increasing demands of the digital age and to help guide business leaders through the process of transformation.
To emphasize the importance of transformation in an age where the process has become an imperative for businesses across all industries, we’ve highlighted seven reasons why your company should already be digital.
1. Because the tools to go digital are already out there.
Gone are the days when a company needed to invest exorbitant amounts of time and resources into creating or integrating complex technologies to accelerate business velocity. The pace of technology is the driving force behind development and growth within all areas of business.
The changes this has brought include a collection of useful tools that businesses can adopt to keep up. With so many options available, it is no longer too time-consuming or too expensive to capitalize on the available products and services that help make digital transformation possible.
2. Because speed is a core element of digital transformation.
True speed and efficiency for a company in the digital age can only be attained as a direct result of digital transformation, a process that begins when a company decides to take operations paperless. The number of CEOs turning their focus toward digital transformation has been steadily increasing over the last few years.
Despite this, the market research company Forrester found that less than 30 percent of modern businesses have developed a plan that will fully reap the benefits meant to accompany going digital. However, if speed is the goal, then digital transformation is the way to reach it. Companies that focus on digital to gain speed will find that the benefits of the transformation extend far beyond increased business velocity.
3. Because digital pleases your employees.
Whether or not your business has made the jump to digital, the pace of the business market is increasing anyway. Employees working for companies that remain on the wrong side of transformation may see workloads increased in an effort to keep up with the speed of business.
This can also lead to overworked staff, reduced productivity, and a higher incidence of mistakes. The streamlined workflow that comes as a result of digital transformation can decrease the amount of time that employees spend on routine tasks, giving them more time to navigate workloads and improving overall levels of employee engagement.
4. Because digital pleases your clients.
Research shows that businesses continue to report higher levels of customer expectations with each passing year. The pressure to meet the demands of customers in the digital age has been on the rise due to the capabilities of modern technology, and the consequences of failing to meet customer needs can be significant.
However, the core of digital transformation is the customer experience. Going digital helps your company deliver the products and services that your customers are asking for at a more efficient rate than ever before.
5. Because digital is pleasing to potential business partners.
In 2015, research firm Cisco suggested that four in 10 current incumbents in every industry will be unseated from their market positions by the end of the decade due to digital disruption. Those that retain their place among the world’s most successful companies will be those that opt to embrace digital disruption and use it to an advantage. Companies that choose to ignore the opportunities for digital transformation will not be seen as a competitive option for partnership, leaving those firms at an even greater disadvantage for future growth.
6. Because digital makes your company agile.
In a market where success depends on the ability to meet customer needs, digital transformation equips your company with the means to get to know customers on a more complex level to deliver the products and services that they really want. Digital transformation helps companies gain knowledge about their customer base through tools like big data analytics.
This gives companies much greater insight to the preferences of customers and allows a company to quickly alter its business strategy when the data show that an approach is ineffective. This kind of agility helps improve customer satisfaction rates and fuels growth for your business.
7. Because digital is already the goal of your competition.
As comfortable as it may be to adhere to traditional business models, digital transformation is not going away. The business sector is evolving, and change is inevitable. Those who do not adapt to the digital future will be left behind, and chances are that your competition already knows this.
The sooner your company embraces digital transformation, the greater advantage you will gain over your competition. Not only that, you're more likely to be a disruptor of industry rather than be disrupted by your industry.