Digital Transformation Challenges Businesses Should Focus
The world has gone digital, and there’s no passing back. In today’s rapidly growing digital era, companies across all industries need to embrace new technologies and business methods to stay relevant. Organizations, especially those founded before the digital age must transform their business digitally to stay afloat. They need to embrace the digital wave to stay ahead of the competition and to improve their business efficiency and customer experience.
While the world has been talking about digital transformation for a while now, very few organizations have embraced this trend and made noteworthy progress. This is because Digital transformation also means a change in the business culture. It requires commitment because it’s not typically a simple process. It takes significant changes to long-used legacy systems and comes with some challenges as well. So, business owners might have a question in mind that- Is it really worth it for the company to invest time, money, and human capital in this process?
Well, the answer is ‘Yes’.
In a recent survey by Gartner, 56% of CEOs said that digital improvements have already led to increases in revenue. Improved revenue and stock prices are two of the numerous benefits that digital transformation offers. Earlier, we have already discussed in a blog about the major importance of digital transformation in business. You can read the blog here-
With so many benefits it offers, modern-day entrepreneurs understand the need for digital transformation solutions. But they also understand that there will be multiple digital transformation challenges standing in the way. Let’s face it!
Challenges Associated with Digital Transformation and How to Overcome it
In this blog, I want to address the top five challenges every business should focus that’s looking to adopt a digital transformation strategy. Also, they can overcome those challenges for a successful business makeover.
Unwillingness to Change
Organizations and people often like routines and certainty. Most of the organizations continue to use the same business models and processes in the current digital world as well. They are hesitant to incorporate new strategies and bring a change in the ways they do business. However, it is essential for every business to adopt changes in order to keep up with customer requirements.
It is vital to make everyone in the company aware of the opportunities of digital transformation and its benefits. For this, you will need to have a clear road map and use the correct digital transformation services to achieve new heights.
Failing or Poor Analytics
It has been identified that 53% of modern companies are dissatisfied with their analytics abilities. That may seem unreasonably high to some, but in the face of today’s digital transformations, it makes a lot of sense as it is like a mirror of your business performance. There’s more data to collect than ever, and failing to measure the right ones could end in disaster.
The solution to this concern is to implement AI technologies to help improving data collection and personalization efforts. A recent study reflected this idea, sharing that 61% of marketing leaders believe AI is going to help the “hyper-personalization” of content. Better analytics means better decision making, and the value of that can’t be unpretentious.
Ineffective use of customer data
There is no doubt in saying that customer data is at the core of digital transformation. Organizations have a large amount of structured, unstructured, and real-time data stored from internal and external sources. This data remains unused as they do not have the right way to effectively gather, store, and leverage it. They have no idea about how to use the data in a way that adds value to the customer and benefits their business.
To overcome this challenge, you need to identify a few key attributes of the customer that can help you serve them better and more effectively. Make the most of the data by storing it on the cloud and making it available to data scientists, businesses, and IT teams for analytics. Cloud serves as a single data platform that is secured as well as easily accessible.
A shortfall of Technical Skill Sets
Absence of IT resources and resource management strategizing are one of the key challenges to digital transformation. Innovative technologies such as AI and ML, blockchain, IoT, robotic process automation, etc. have already paved the way for new business opportunities. Even so, some companies lack the technology and dedicated development team to keep up with changing trends and innovations.
Train your workforce for all the needful digital and technical skills. Look out for business partners who can help you on your journey. Choose the correct technologies that are in-line with your vision and growth strategy.
Don’t let the challenges your business faces in our digital world become unconquerable roadblocks. Instead, face them and find innovative solutions to your problems that provide success for years to come. Ready to transform your business? Connect with Successive Digital experts, who are helping clients business innovation with customer-centric solutions.