Since we’re living in a digitally driven world, many companies are going above and beyond to undergo digital transformation. However, this task isn’t easy because you’ll need the proper online tools and technologies to modify your business.
If you’ve been using traditional forms of marketing and processes since the start of your business, then this article may inspire you to adopt digital processes. We’ve provided digital transformation examples, so you can see that it’s not impossible to modify your business no matter what industry you’re in. keep reading to find out more.
What is Digital Transformation?
Digital transformation is the process of modifying your business process, customer experience, and culture using computer-based technologies. Companies undertake digital transformation, so they can meet the demands of their customers and improve their workforce, so they can compete in their industries.
With digital transformation, companies can thrive in a future where technology is the main economic driver as most businesses process are done online.
Here are digital transformation examples:
Emailing invoices instead of sending them through the post
Using a digital point of sale terminals instead of accepting physical cash
Creating an eCommerce store instead of a physical shop
Implementing artificial intelligence for faster replies to customer queries
Digital storage such as cloud computing as opposed to physical filing cabinets
These are the basic examples of digital transformation that companies can implement. It simply makes the business process more manageable, and it creates sustainable business processes by eliminating the use of paper.
Why Do Brands Need Digital Transformation?
In the past, brands used traditional forms of marketing, such as:
Magazine and newspaper articles
Although some of these marketing methods still work, they don’t expand your brand’s reach. With digital transformation, companies can target audiences outside local markets.
What’s more, there are over 5 billion people who use the internet today to shop, learn about products and services and even engage with brands online. Therefore, when you undergo digital transformation, your company can experience the following benefits:
A boost in brand awareness
Improve your customer experience
Save on marketing and process costs, especially when your company starts growing
Keep up with technological demands
Boost your revenue
Attract quality leads
Increase the transparency of your business
If done correctly, digital transformation can fully leverage customers at every touchpoint in the customer experience.
What are the Consequences of Digital Transformation
Although undertaking a digital transformation is a must if you want to be a key player in your industry, it does come with some risks. When you go fully digital, you do run the risk of experiencing cyber-attacks. Furthermore, you may have to constantly keep up with digital trends, which can get expensive.
However, to make money, you need to invest in technology that will improve your organization’s processes. Additionally, utilizing the latest technology will provide your customers or clients with convenient ways to purchase your products or services.
Interesting Stats About Digital Transformation
Here are interesting digital transformation statistics you should know about:
70% of companies have either got a digital transformation strategy or are working on one
Digitally transformed organizations are projected to contribute more than half of the GDP by 2023
AI technology will be inserted into the processes and products of at least 90% of new enterprise apps by 2025
5 Extraordinary Digital Transformation Examples
If you want your company to be a major success, then you should brainstorm ideas on what processes you can transform using digital technologies. You could create video content to advertise your business on multiple social media platforms, or create a virtual store.
To inspire you, here are business case study examples of major corporations that underwent a digital transformation to stay ahead of their competitors.
You may be wondering, how does a coffee company like Starbucks undergo digital transformation? To answer your question, Starbucks’ main innovation is its mobile order and pay app. Customers can order their coffee online and pay for their beverages, which reduces foot traffic and lines at the coffee shops.
What’s more, Starbucks can gather important data from their customers through their platform. This data allows Starbucks to understand their customers' needs and spending habits so they can keep up with demands.
Lego is another company that you wouldn’t expect to undergo digital transformation. Lego suffered a steady decline between 1992 and 2004 and was close to bankruptcy. However, the Danish toy production company completely transformed their business by introducing mobile apps, console games, and even movies.
With that being said, the first Lego Movie achieved a $468 million revenue and the production only had a $60 million budget.
Although Amazon was already an online store selling books, they started to incorporate other ideas to keep up with digital customer expectations. Amazon provides a marketplace for other businesses to buy from the platform and third-party eCommerce stores.
The new features of Amazon included free two-day shipping on orders of $49 or more and offered exclusive discounts. Additionally, the online conglomerate created a holistic online marketplace by introducing over 250 million products including cleaning aids, clothing and industrial equipment.
Marvel Comics published its first comic book in 1939 which featured several superhero characters. However, the company went bankrupt in 1996 due to the overinflated comic book market. However, the company made a remarkable comeback with the release of the movie Blade in 1998.
The X-Men and Spider-Man movies were also major hits. Fast-forward to 2018, Marvel’s Avengers: Endgame is now the highest-grossing movie in the Marvel universe, which grossed $2.798 billion worldwide. The company now has a website where customers can buy comic books, and figurines and learn more about the Marvel universe.
Audi completely changed the way dealerships sell vehicles. The car company introduced Audi City, which is the world’s largest digital showroom. It allows customers to view the entire catalog of Audi’s models in stores located in their local city centers.
The digital showroom has multiple touch tables, interfaces, and power walls so that customers can view every aspect of Audi’s models without visiting a physical showroom.
As you can see, companies from different industries can undergo digital transformation. Even the healthcare industry has adopted digital innovations to store medical records and conduct virtual medical examinations for patients.
Let this article inspire you to completely transform your business using digital innovation, so you can keep up with trends and stay ahead of your competitors in your industry.
For more information, check out the following guides: