Benefits of a digital transformation

27 November 2020 / Article

It takes a lot of time, energy, and money for a company to properly go through a digital transformation, which leads many executives to wonder if it is worth it. With many companies of all sizes and in all industries having already gone through this type of effort, it is easy to see that there are many benefits that come from going through this process.

While every company and situation is going to be unique, it is important to look at what potential advantages your organization will have because of this process. For many companies, improvements in efficiency are a major reason why they invested in a digital transformation.

Opportunities for Efficiency Improvements

The specific ways that a digital transformation can improve efficiency will depend on the type of business you are in, and what changes are implemented during this process. Taking the time to look at areas where there is waste in your organization, and trying to find technological solutions to eliminate that waste, will not only illustrate how you can improve efficiency but also help you with planning your digital transformation. Some common solutions that can help with efficiency include:

  • Connecting Data - Collecting data from as many places as possible and making it available to those who need it in the company, is much more efficient than having each department collect and manage their own data.
  • Analytics - Getting the most out of the data that your company collects is made possible with advanced analytics. Using artificial intelligence (AI), machine learning, and other analytics strategies will streamline this process and eliminate wasted time and effort.
  • Sensors - Using sensors to control things like lights, heating, cooling, locks, and other things will be much more efficient while also providing a better environment for employees and guests.
  • Edge Computing - If your company relies on rapid access to data, you may want to consider using edge computing solutions. Taking advantage of nearby data centers is often less expensive while also providing faster response times.
  • Intelligent Automation - It is amazing what types of things can be automated today thanks to advancements in technology. Whenever possible, automation should be a key factor in your digital transformation.

Of course, there are many other digital solutions that can help you to improve efficiency in the workplace. Analyzing all the different technologies, both hardware and software, to see if they can provide your business with benefits will help you to get the most out of your digital transformation.

Making Efficiency a Key Performance Indicator

When going through the actual digital transformation, make sure that you have efficiency identified as a key performance indicator (KPI). As you progress through the many changes that will be made, measure the results to see how much waste is being eliminated. If you are not getting the results you had hoped for, you may need to make some adjustments to your strategy. A successful digital transformation will never look exactly like the initial plan had hoped for. Companies that get the most benefit, and biggest improvements to efficiency, are the ones that are willing and able to make course corrections along the way based on the data that they are constantly collecting.

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