5 ways digital transformation impacts the industry

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The role of digital technology is rapidly changing. In the past it was only a driver of marginal efficiency, today it is a facilitator for innovation and disruption. Digitalization causes far-reaching transformations across various aspects of business, enabling new opportunities for value creation and at the same time forming important risks.

Companies across all industries are struggling with the strategic implications of digital transformation for economical ecosystems and organizations. While digital technology will change most industries, business leaders should confront the challenges that lay ahead to unlock the significant benefits digital transformation offers; from increasing operating efficiency and revenues to reducing operational costs. Organizations that can quickly make the required digital transformation will improve business efficiency and profitability. There are five key areas in which the digital transformation is providing opportunities for companies in all industries.

1. Improving customer engagement

The most crucial need for businesses is the way they interact with their customers. Customers are increasingly demanding when it comes to service and support. These stringent expectations raise the bar in terms of customer interaction and real-time support, calling for a digital relationship. Customer engagement is a vital aspect of a company’s digital transformation and can be enhanced by:

  • Helping customers to understand a company’s offering.
  • Providing better digital tools and insights to make better choices.
  • Simplifying billings.
  • Allowing customers to better interact with customer service.
  • Launching new digital touchpoints like digitizing the customer onboarding process.]

2. Ensuring regulatory compliance

By digitizing information, it can be kept up to date and digitally archived, improving document traceability, simplifying facility management and helping operations to stay compliant. When an incident that requires an official enquiry occurs, a company must be able to produce operating procedures, specifications and additional information required by regulatory instances. If not, the company can often face heavy fines. An effective quality management system can help you with this.

Digital documents can be easily tracked and accessed by document controllers and operators, enabling:

  • a fast and accurate response to regulatory inquiries when needed
  • a reduction on future fines
  • a reduction on existing fines if information management improvements are made

3. Increasing operations intelligence

The ability to predict asset performance, identify changing conditions and evaluate investment options is a powerful advantage for businesses. Digital asset management enables the use of real-time monitoring and data analytics, increasing operations intelligence and allowing operators to handle real-time challenges more effectively. Better insights lead to better predictions and decisions in terms of productivity requirements and customer necessities. By digitizing asset management, companies can optimize their demand response and increase revenues.

4. Boosting employee productivity

When employees have (remote) access to real-time information for example, via a digital archive, they can verify that they are performing correctly. Digital technology can help companies to provide the correct and necessary information to employees, both in the office and on the road, through:

  • more effective work requirements
  • enhanced planning and scheduling
  • optimized logistics information

Information management solutions are key to decrease the time to search and interpret ad-hoc information and avoid unplanned downtime, improving the overall company productivity.

5. Using the advantages of the cloud

Cloud technologies have proven their advantages for the management of company data and to stimulate collaborationbetween various business teams that are working on large-scale projects. Instead of using email, FTP-sites, USB-sticks or external drives to share information, organizations now see the benefits of sharing information and collaborating through the cloud, saving both time and money.

Digital transformation is not just about knowing what is happening across an organization. The real value lies in the control, analytics and predictive response to maximize efficiency, productivity and customer engagement.

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