The COVID-19 pandemic claimed millions of lives and wreaked havoc on the global economy. Although vaccines are now being distributed all over the world, at varying rates depending on the country, businesses are cautiously optimistic that the worst is over and that recovery is on the way.
Although customers are returning to stores, the business environment is still uncertain. Many businesses are still adjusting to remote work and dealing with layoffs. This has harmed corporate morale and left employees confused about their roles. Supply chains and logistics threads are still settling down, and access to working capital remains restricted.
In the current business environment, businesses need all the help they can to remain competitive. Even if some businesses are still stumbling along the path to digital transformation, it is critical not just to survive, but to thrive in the post-COVID economy.
Digital transformation helps businesses meet customer expectations
It’s impossible to turn back the clock on customer expectations, which today include remote interactions, self-serve portals, and on-demand digital experiences. To boost profits, business leaders are banking their hopes on digital initiatives, therefore businesses should deliver or risk falling behind.
B2B buyers are no exception, with an increasing number of them opting for a self-guided purchasing journey that involves more self-service touch points and a salesperson much later in the process.
Buyers, on the other hand, desire more human contact, which, ironically, rely on improved digital solutions. Employees can focus more on customer relationships by allowing digital platforms to take over monotonous, time-consuming chores. They also facilitate smoother internal communications by allowing customer service representatives to share information, empowering them to give customer service that seems like a single, unbroken discussion, regardless of how many agents or channels are involved.
Employee retention and engagement are boosted by digital transformation
Employees are the backbone of any company. A well-executed digital transformation strategy can help keep them enthusiastic, engaged, and driven.
Artificial Intelligence (AI), Machine Learning (ML), and Augmented Reality (AR) are used in digital HR solutions to match talent with new challenges and promote more effective employee training, even in difficult-to-teach “soft skills.” Employees are much less inclined to abandon ship if they can easily climb the corporate ladder, increase their professional capabilities, learn new skills, and brush up on old ones. Employees won’t need to hunt for possibilities elsewhere if they can progress within the organization.
Furthermore, many employees were eager for more after a year of remote work. According to a survey by Buffer, “The 2021 State of Remote Work” 97% of employees who work remotely wish to do so at least part of the time. That implies digital solutions for distant collaboration, communication, and secure document sharing will continue to exist.
Develop a more proactive business strategy
In business, foresight is key, regardless of the industry, and digital transformation offers them the long-term vision they need to anticipate emerging risks and opportunities and develop a more proactive business strategy.
Companies that have gone digital have eliminated departmental silos in order to collect and share data throughout the organization, allowing departments to exchange insights and collaborate more effectively.
Advanced analytics tools that utilize AI and ML to make more accurate predictions can then be fed into big data. Reliable forecasting allows businesses to get ahead of emerging trends, plan for future possibilities, and prepare to mitigate or avoid threats while they are still on the horizon. Furthermore, a more in-depth, granular understanding of customer wants and pain points allow businesses to develop the best personalized solutions for the market.