Digital transformation refers to the transmutation of ways an organization operates. Although, the transformation has been happening for many years in the business world. But 2020! Has made the use of technology even more fundamental. In today’s world, digital technology has become a necessity. Businesses are unable to survive without it. Businesses are expanding worldwide digitally as we seen in many latest business news.
Following are some of the ways that show the impact of digital transformation to the growth of the business:
Increase efficiency and Smooth working
With technology, employees and employers are able to incorporate many ideas. They can look up for better and efficient ways to perform a single task. They can explore different techniques that are more efficient and reliable. IGI Times.
Digital technology makes everything more transparent. Employers are able to see the financial condition and operations more clearly. The chance of deceiving is reduced greatly. Everything is visible, and one can find a loophole in the documents easily.
Robust Decision making
Through digital transformation, businesses are able to make effective and robust decisions. Better strategies are applied to increase shareholder’s wealth and the growth of the business. Targets are achieved in a more efficient and effective manner through the effective use of digitalization.
Reduced expense and increased profitability
When businesses become digitized, their day-to-day functions become more efficient. They are able to perform the same tasks more efficiently that once took forever to complete. It is through a digital transformation that the chance of error is reduced greatly.
Also, profitability is increased by analyzing better ways to perform a task. Expenses are reduced greatly due to downsizing. It also makes the firm less populated and perform better.
Innovation and better quality
In this digital age, when people can have numerous options to choose a single thing. Everyone is looking for ways to make their products innovative to attract customer demand. Markets have become highly competitive due to the demand for innovative products. It has now become a necessity for businesses to keep themselves updated and technologically ahead of their competitors to win the market.
Digital literacy is the need of the hour to keep yourself ahead of others. One is unable to run a business only by making everything digitized. It is essential to learn the pros and cons of going digital because everything has its benefits and consequences as well.
It is better to educate yourself and your employees about the new technology before implementation to avoid greater damages. Digital transformation is dangerous without having complete knowledge about its usage. It can be your powerful weapon and your biggest enemy as well.
Role of social media in the growth of the business
Social media plays a vital role in the growth of business in today’s world. It is the best way to advertise products and inform people about your business. Through digital media, you are able to attract customers worldwide. It is a way to market products globally.
Through social media, small businesses can grow large by establishing and following effective strategies. Branding strategies are required to run a successful business through these platforms. People are running successful businesses through Instagram, Facebook, and other social sites.
Pandemic and Digital Transformation
Covid-19 has forced people to transform the ways they do business. Before the pandemic, countries including Pakistan, people were not so sure about going digital. They were reluctant to this transformation, but now that digitalization has become a need of the hour, many businesses have transformed digitally.
Some of the businesses have noticed remarkable growth by going digital. Today in Pakistan, almost 27.5% of internet penetration has increased due to the pandemic. Almost 77.7% of the population in Pakistan is enjoying the perks of digitalization in these tough times.