Digital transformation is not a luxury anymore, it is an inevitability. If you want to sustain in the modern market and succeed, you must adapt to a 360-degree digital transformation.

Up until a few years ago, your company’s digital identity was just something to have in order to be at the forefront. Besides, it also served the purpose of diversifying your business and being attractive in the eyes of customers and competitors.

Simply put, it was cool to have the so-called digital existence!

However, today, after some years, it is no longer a digital identity for showing off only, it is a must-have. It is a necessary step for businesses, and the market itself to adapt to.

According to Markets & Markets, the digital transformation market is currently worth $594.5 billion in 2022. Isn’t it huge? Yes, it is. But it is going to become three-fold in just a few years.

Don’t take our word!

The digital transformation market is expected to reach $1548.9 billion by 2027 with an annual growth rate of 21.15%, the same report says.  

What do you understand about those statistics?

Digital transformation is happening everywhere and it is happening fast. So, it is better to transform your company as quickly as possible.

And we are going to elaborate on the topic right after we know what 360-degree digital transformation means.

What is 360-degree Digital Transformation?

A 360-degree digital transformation is a very broad concept, but if we want to define it, we can say that it is the integration of all types of digital technologies in your business.

I hope the term digital transformation is not new to anyone. The world has been talking about it since the 90s when people began to use the Internet and e-mail extensively as effective tools for professional communication.

However, today, when we talk about digital transformation, we refer to a bunch of tools and technologies for efficiency and ease of communication and marketing.

It is also the phenomenon that improves your business processes, replacing the archaic, slow, and boring ones with more innovative, simple, and efficient ones.

In order to apply digital transformation in a deep and rooted way, a change in corporate culture is necessary. Because it affects every aspect of the company, from tools to processes, from strategies to advertising, and from the entrepreneurial approach to the work of employees.

For example, to run your entire business operation, today, you need tools like HR solutions, ERP, business websites, and so on. If you want to go for digital marketing, you must integrate social media, SEO, and content marketing into your marketing strategy.   

So, we can say, a 360-degree digital transformation is a process and an approach to adapting to technology solutions to operate, connect, promote, and sell more effectively.

Now let’s talk about why a 360-degree digital transformation of your company is very important.  

5 Reasons Why Your Company Needs a 360-degree Digital Transformation

People often ask,

Is it really worth investing time, resources, and money in a process like Digital Transformation?

Without wasting time and words, we can answer Yes!

Don’t pressurize your brain yet, we are going to explain it to you now in clear and simple words.

Though we can talk about countless benefits, we are going to discuss the 5 fundamental reasons why your business needs 360-degree digital transformation.  

Let's dig deep, one by one, in detail. Hope in the end, you will tell us if they are convincing enough for why you would transform your business digitally.

1. Greater Efficiency

Digital transformation matters because it makes your operation and workflow faster, easier, and more efficient. Though achieving the expected result is not as easy as it sounds, it is not impossible. With proper guidelines and strategy, your business can shine in the digital space.

The concept of digitization is not a personal point of view, it is because the world is evolving at the speed of light. 

There are different sectors emerging, while old ones die or are transformed. 

So, your business needs to keep up with the times to continue to thrive!

If you are an entrepreneur thinking about changing your business models to better adapt to the new context, digitization is the beacon of time. 

Whether it is the work process or the promotion of your product, digital transformation can provide greater efficiency.

2. Improved Customer Experience

A 360-degree digital transformation allows companies to get to know their customers more accurately. And it is an invaluable resource because customers are driving the change towards this revolution. 

Today users are always connected, informed, and up-to-date. They expect to find relevant and interesting information online based on what they are doing, where they are, and the device they are using.

Try to understand the audience because this is whom your business is dealing with now and will be dealing with in the future!

You must embrace a 360-degree digital transformation to offer them a unique experience, fully involving them. 

Putting customers first in your digital strategy is the key to fully meeting their needs and expectations. Today, meeting their needs is only possible with a digital business model fully customized to your audience. 

3. Saving Resources

Introducing new technology might seem expensive at first. And consequently, risky as well. Besides, you’re marketing effort may also be a waste due to the fragility of your audience in the digital space. These are more than justified concerns, but let’s see this from a broader point of view. 

Investing in fast and advanced technology and digital media allows you to save money in many aspects, such as: 

• Time: digital transformation helps you save time from manual and paper-based office work with automated processes. When it comes to your marketing effort it also helps you reach a vast market through social media and other channels which eventually saves you time.
• Resources: employees can automate tasks through software solutions saving time and energy to be used in other tasks. It also helps you reduce the workforce you would have needed in the manual operation. 
• Spaces: digital transformation of your office helps you keep your office smaller using less space for workforce and information. Even, if you are fully automated, it is possible to run your office remotely.
• Reach: with digital marketing, you can reach billions of people in the virtual world through social media, websites, emails, etc. It can really help your marketing effort to be great. 
• Costs: the initial investment to make the company more digital translates into savings in expenses related to physical media, premises, employees, etc.

So, despite the initial expense, digital transformation in the company means always being projected toward the future to try to obtain maximum well-being and profit.

4. Boosts Your Profits

Whatever you do you do for increasing profits and this is exactly what a 360-degree digital transformation does.

According to statistics, businesses that have embraced technology and digital marketing, have seen a dramatic increase in profits. 

In fact, according to research, digitally transformed companies are three times more likely to achieve better profit margins than non-digital ones. And this happened in all sectors.

So, if you too want to increase your profit margins, you need to move toward digital transformation. We can assure you that only this can ensure concrete and tangible results, especially in the long term.

If we fact-check, most startup companies are better associated with Digital transformation. Besides they are also more digital marketing oriented. However, this revolution has already been embraced by the giants, because they are well aware of the importance of changing with the evolution of the market. 

If you are thinking about facts, take the PTC Digital Transformation report into consideration. It says that 52% of companies with profits over $ 1 billion are well integrated into the digital world. Thus, considering a 360-degree digital transformation should be your priority as well, if you want to boost your profit. 

5. Alignment with The Competition

Business is all about staying ahead of your competition and those who can do that, are ruling the market. But if you don’t adapt to digital transformation, you cannot win over your competition.  

Digital transformation gives an unprecedented boost in several areas including the collection of data. Today, those who have data are more likely to succeed in their businesses. Thus, acquiring data is your first priority.

You might be thinking why?

Well, a few years back Forbes mentioned McKinsey Global’s report indicating,

“Data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain those customers, and 19 times as likely to be profitable as a result.

So, digital transformation is the key to success for companies in the long run. If you take the advantage of the technology today, without any doubt, you will always be ahead of your competitors. 

In short, 360-degree digital transformation is something you must not avoid if you want your business to succeed. It benefits you in many ways including higher efficiency, better customer experience, and increased revenue. We hope, now you understand why your business needs a 360-degree digital transformation. 

We at Techtsy, help businesses build a better digital transformation through effective channels and technology. Contact us if you need any help.