What is digital transformation
Digital transformation is the acceptance of technologies for the betterment of businesses and organizations to create value, grow, and stay competitive in the market.The word digital transformation singapore varies from company to company i.e one company’s success might not fit the needs of another.
Digital transformation means the operation of making use of digital technologies to improve existing business processes, cultures, and the experience of the customer.
Simply saying the digital transformation is adopting the digital in
- The eyesight and mindset of leadership.
- the internal establishment, people, and processes.
- customer experiences and customer relations.
The invention of wireless communication and Internet technologies are the primary fuel to boost Digital Transformation. The Internet provides a foundation that allows emerging technologies to give a competitive edge to companies having technically sound knowledge to use it.
Why does digital transformation matter?
- 1. It Increased profits
In a recent survey, more than half of CEOs opened that digital improvements have led to increases in profits of the company.
Further, in the study of companies that already have undergone digital transformation, it is reported that 80% of business entities that have completed the digital transformation have reported increased profits and have also increased market share expecting higher revenue growth than competitors.
- Increase in the efficiency
The main advantage of digital transformation is that it streamlines the business process and its operations. This helps to increase efficiency which is the most important aspect of any business.
- 3. Beneficial in a competitive environment.
Digital transformation can help any business to maintain a lead over competitors and stand out amongst all with unique offerings. One can reach wider markets, and launch new business models.
- Business Continuity Planning
The global pandemic in 2020 illuminates the fact that the businesses that adapted digitally were one step ahead of sudden changes in business planning and operations.
With the imposition of lockdowns, some company owners turned their business to digital transformation and enjoyed the benefits of modern business practices without remaining present physically. Thus Digital transformation is helping the business to continue functioning during the unpredicted situation.
Importance of digital transformation in Singapore.
Combat rising labor costs
With the increase in labor costs, any business needs to find a solution to increase its production and efficiency of employees for increasing the value and of manpower.
Remain competitive in the regional market.
As a result of the maturing of the economy and workforce of a competitive country, the primary businesses need to make sure to stay one step ahead of the turn.