The digital capability of a business is fundamental to remaining competitive in today’s market. Digital technologies are rapidly changing and evolving, which in turn increases competition and the need for companies to innovate quickly. It has never been more dangerous for companies to neglect the importance of digital technologies.
The positive impact of embracing digital innovation
The digital strategy a company pursues can make or break an organization. Today’s business landscape is becoming increasingly complex. For a company to be successful in 2020 and beyond, it is vital that they adopt digital innovations that can help them to achieve their objectives and stay ahead of their competitors. Adopting digital technology can have a number of benefits for the company that chooses to do so.
#1. Cost savings
Investing in digital technologies can, on the face of it, appear expensive, but in many cases, it can be a highly cost-effective decision. Digital technology can help to streamline processes, increase efficiency, improve productivity and save businesses money.
It can be difficult to adopt new technology, especially when the company is currently performing well. Why fix something that isn’t broken? However, investing in digital in the short term can lead to long-term growth for the business and a competitive advantage. The alternative is to carry on as normal, which will eventually lead to slowing growth and even decline if technology is not adopted quickly enough.
A short-term investment for long-term financial stability makes business sense.
#2. Improved efficiency & increased productivity
To achieve business success, efficiency and productivity are vital. Digital technology can help improve communication, collaboration, content management, access to analytics data and social networking as well as staff and customer experience.
Successful enterprises are embracing technology to create digital workplaces that improve business cohesion. Make sure your business doesn’t get left behind and choose digital technology that supports the way your business wants to work.
#3. Maintain a competitive advantage...or lose it
If your company fails to embrace digital technology, then it will fall behind competitors who do choose to embrace it. This can lead to decreased sales, a reduction in profit and a downwards trend that can be difficult to revert, especially if your company is left playing catch up to companies who did embrace digital technology and are seeing the benefits of it at your expense.
Embracing digital technology really can be the difference between your business being successful in the coming years or falling behind competitors. For examples of the dangers of ignoring digital technology, you only have to look at the fate of Blockbuster and BlackBerry’s mobile devices. Failure to embrace digital technology can lead to companies falling behind competitors and sometimes there is no way back.
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#4. It's time for a digital transformation
Embracing complicated digital innovations can be a concern for many companies, and therefore they choose to do nothing. Doing nothing from fear of the complexity of implementing digital technology could permanently damage a company’s ability to succeed in the future. If a business wants to grow in 2019, then it’s vital to keep the company up to date with digital technology.
The phrase ‘digital transformation’ refers to innovating business activities to make the most of the opportunities presented by digital technology. Embracing digital technology can positively transform business performance with regards to increasing revenue, improving customer experience, and reducing costs.
#5. Risk and reward
Digital should be at the heart of a business’ strategy going forward. When making any changes to a business’ strategy there will be risks, but the rewards from getting it right can drive business growth beyond that of competitors who fail to embrace digital innovations.
The truth is that if you want your company to continue being successful then it doesn’t have a choice. It needs to embrace digital technology and do so quickly.
Don't let your company get left behind
If you want to remain competitive in your industry, then it’s vital to shape your strategy by embracing technology to drive your business forward. Embracing the right digital technology will have a positive impact on your ability to grow. The opportunity for the companies that show courage and do adopt digital technologies really is immense.
Don’t get left behind. The time to embrace digital technology is now.