It seems companies everywhere have gone digital. The global digital transformation market is projected to grow from $469.8 billion in 2020 to $1,009.8 billion by 2025, at a compound annual growth rate (CAGR) of 16.5%. And companies are adopting a digital mindset for good reasons. According to Deloitte research, digital technologies can help accelerate progress towards enterprise goals such as financial returns, workforce diversity, and environmental targets by 22%. Not to mention, the already rapid adoption of new workplace technology was only propelled faster by the COVID-19 pandemic.
So what is digital transformation and why should you care about it?
Digital Transformation Defined
Digital transformation is unique for each business, depending on company goals, workplace setup, and customer and employee needs. In broad terms, however, it can be defined as implementing new technological tools into nearly every aspect of a business. As a result, the new technology radically changes how an organization functions for the better.
Digital transformation orients toward improvement. Technology can help simplify work, cut down on costs, and increase customer satisfaction. The need for digital transformation can often extend to various business functions, like customer experience, sales and marketing, IT support, internal ops, and employee experience. For example, IT automation helps improve resolution times and increases efficiency for IT and or customer support teams.
It’s important to note that digital transformation is a concept that evolves. Consider, there once was a time when the computerization of the office was a new shift. But, as Harvard Business Review points out, digital transformation isn’t about the technology –– it’s about the mindset that desires efficiency gains, improved customer relationships, and happier employees.
HOW CURRENT EVENTS AND WORKPLACE CULTURE ACCELERATED DIGITAL TRANSFORMATION
As we’ve noted, digital transformation is continuously evolving. Over the last few years leading up to 2020, many companies were interested in making changes to improve their business. However, even as the natural shift was already happening, the pandemic sharply increased the pace at which companies fully converted. 97% of global IT directors said their companies went through a digital transformation due to Covid-19, with 3 out of 5 stating they saw a “large amount of change.” And IBM reports that 96% of leaders say that Covid-19 will accelerate their digital transformation by 5.3 years.
The pandemic propelled latecomers into adopting more technology to support remote teams and new ways of working. Companies needed to support remote workforces or find ways to deliver digital experiences to customers (e.g., contactless delivery).
Further pressure to digitize came from new demands from workers. In 2021, an average of 3.98 million workers left their jobs, making it the highest average on record. Employees now demand better work experiences, including flexibility, work-life balance, and better tools to make their jobs easier. Better tech can make daily work more manageable, enhance employee experience, and reduce employee churn.
HOW THE RIGHT ITSM SOFTWARE CAN DRIVE POSITIVE OUTCOMES AND PREPARE YOU FOR FUTURE PIVOTS
To set yourself up for success for today and tomorrow, adopt technology solutions that can be used flexibly across departments and have the capacity to expand and scale over time. ITSM software is an example of a tool that can be used for various purposes. Obviously, your IT team can use automation to solve tickets faster, automate approvals, and triage priority issues. Yet, other departments can use ITSM software like HR, for instance, can create incident workflows that protect company and individual privacy, Ops managers and PMs can create documented SOPs, and customer support can improve customer experience through automated status updates, live chat, and self-support options.
The point is that adopting scalable technology today will help you pivot tomorrow for whatever the new era of digital transformation brings. The key is to stay agile, listen to employees, and always look for ways to improve.
Ready for whatever transformation comes next? Try DeskDirector for free today.