How can digital innovation drive business transformation?

How can digital innovation drive business transformation?

July 15, 2022

This website uses cookies

Businesses must develop, change, evolve, and adapt to a constantly changing digital environment sooner or later. However, you want to call it, the rise in start-ups and competitors striving for greater innovation is driving businesses to pick up their game in an increasingly competitive market.

Organisations must adapt their structure and tactics from top to bottom quickly and urgently in order to keep up with the changing market, employer, and consumer needs as a result of digital transformation. Selecting the appropriate technology is just one piece of the puzzle. Instead, the changes brought about by digital transformation call for leaders who can take advantage of the opportunities presented by going digital to innovate, drive value, engage, and enhance workforce capabilities, as well as to fail quickly and learn from their mistakes in order to become stronger.

What is digital innovation?

The use of digital technology to solve current business issues is referred to as “digital innovation”. The practice of using modern digital technology to address business issues by streamlining procedures, enhancing consumer experiences, and introducing fresh business models is at the heart of digital innovation. We are surrounded by digital innovation, including wearable technology, chatbots, IoT, AI, big data, etc.

Digital innovation is strongly tied to concepts like digitisation and digital transformation. Many organisations are aware that they must change, develop, and adopt new technology to remain competitive in today’s dynamic industry.

If businesses don’t digitally innovate or change to reflect changing consumer and business patterns, they run the risk of being irrelevant. 89% of organizations intend to implement a digital-first corporate strategy. It’s a simple matter of disrupting or being disrupted in an era where creating enterprise online and mobile applications don’t require months or years of writing protracted, sophisticated programs.

Digital innovation and business transformation

Any organization that wants to build products and services, stay competitive and profitable needs to embrace digital innovation, regardless of its size or industry. Many corporate executives are concerned that innovation might hurt their main line of business. It’s normal to be afraid of change, but it can also prevent development. There are many examples of companies that didn’t innovate and ultimately failed.

Businesses that innovate and transform gain a variety of advantages, including streamlined business processes that come as a result of automation; SaaS and other integrated technology solutions; Digital solutions that cut costs, improve ROI, and boost revenue; and competitive advantage.

By utilising opportunities to produce digital products and employing predictive data and analytics to better understand both customer behaviour and internal performance, businesses can improve revenue, decrease costs, and even generate new revenue streams. To create these business opportunities, digital technologies can be used to enhance conventional business models, improve current business models and processes, and build engagement models or business models.

Driving business transformation

Any company that wants to be successful in the long run should embrace digital innovation. Why?

Data – Make sure the foundation of your digital innovation strategy is data and analytics. Businesses now have greater access to client data than ever before because of the world’s growing connectivity. Business executives who embrace digital innovation will be able to turn this data into insightful customer information that will aid in their decision-making.

Customer expectations – Customers today have very high standards for a flawless customer experience. This covers everything, from the usability of a program to how you deal with your own staff.  Giving digital innovation top priority will ensure that you are consistently providing your customers with a superior experience.

Employee productivity – By automating crucial processes like payroll and employee onboarding, core business operations like human resources may free up more time for staff to focus on other tasks.

Security – As businesses migrate to the cloud (90% of firms currently use cloud computing for some of their services), cyberattacks have increased dramatically, suggesting that businesses must leverage technology to increase their security.

The moment has come for non-tech companies to start considering digitisation. With digital processes now having an impact on every business sector on the planet, the question of whether your industry will be touched by digital innovation has changed from whether to when. Now, how do you feel about implementing some digital innovation into your company?

PrimeIT Consulting is ready to become a vital partner in this process. If you’re looking to expand your digital horizons, take a step further and talk to us.