Digitization has changed business; how can you take advantage?
If you spend any time on technology websites or blogs, then you have probably heard the term “digital transformation.” In the broadest sense, digital transformation or “DX” refers to the adoption of digital services to replace non-digital or analog applications and tools. When digital transformation is done well, it has been shown to increase innovation, customer experience, productivity and bottom-line profitability. For agents, there are numerous areas where you can deploy digital technology for business advantage. In this blog, we will examine what you can gain from going digital, as well as some best practices for a successful transition.
Benefits Of DX
Let’s look a bit closer at a couple of the potential benefits DX holds. First, digital tools can streamline incoming communication, letting customers effortlessly navigate to a specific department or agent. Switching to a digital phone system like voice-over-internet-protocol (VoIP) also give agencies additional functionality like automatic call-back features, call volume management, call monitoring and more. These tools contribute to happier customers, higher productivity and better brand awareness.
Next, DX can help you develop a well-rounded, 360-degree view of your customer base. Flexible, scalable tools like customer relationship management (CRM) software serve as a strong foundation for a modern, interconnected tech stack. Other services can be layered on top of a CRM to create an even more comprehensive digital suite. Integrate your email marketing service to better target prospects. Interweave collaboration software to align your departments or agents. Whatever you choose, it is now more than possible to unify your external and internal operations for maximum efficiency through the power of technology.
DX Implementation Best Practices
To ensure your digital transformation is a success, never assume that the technology itself is a magic bullet. Just like any business initiative, DX must be approached strategically. The first step is to get a clear idea of the problems you’re trying to solve. Second, you must have the right culture in place. There is a wise old saying that “culture eats strategy for breakfast,” and that certainly holds for digital transformation. DX is a complex process. Without a culture that embraces change, experimentation and open-mindedness, it won’t be easy to adapt to new systems, solutions and tools.
Measuring the ROI of DX
Measuring your DX’s ROI is also a critical piece of the process. Unless you have clear metrics in place, it is difficult if not impossible to determine if your investment has paid off. Begin by determining the cost metrics of your digital transformation. This includes not only the direct expenses for new digital technology, but also indirect costs related to business network infrastructure, consulting activity, and staff onboarding and training time.
Equally important is stacking these costs up against your value metrics. These could include bringing in more prospects, building out better customer personas, improving staff productivity or expanding company profitability. As with any business goal (IT-related or not) you’ll want these metrics to be SMART – that is specific, measurable, achievable, realistic and timely – so you can weigh them easily against your costs.
DX is Your Path Toward a Future-Proof Business
Digital transformation is the way forward for any business looking to better engage with customers, collaborate well internally, while also safeguarding against future disruption. While not a cure-all, a well-executed DX can give you a clear advantage over competitors.