ROI of digital transformation

The COVID-19 pandemic has increased the necessity of digital transformation solutions exponentially across various industry sectors. There is no exaggeration in mentioning that a company with a sound digital transformation strategy can move to the next level amid increasing competition. 

But then, various challenges are there in the way of transforming processes digitally. As per the survey, 45% of executives think that their company lacks the right technology for implementing digital transformation.

Let’s understand the importance of digital transformation before discussing the ways to increase the ROI with a successful digital transformation. 

Importance of Digital Transformation in Enterprises

Businesses, irrespective of their sizes, will be left behind without adopting a digital transformation solution. 

Even if enterprises have feature-rich software and tools, it is necessary to keep them updated for maintaining their efficiency and keeping them secure against cyber attacks. A reputed Digital transformation company can help you leverage the benefits of technological advancements with higher efficiency.

Digital transformation is also useful for offering a personalized user experience. Companies may start losing customers without having robust digital transformation solutions in place.

It is because today’s tech-savvy consumers have many expectations and successful digital transformation can meet these expectations easily. Also, the pandemic has made digital transformation more important than ever.  

Here are some important stats that show the growing importance of digital transformation in enterprises.

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Quick Stats

  • 89% of all companies have either adopted a digital-first strategy or are in the process to do so
  • 23% is a CAGR expectation for the growth of the digital transformation market between 2019 to 2025
  • 40% of executives consider improved operational efficiency as the top benefit of digital transformation 
  • USD 100 Trillion is an amount digital transformation is expected to add to the world economy by 2025

Digital transformation in fintech, healthcare, or any core industry sector aims to make the business model more customer-friendly and result-oriented than the traditional model.

As an entrepreneur or a C-suite executive, you wish to know the ways to increase ROI from the successful implementation of digital transformation. Let’s dig deep into these ways.

How to Get Higher ROI from Digital Transformation Solution

As a digital transformation company, we would like to mention the following tips to make the most of digital transformation solutions. Be it enhancing productivity and profitability or increasing ROI over the period, these tips will certainly assist you.  

In this mobile-driven age, enterprise application development can play a pivotal role in ensuring the success of digital transformation in your workplace.  As an integral aspect of a digital transformation solution, enterprise apps can drive high ROI in multiple ways including

Adding Transformative Technologies

Advancements of emerging technology can work wonders in making modern enterprise apps feature-rich and future-ready. For example, digital transformation in the fintech sector revolves around AI, ML, and blockchain technologies. Successful digital transformation in this sector can make online transactions more secure, quick, and seamless for customers. 

Transformative Technologies

Enterprise application development services can leverage the benefits of transformative technologies while offering rich user interfaces and API-driven integration for desired functionality. These aspects can drive ROI over the period. 

Aligning Proper Strategy

Successful implementation of digital transformation depends on effective strategic alignment and vision. Let’s take the example of digital transformation in healthtech. When it comes to developing an advanced healthcare app, it is necessary to keep it ready for future enhancements and concepts like telemedicine. 

While implementing digital transformation, it is necessary to make a complete roadmap so that team members can focus on innovation and integration properly. With this, it is necessary to ensure that revenue-generation initiatives are in place while transforming processes. 

Also Read- How IoT Facilitates Digital Transformation in Modern Enterprises

Enhancing User Experience

Every CIO should understand the requirements and expectations of customers. It can assist both CIOs and CTOs to come up with exceptional user experience (UX) in apps and business software. 

Enhanced User Experience

Proper understanding of workflow, market trends, and technological advancements can assist the company management to enhance user experience significantly.

Enterprise app development companies can offer agility while delivering custom-built applications to meet user preferences effectively. As a result, your DX strategy can create more opportunities for generating revenue. 

Considering Line of Business (LOB) Apps

The digital transformation process is an enterprise-level endeavor. In such a situation, it is necessary to monitor every facet of digital transformation while ensuring to address distinct requirements of the business.

Here, CIOs or CTOs can consider Line of Business (LOB) apps for mapping various requirements successfully. As a result, companies can improve usability and productivity. It contributes to increasing ROI over the period. 

Mobile app development companies offer agility with intra-departmental APIs while developing customized LOB apps. 

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Building Digital Infrastructure

While brainstorming on digital transformation strategy, C-Level executives need to identify the right type of IT infrastructure. The infrastructure should be capable of meeting the evolving demands of the digital workforce. 

IT Infrastructure

From software to servers and applications to devices- every aspect of the digital infrastructure should be taken care of for desired flexibility and agility. 

With this, as McKinsey mentions, a successful transformation is more than three times likelier when organizations have invested the right amount in digital talent. Fast-developing ML and AI technologies can assist your enterprise to analyze the data and get actionable insights. 

These insights can enhance the value of your business and you can make meaningful decisions on time for boosting revenue. 

Empowering Employees to Work in New Ways

Digital transformation not only brings technological changes but also changes the way your employees work. It is, therefore, necessary to improve the digital capabilities of your workforce to leverage the benefits of digital transformation.

It is beneficial to redefine the individual’s roles and responsibilities to align with the goals of transformation. 

Enterprises can empower employees while improving transparency and promoting accountability. It can assist enterprises to increase the trust level among employees that translates into high productivity and ROI. Digital transformation can enhance incremental customer retention and increase visibility. 

Also, it enables organizations to reap higher than average reductions in operational expenses. Altogether, the successful integration of a digital transformation solution can increase revenue and ROI in multiple ways. 

Wrapping Up

Digital transformation is an ongoing and long-term process that affects every stakeholder including customers. It involves people with processes, technology, and work culture. A successful digital transformation solution can bring a high ROI for your company in a short period. All you need is to hire a reputed enterprise app development company and follow the aforementioned tips. 

Solution Analysts is a leading digital transformation solutions provider. Our experienced professionals can assist you to make an effective strategy for the successful integration of a digital transformation solution. 

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