05 pros of digital transformation in 4.0 industrial revolution
The trend of digital transformation is hotter than ever for businesses in this fourth industrial revolution. Many people talk about digital transformation, but there are still few people who can deeply understand what it is. In this series, Lina Network brings to the table 05 valued pros of digital transformation in the fourth industrial revolution.
> Read more: What is digital transformation?
The existent issues of digital transformation in the 4.0 industrial revolution
Most of Vietnamese SMEs enterprises, start-ups have not still appreciated the role of digital transformation in 4.0 industrial revolution yet.
A large business lacks the informational technology or human resources that majoring and owning a strong digitizing mindset about 4.0 technology. Those are 02 among top reasons that leading digital transformating challenge. The other reason is the investment burden. The digitizing investment amount in data depends on current finance whether it affords among SMEs enterprises. Digital transformation causes a huge replacement to human resources, especially those who spent years or being leaders in a company.
According to Mr. Le Minh Huan – Director of VCCI Enterprise Development Institute that one of the biggest obstacles for businesses’s digital transformation is the changing of perception and mindset among leaders of businesses about how vital digital transformation is.
Digital transformation is a modern 4.0 industrial revolution trend of digital economy
Digital transformation is a new concept in business planning strategy. Therefore, leaders are pioneering that daring to investing and being the first to apply 4.0 technology in management. Leaders are digital leaders, pioneering to integrate the latest technology of the fourth digital revolution in supporting intellectual and creative activities.
The Government of Vietnam also poses an urgent demand to quickly realize the nature of industrial revolution 4.0 and digital economy, seize the right opportunities in the new context to make appropriate strategic choices to step forward into the future.
The digital economy is an opportunity for countries to focus on training human resources, creative start-up enterprises and changing to digital economy
What value does digital transformation in the 4.0 industrial revolution bring to businesses?
In 4.0 business, integrating and adapting to digital transformation are the most vital requirements if businesses want to maintain competing and developing appropriately to transform the pattern of the market. So, what value does digital transformation bring to businesses?
Changing the customer’s experience
Customer’s experience is the core of digital transformation that integrates advanced 4.0 technology. According to Forbes, there are up to 92% of leaders who are developing a transforming strategy that focuses on the priority of lifting up the customer’s experience while they interact and use their products/ services. In McKinsey’s aspects, the factors that boosting customer’s pleasure in digital transformation are:
- Co-creating and digitizing buyer’s journey
- Increasing the speed and catching real customer’s insight
The company who leads the digital transforming revolution gains the faith, respect and the empowerment from customers. Digital transformation is a revolution in which pioneering businesses can receive more advantages than following businesses.
Promoting the customer insights data collection
One of the great pros of digital transformation is the ability to track metrics and analyze the resulting data. More importantly, businesses optimize their data collection strategy and process to achieve better business results. Specifically, businesses will collect customer data, create a relevant personalized strategy, real-time experience and speed of brand’s reply.
Increasing the inter-departmental connection
Implementing digital transformation is restructuring the whole company, from leaders, employees and team to the core value of the company’s vision and mission. All those changes are based on the connection between human, technology and a company’s vision that drives a successful digital transformation.
Breakthrough in improving and transforming processing
The quickly developing and constantly changing of digital technology makes businesses adapt continuously to prepare for transforming process management and customer’s interaction. Together with that, customers are asking for more requirements, more rapid response and better services.
An appropriate digital transformation will replace the entire business activities. In other aspects, this process also increases revenue and company’s value. Elliott King, MintTwist’s Marketing Director said that: “Businesses that apply a strong digital transformation in both system and business role models saw a significant result revenue and company’s value; however, for those without effective management, this leads to risks and profits”.
Let’s subscribe to Lina Network’s Blog to know what is trending in 4.0 technology here.