Business transformation processes focus on the business and go-to-market strategies. Digital tools act as modus operandi that facilitate these efforts.
Today, 56% of CEOs say that the improvement in digital tools within the organization has led to increased revenue. Digitally mature organizations are also witnessing 23% more profits than their traditional counterparts.*
So, investment in business transformation tools will fuel the growth of your organization but what kind of tools?
Using any digital tools will not help you to manage the business transformation. Consumer demands are increasing at a rapid rate and employers must help employees hone their skills and deploy tools that will help them work more efficiently to deliver customer resolution on time.
Further, having digital tools is one thing. Using it effectively is a different ballgame and most companies struggle with this. There is a strong correlation between employee performance and the digital capability of a business.
To solve this problem, we will discuss common business transformation challenges faced by organizations and the transformation tools that can help them overcome those challenges.
What are the Challenges of Business Transformation?
The challenges associated with business transformation are not technological but human-related. However, there are other challenges like Business Strategy, Digital Security, IT infrastructure, Budget, etc.
The underlying problem for most failed business transformation implementation is employee resistance. Companies often face this problem due to poor communication.
Enterprise works in silos and because of this structure, information is sometimes lost. By the time the information reaches employees, the message gets diluted.
Other problems like digital security, complexity of IT infrastructure, and budgets can be solved with a proper strategy. Not having a proper strategy leads to confusion and complexities.
For instance, businesses spend millions of dollars implementing new technology and then more to train and onboard employees. Not just that, these trainings take away employees’ time that could have been used productively. All these impact the bottom line of the organization and expected results of the implementation are not achieved.
To solve the problem, businesses can use on-demand training, blended learning, or Digital Adoption Platforms.
Similarly, many other tools in the market can help you solve problems related to Digital Transformation and help you get the most out of your implementation. We will discuss this in the upcoming section.
How to overcome Business Transformation challenges?
Organizations can overcome business transformation challenges by using the right digital tool for the right cause. Mentioned below are tools that will help you drive the transformation efficiently.
5 Must-Have Business Transformation Tools
- CRM Tools
- Project Management Tools
- Digital Accounting Tools
- Cloud Storage
- Digital Adoption Platform
1. CRM Tools
$40.2 billion is the estimated market value of Customer Relationship Management software in 2019 and the market value is estimated to increase at a rate of 14.2% from 2020-2027.
The value of CRM is increasing drastically because its a tool that helps manage activities and strategies associated with customers and potential customers. It helps organizations satisfy the famous saying across all industries: “Customer is King”.
CRM helps get contact info like phone number, email, and address and track multiple touchpoints like emails, phone calls, voicemails, deal-stage. This access can be leveraged to compare the current set of leads with past leads to understand how to approach a particular customer.
At its core, CRM is a repository of customer data with an enhanced user experience which gives you insight to make crucial decisions to convert opportunities to leads and eventually, into customers and loyal fans of the product or brand.
2. Project Management Tools
Enterprises are constantly working on multiple projects that involve thousands of employees but only a few leaders to handle the projects. Keeping track of several projects without project management software can be a nightmare.
As important as project management is, it is equally important to choose the right project management tool. As of 2020, the market of Project Management software is capped at $5.37 billion which is expected to reach $9.86 billion by 2026 with a growth rate of 10.67%.
A proper Project Management tool helps you to create plans, manage tasks, maintain seamless workflows, share documents, and track projects efficiently with minimum to no hiccups.
It helps manage teams way more efficiently. Earlier, documents were shared using emails which made tracking them very difficult. Today, with Project Management tools like Jira, Asana, and Monday, relevant stakeholders get notifications and they can track progress on the software.
Select a tool that can integrate seamlessly with other digital tools to help you complete your tasks in the set timeline.
3. Digital Accounting Toolas
Accounting is probably one of the oldest trades and modern accounting has been in existence since 1982. This happened with the development of EDI (Electronic Data Interchange) to standardize transactions between customers and vendors.
In 1978, a software called Peachtree became the first accounting software for computers. Then in 1998 QuickBooks dominated the market.
Fast-forward to today, we have many accounting software like NetSuite ERP, Zoho Books, Fresh Books, Sage Intact, etc. which come with multiple capabilities.
Digital Accounting software help records the flow of money. Good software keeps tabs on profit, loss, loans, and legal requirements of a particular region or country that the company is situated in.
The application should have features like accounts receivables, trial balance, payroll, and accounts payable, etc.
The main aim of accounting applications is to expedite the taxation process, automate as many processes as possible, and reduce manual labor and error.
While selecting a Digital Accounting application, make sure that it has cloud and DIY accounting capabilities as it helps you access information from anywhere and complete the process on your own. In short, unleash the power of accounting software to make account management easier and grow your business in the right direction.
4. Cloud Storage
Cloud storage is important for companies in this day and age, especially when they are looking for security, scalability, synchronization, and cost-effectiveness.
$49.13 billion was the market size of cloud storage in 2019 which is expected to reach $297.54 billion by 2027.
Cloud storage services offer solutions to businesses of all sizes. It is one of the most effective ways to protect data, i.e, by storing them in remote locations accessing them using the internet.
To maintain business activity at all times, cloud infrastructure is a must-have. It provides flexibility to organizations and allows them to provide their employees an environment where they can work remotely without any hiccups.
The mobility of the cloud helps you access data and reports from any location, this helps organizations to function in any difficult circumstance. Moreover, cloud storage is as secure as good as that of local storage and in some cases, it is seen as a better option.
Whether you are a small or a big business, the cloud can help you satisfy your requirements and make your organization agile and better. It holds the potential to change the complete structure of data, storage, and communication across all industries.
5. Digital Adoption Platform
Digital Adoption Platforms are a relatively new software segment that helps employees learn any application while they do their job. The market of Digital Adoption Platform is growing at a rapid rate as companies are finding value in it.
Digital Adoption Platforms help employees with walkthroughs and guides them at each step to complete a particular task. They are not only limited to walkthroughs and can go beyond that to ensure Digital Transformation progress and enables the organization to get more efficient.
There are many Digital Adoption Platforms in the market that serve different purposes but only a few have capabilities to measure and assess the software usage, workflows, and business process which then can be aligned with the organizational goals. This helps organizations overcome gaps in their business processes, create better training content, and improve employee performance.
Apty is a Digital Adoption Platform that focuses on analyzing the workflow of the applications and business processes. Its AI engine recommends suggestions that can help L&D professionals, Managers, and other stakeholders create better and contextual training content for employees.
The training content can be launched within the application that your employees use via Apty’s help deck which contains knowledge content of various formats. It also comprises onboarding workflows to assist employees with software that they’re new to. It makes employees familiar with the application in a matter of few hours as it guides them from one step to the other seamlessly.
It also has data validation tools that help organizations comply with industry standards and regulations which is the key to a successful Digital Business Transformation. Having robust processes paired with data compliance will ensure that organizations receive proper data in the right format using which they can make crucial calls for better business outcomes.
Get your Business Transformation Right
Business transformation is no easy task, you need to have the right tool and strategy to overcome business transformation challenges. Once that part is sorted out, your organization can increase productivity, efficiency, and profit.