Today, digital technology has reserved its spot across every industry. Digital solutions give businesses the edge to increase productivity, design new business models, enhance operations, and transform their products from auto factories to banks. Undoubtedly, regardless of their industry or size, every organization must embrace digital transformation to stay out of the curve in the market.
According to market predictions, the size of the global digital transformation market is expected to increase from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025. Over the forecast period from 2021 to 2025, the demand for digital transformation services is anticipated to grow at a compound annual growth rate (CAGR) of roughly 16.5%.
The market for digital transformation is expanding exponentially as a result of the increasing use of digital technologies such as machine learning (ML), big data, cloud computing, and artificial intelligence (AI), as well as other related concepts.
Why Is Digital Transformation Important?
Today, operational innovation and efficiency are throughout the organization and revolve around digital transformation.
The pandemic accelerated digital evolution, top enterprise technology companies were expanding two times as quickly as the majority of businesses, and after doubling down on their tech investments, they are now expanding five times more quickly. Leaders have started embracing cloud technologies, AI & ML to outperform their competitors in terms of sales & revenue.
They are using cutting-edge technology and investing more frequently to keep up with technological advancements than ever. In addition, they’re allocating dedicated IT budgets to innovation & advancement. The result fetches increased sales revenue, advanced growth, and increased ROI with enormous opportunities.
How Digital Transformation Fuelling Sales & ROI
Increasing sales is not a one-day affair. To increase sales & revenue, organizations need to digitalize every aspect of the sales journey – from interacting with customers to lead conversion.
1.Exceptional Customer Service
As technology continues to advance, customer service has become increasingly digital. Customers expect instant gratification and have grown accustomed to being able to contact businesses and check their reviews via social media platforms before opting for any services.
With the help of sales channel digitization, businesses can take timely follow-ups with potential customers, share all the content with them, and manage the whole lead pipeline, this will lead the business to greater heights.
While converting leads, sales teams are majorly concerned with easily available pricing and after the successful placement of orders, the second concern is a delivery schedule. With the help of sales channel digitization one can overcome these concerns.
2.Customer Relationship Management (CRM)
The term CRM refers to customer relationship management. In business, customer relationship management (or CRM) is a strategy designed to create long-term relationships with customers by understanding their needs and providing them with relevant information at the right time.
In the digital age, companies have realized that they need to focus on their customer’s experience across all touch points. Sales teams should be trained to handle any issues that may arise throughout the sales journey.
3.Cost Savings for Businesses
Saving money and optimizing resource costs are the straightforward miracles of digitization. Businesses are using their digital transformation initiatives to increase efficiency and better utilize their existing resources, which has a direct impact on costs.
Automation eliminates repetition and duplication of work, which again reduces costs, ensuring that there are fewer opportunities for (manual) errors. This leads to more agile responses that are predictive rather than reactive.
And by doing so, leaders can invest a portion in marketing & advertising to boost their sales.
4.Data Analytics
Data analytics helps companies gain valuable insights into how their products and services are performing and what is the feedback from users.
By using data analytics, companies can identify trends and patterns by having a deep insight into the data and make informed decisions based on studying the behavior of their customers from the first touchpoint to buying journey. Also, by analyzing the data organizations can judge their sales funnel and modify them accordingly.
5.Increased Sales and ROI with Automation
Sales are most likely the most difficult challenge for businesses. Without sales, your company will turn into a charity, resulting in financial loss.
However, with an automated digital sales software solution, you can automate much of the back-end work associated with selling your product or service and analyze the sales reports by collecting data online, resulting in generating higher revenue and higher ROI.
Wrapping Up
Businesses of all sizes can take advantage of digitalization in multiple ways. Adopting digital technologies can help businesses become more productive, more profitable, and more competitive while saving their resources.
However, businesses must have a clear strategy and make sure that all employees are on board with the innovative changes to take full edge of digitalization.
This is the perfect time to reap the enormous benefits of digitalization to increase the sales and profitability of your company. Reach out to us today to discover how we help enterprises meet their sales target and close more hot deals.
Here are some snapshots of sales digitization Enliven offers.
