Improved Ability to Attain Market Growth
Digital transformation platforms enable an organization to make significant enhancements in how its business currently operates and, often more importantly, to introduce new products and services to disrupt existing markets in pursuit of growth.
This can lead to several avenues for increasing market share and revenue, such as:
being able to reach a wider range of customers by moving more products and services online
being able to reach new customers by adding new products and services to their offerings
being able to increase the frequency of (existing and new) customers returning by improving customer experience
Furthermore, the technologies associated with digital transformation provide many opportunities for underlying automation solutions to become highly optimized, such as:
optimizing business workflows by improving the quality of automation technology
optimizing organization-wide workflows by introducing new automation technology in support of cross-departmental collaboration
carrying out tasks faster and with less overhead by replacing manual labor with automation logic
carrying out decisions in realtime and with less expense by replacing human decision makers with automated decision logic
continually improving and refining business operations in response to new digital data intelligence that is collected, analyzed and fed into decision-making responsibilities carried out by humans and machines
By repeatedly building upon these enhancements, organizations can continue to optimize their operations while continuing to increase the scope and revenue potential of their businesses (Figure 4.7).
Figure 4.7 Organization A aims to increase its market share by 3% as a result of a successful digital transformation whereby it plans to improve existing services and products and introduce new services and products into the marketplace.