How can Digital Transformation Reduce Your Business Costs?

Digital business transformation constitutes the implementation of digital technologies in all business areas. It involves new operational processes with improved values delivered to the consumers. Did you know that in 2022, the spending on the technologies and services that enable digital transformation worldwide is projected to amount to 1.8 trillion U.S. dollars?

By 2025, the amount is expected to reach 2.8 trillion U.S. dollars.

Below data insights show how enterprises are ready to invest more in digitally transforming tools and technologies.

top initiatives year over year

By inculcating a digital business transformation strategy, a business can experience a cultural shift towards more intelligent and agile ways of doing business, powered by Artificial Intelligence (AI), Predictive analytics, and the Internet of Things.

Digital transformation for business growth in the current landscape is more a matter of necessity than a matter of choice!

Digital transformation changing business landscape post pandemic

In an October 2021 survey, 22.9% of enterprises claimed that Covid-19 had a significant negative impact on their business.

With a lost economic output of almost 2.9 trillion U.S dollars, a 4.5% drop in the global GDP was also reinstated during the November 2021 study.

We are well aware that the pandemic has drastically affected how an organization operates. However, it has also resulted in massive virtual transformation.

On a good note, there is a large shift towards business progress after the digital technology adoption. Enterprises are looking at big numbers and opportunities by implementing digital transformation strategies. To mention a few industries that witnessed major transformation changes:

industries that witnessed major transformation changesThese strategies have also changed the way businesses operate, especially post-pandemic. Let’s take a glance at some of the working digital strategies:

Industrial IoT (IIoT) supporting social distancing with an automation process
AI and IoT use cases are well known in the manufacturing industry. We have talked about how IoT in manufacturing has been a massive help in breaking digital barriers. Bringing intelligence to the equipment on the factory floor has minimized the time humans spend in close proximity.

Manufacturing and related industries implemented WIP (Work In Progress) solutions with deep learning that helps in the quality control process. Another big execution in IIoT is image processing and automation tools that have helped keep social distancing in check.

Digital healthcare implementation keeping spaces safe

The era of healthcare digitization has been one of the most prominent examples of digital transformation success. In the post covid world, combining AI with robotics has helped enhance patient monitoring, lab automation, neurosurgery, medical device packaging and many other fields. Online healthcare applications have also kept patients and doctors in touch digitally.
 
Smart retail creating more engaging shopping space

Another industry that witnessed remarkable progress in digital transformation is the retail industry. It uses data and AI to refine customer experience, optimize operations and layouts and refine product development. In the world of social distancing, computer vision and big data are being used to track customer volumes in the store and help retailers maintain an engaging shopping space.

Besides, keeping data digitized helps make more informed decisions about the overall purchase and placement of the product.

Coming back to the cost factor, businesses always function on a principle of maximizing profits and minimizing gains. This makes us wonder, can digital technologies in business actually result in cost reduction?

Can Digital Technologies Help in Cutting Unnecessary Business Costs?
 
If keeping the budget in control is your primary goal, then without any doubt, your biggest asset is technology! Digital business transformation solutions as a concept cover three major sectors – strategy, operations, and management. In the operations sector, one can start storing data in the cloud, amplifying business processes and folders, and optimizing processes.

Digital transformation company enhances business functions by focusing more on customer experience and needs. From the aspect of management, it remolds the entire business model, further seeking commercial and productive opportunities created by the current digital trends.