What is digital business transformation? It refers to using digital technologies to fundamentally change and improve various aspects of a business’s operations, strategies, and customer experiences. It involves leveraging digital tools, data, and processes to drive innovation, increase efficiency, and create new business models.
Research says companies with a high level of digital maturity experience a 26% increase in profitability compared to their less mature counterparts.
There are four main areas to focus on:
- making customers super happy through digital channels,
- making internal operations super smooth with digital tools,
- coming up with incredible new business models for digital success,
- creating a workplace culture where innovation and adaptability are celebrated.
eSignatures are part of improving operational efficiency in digital transformation. They digitize contract signing, eliminating physical paperwork and manual signatures. Adopting electronic signature solutions helps automate contract management, reduce administrative burdens, improve accuracy, and enhance overall efficiency. eSignatures also provide convenience, speed, and security, improving the customer experience.
Let’s look at what organizations can do in 2023 to transform their business digitally.
Importance of digital transformation in 2023
Embracing digital technologies and strategies isn’t just a trend; it’s essential for businesses to thrive in today’s fast-paced world.
You can improve the customer experience and gain a competitive advantage by leveraging digital transformation. According to Gartner, 80% of organizations see customer experience as a key differentiator. With digital transformation, you can connect with your customers through various touchpoints like mobile apps, social media, email, and live chat, providing them with a seamless and personalized experience.
Moreover, by harnessing technologies like AI, big data analytics, cloud computing, and IoT, you can unlock valuable insights, understand customer behavior, and stay ahead of market trends, fostering innovation and giving your business that edge.
Key trends driving digital transformation in 2023
Exciting trends are driving digital transformation in 2023, bringing numerous benefits to businesses. These trends are shaping the digital landscape and presenting exciting opportunities for businesses to thrive in the modern era.
- AI and machine learning have become increasingly popular, automating tasks and improving efficiency across sectors. In contract workflow, they are being leveraged to automate contract processes, such as extracting key data from contracts, drafting contracts, and analyzing contract performance.
- The Internet of Things (IoT) is experiencing unprecedented growth, with more affordable and convenient IoT devices entering the market. It enables integrating smart devices and sensors into contract management systems, providing real-time insights into contract performance, monitoring contract compliance, and facilitating proactive decision-making.
- Cloud computing is on the rise as businesses migrate to cloud-based tools, prioritizing data security and resilience. It has made contract management more accessible, allowing companies to store and manage contracts securely in the cloud, collaborate with stakeholders, and streamline contract workflows.
- eSignatures have gained prominence, simplifying the signing process for legal agreements and documents.
- Cybersecurity has become a top priority due to the increased online presence of businesses and to combat sophisticated threats. It’s of utmost importance in contract management, as confidential and sensitive contract data needs to be protected from cyber threats. The use of AI and ML in cybersecurity helps detect and prevent unauthorized access, identify potential risks, and ensures the integrity and confidentiality of contract-related information.
Strategies for digital transformation in 2023
In 2023, strategies for digital transformation are all about setting your business up for success while keeping things friendly and engaging. We cover the top 4 below.
1. Develop a digital transformation roadmap
To start, develop a digital transformation roadmap that outlines your goals and the steps needed to achieve them. Take a close look at your current tools and processes, and make improvements where necessary. Clear communication with your team about the need for change is key.
2. Build a digital culture
Create an environment where employees feel comfortable and confident working with technology. By embracing a proactive approach and overcoming any fears associated with change, your team will adapt quickly to new technologies, helping your business stay ahead of the curve and boost productivity.
3. Invest in the right technologies
Choose solutions aligning with your business needs, budget, and goals. This enhances your services and productivity, ensures security, and gives you a competitive edge. Don’t just follow trends blindly; focus on what works best for your business.
4. Reskilling and upskilling your employees
Provide training opportunities to familiarize them with emerging tools, platforms, and systems. This way, they can comfortably embrace digital transformation and stay relevant in an ever-evolving digital landscape. Empowering your workforce with digital skills will increase productivity, enthusiasm for new challenges, and a willingness to embrace innovations.
Case studies of successful digital transformation in 2023
1. Digital Transformation in the Retail Industry
Rent The Chicken, a company that rents out chickens and coops, went paperless with Signeasy. They faced challenges with organizing and managing paper documents during deliveries. With Signeasy’s mobile eSignature software, they created a digital hub for agreements, allowing in-person signing on iPads. This streamlined process saves time and improves organization, benefiting their business and customer experience. Read more
“We went from 15 minutes per contract to 5 minutes per contract.”
- Phillip Tompkins, Homestead Phil, Rent The Chick
2. Digital transformation in healthcare
UPenn’s Prevention Research Center digitally transformed their research process by going paperless with Signeasy. The team conducted a study on skin cancer prevention, requiring numerous paper-based consent forms and interview documents for over 80 participants. With Signeasy’s eSignatures, participants could review and sign consent forms on iPads, eliminating the need for paper. The saved signatures feature and better document organization improved efficiency for the research team, who no longer had to carry around and manage hundreds of paper forms. This digital transformation made their workflow easier and more organized. Learn more.
3. Digital transformation in manufacturing
GMR Cargo successfully embraced digital transformation by going paperless with Signeasy’s eSignature solution, streamlining their document workflows and improving efficiency. Eliminating time-consuming paper-based processes reduced turnaround times, enhanced security, and enabled faster decision-making. This digital transformation initiative empowered GMR Cargo to optimize operations, increase productivity, and create a secure signing process. Learn more
“With Signeasy, we have successfully stopped the ‘movement of paper’. I had a vision that there should not be a single invoice or document signed by pen and paper in our office. It has helped us realize that vision successfully. We look forward to scaling our document digitization efforts further with Signeasy.”
- Saurabh Kumar, Chief Executive Officer at GMR Cargo
Challenges and risks in digital transformation in 2023
Embracing digital transformation comes with its fair share of challenges and risks businesses must navigate. One significant concern is cybersecurity threats, with most IT security and C-level executives experiencing breaches during technology implementation. This highlights the need for robust security measures to protect digital assets and brand reputation.
Legacy systems and outdated infrastructure also pose obstacles to digital transformation. Employees may hesitate to adopt new technologies, leading to poor performance and productivity. Overcoming resistance to change is crucial, as employees may fear job displacement or have doubts about the effectiveness of digital tools. Educating and involving employees in the transformation process can help mitigate these concerns.
Furthermore, a lack of digital skills and talent can hinder progress in digital transformation initiatives. Implementing complex strategies requires the right expertise, but a shortage of skilled professionals can slow down the pace of transformation and increase hiring costs. Investing in upskilling and talent acquisition becomes essential for successful digital transformation.
With Signeasy, you can enjoy a user-friendly interface and a seamless eSignature process. Take the first step towards a more efficient and streamlined future by starting a free trial of Signeasy today. Experience the difference for yourself and unlock the potential of digital transformation for your business.
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