Digital transformation has become a buzzword in pretty much every sector. It’s acknowledged as an essential for businesses of any size. But it’s understandable that some business owners or managers won’t know why exactly.

With all the hype and excitement about digital transformation, many people haven’t stopped to explain why it’s so important. In truth, there are several reasons why businesses should be putting it top of their list. In this post, we’ll look at 3 benefits you could experience through digital transformation.

1. Productivity

According to the Organisation for Economic Co-operation and Development (OECD), digital technologies offer “vast potential to enhance the productivity of firms”. This is without a doubt one of the main benefits of digital transformation. Whether it’s automation or online software, digital technology helps individuals, teams and companies do things better and more efficiently.

2. Cost savings

There are all kinds of ways in which digital transformation can lead to cost savings over time. For one, as above, it makes workforces more productive and efficient which can save you money in staff costs. On top of that, digital transformation allows companies to do things better, which can lead to a rise in profitability.

Finally, as discussed in Forbes, digital transformation can reduce operation costs. There are various technologies which allow businesses to bring things in house, that would otherwise have cost a lot to outsource. A clear example of this is using accounting software compared to forking out for an accountant.

3. Avoiding disruption

Above all else, digital transformation is inevitable. Like Darwin’s theory of evolution, it’s only natural that the best technology survives. Hardware, software or digital systems that let people do things better, quicker and at a lower cost, will eventually become the norm – and the predecessors will become as good as obsolete.

At the most basic level, consider the switch from letters to email. While ‘snail mail’ as it’s now called, could take several days to send information and receive a response, emails can complete the same task in a matter of minutes. It’s no surprise that email has become the more common option, with over 300 billion sent and received each day.

By adopting new technology now and familiarising yourself with the new ways of working, you can avoid disruption when it inevitably becomes the norm – and the only option.

Transforming with digital asset management

There is no one-size-fits-all solution for digital transformation. Instead, it’s about finding technology that fits your business, making it easier and quicker to do what you do. That said, some technologies are becoming increasingly popular because they fulfil such universal requirements.

Digital asset management (DAM) is a case in point, helping organisations store, organise and retrieve their assets securely. This critical function applies to businesses of almost any shape and size, which is why more and more are adopting DAM as part of their digital transformation strategy.

If you want to find out more about DAM and how it can help your business, the team at iBase is ready and waiting. Contact us today to arrange a free one-to-one demo of our software.

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