Digital technology is available to every business today and all can use it to help increase revenue and improve efficiency. More than half of startups have now adopted a digital business strategy and studies have found that those businesses that opt for a digital-first strategy tend to increase revenue (by around 34%) as a result*. Upgrading business models and systems to leverage the opportunities presented by digital technology can be truly transformative for any organization and presents opportunities to boost revenue in a number of ways.
- Efficiency gains.
Digital technology offers opportunities to improve efficiency across an entire organization. Workflows become faster when traditional systems are upgraded and savings can be made, as well as more opportunities identified and taken.
- Improved customer experience.
Customers value speed, responsiveness, efficiency and getting their needs met - all things that technology can support more much effectively than traditional business models. Where customers are happier with the service, they receive they will return to buy again from a brand, as well as recommending it to others.
- Integrating data for more strategic decision-making.
Most digital technology today creates opportunities to generate, and utilize, data more. This can lead to better informed decision-making that helps an enterprise move in the right direction. Where data is being well integrated and properly used it can improve many outcomes, from how likely the business is to achieve organizational goals to the way that marketing campaigns land with an audience. Harnessing the wealth of information that is available to businesses is vital for increasing revenue, and digital technology is the tool that can make this happen.
- Digital transformation generates more profits.
Studies have consistently shown this to be the case for companies, large and small. When there is more profit in the business then there are more resources available to pour into projects that could continue to improve revenues. Changes that drive up efficiency and productivity can have a big overall impact on profitability and could be transformative in terms of taking an organization to the next level of business growth.
- Increasing market reach.
Digital technology provides many more options to improve market penetration, increasing the size of an organization’s customer base and the reach that it can have. Companies that invest in digital technology are able to increase the brand’s value proposition and penetrate deeper into target markets as a result, as well as building up long-lasting customer relationships that translate into profits.
- Improving the employee experience.
Workforce retention can have a big impact on organizational profits due to the expense attached to continuous recruitment. Plus, where a workforce is happy, motivated and feels supported this will have a direct impact on how productive individuals within teams are likely to be. Leveraging digital transformation gives businesses an edge when it comes to motivating and looking after staff, improving engagement and productivity as a result.
The use of digital technology can improve potential outcomes for any business. From more motivated staff to better informed decision making there are many ways in which digital technology can have a positive impact on revenue. Companies that have a higher digital maturity reported a 45% revenue growth compared to 15% for lower maturity companies in 2020 (Deloitte, 2020) **
Volt’s experience and expertise from managing workforces globally for over 70 years gives us a unique viewpoint to help consult with you and you business to source talent recruitment Whether you are looking for Managed Service Provider recruitment or consultancy on technology decisions, Volt has a team of expert consultants in place to advise on a solution that is right for you and your business. Get in contact with us today to discuss the next step.
*Leveraging digital technology to increase revenue 2019 by Sandra Melo published in DataScope. https://datascope.io/en/blog/leverage-digital-technology-to-increase-revenue/
** Uncovering the connection between digital maturity and financial performance, May 2020 by Ragu Gurumurthy, David Schatsky and Jonathan Camhi, Deloite Insights, 2020.