What is the face of business digital transformation in 2020? Today, cutting-edge technologies transforming the market became even more omnipresent than you could expect. Actually, if you’re browsing with a smartphone now, you hold them in your hand.
According to Benedict Evans, we should stop talking about mobile internet and desktop internet in modern realia. It’s like talking about color TV, as opposed to black and white TV. Mobile is the internet, while the internet is business itself.
It appears that today’s world is overflowing with fierce competition, so founders have to digitalize the workflow to arrive at the new statues of progress, alter their digital offering according to the customers’ needs and bring the processes on mobile apps.
What are the prime elements you need to focus on when embarking on digital transformation, why should you take the mobile application as a must-keep feature seriously and how the statistics establish the rising growth of mobility? We’ll answer there and many other questions further, so stay tuned, there are a lot of insights ahead.
Jump to a section:
- What is digital transformation?
- Benefits of enterprise digital transformation
- Advancing your digital transformation efforts with mobile apps
- What is the mobile apps role in your digitalization strategy?
- The digital transformation RoI for businesses of different sizes
- 70% of companies have a digital transformation strategy or are elaborating one.
- 60% of executives believe that the IoT will become a crucial part of their digital business strategy.
- Founders consider improvement of operational efficiency (40%), faster time to market (36%), and meeting customer expectations (35%) to be top benefits of digitalization.
- 41.4% of corporations say they have a dedicated digital transformation team and outsource the process to development partners.
- In 2019, enterprises totally spent $2 trillion on digital transformation, while 40% of all technology spending is seen to be invested into modifying business operational processes.
- Top-notch B2B companies have reported a 10% to 20% cost reduction and revenue growth of 10% to 15% as a result of transforming their customer experience procedures.
- Founders can increase revenue by 34% after switching to digital-first strategies and optimizing the accepted workflow.
- 23.4% of executives admit to being slow technology adopters, at the same time, IT, customer care, and marketing departments have been excelling in technology adoption.
- Digital transformation market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025.
- Enterprise mobile market is expected to hit a revenue of $430 billion by the year 2021.
- Enhanced customer experience
- Data-driven decision making
- Automating manual tasks, providing greater efficiency
- Improved flexibility and agility
- Reliable security standards
What is digital transformation?
The concept of digital transformation is not well-defined and established yet. In general, this process involves modifying the way of how a business operates fundamentally through the implementation of innovative technologies. Besides, digital transformation occurs beyond technology innovation, it requires a significant shift in organizational culture and challenges accepted norms. Introducing digital transformation in business might be twofold: the first basically disrupts an industry, requiring a major revamp of a company’s business model via using a mobile application. The second kind of impact, less dramatic, occurs when companies use digital to simply do the things they already do, only better, automate some routine processes and optimize the workflow.
Irrespective of which industry you deal with, there are a myriad of competitors hustling to kickstart their digital transformation efforts which have been lying in the backlog via implementing mobile applications. Merging your processes and communications with mobility, entrepreneurs have to focus on two key principles to preserve: adaptability and portability.
And for those, who prefer precise data, let the stats speak for themselves:
As reflected by the most current digital transformation statistics, mobile applications became a vivid part of integrating digital solutions into different areas of your business:
Benefits of enterprise digital transformation:
Adopting a new digital model and prioritizing the usage of mobile applications is not an easy, but very profitable process that brings a lot of great prospects. Let’s highlight and deeply analyze the benefits and barriers organizations face on the road to digitalization:
Integrated software solutions can be used to better understand your customers and get closer to them, dive into their pain points and help to resolve them. Moreover, automating tasks may significantly improve not only customer, but staff experience as well. For example, by integrating a chat-bot for responding to support tickets, customers will see much faster turnaround times, when your team members will cut down time and expenses needed for addressing common requests.
Tap in the insights hidden in your data and make well-considered decisions, based on fundamental information analysis and quality intelligence. Human attention and memory spans are quite limited so that’s where digitalization comes into the limelight to help you collect, record and proceed massive data sets. Such detailed reports, compiled in real-time help team leaders recognize patterns and identify opportunities for meds.
A huge chunk of digital transformation revolves around enterprise mobility, that is a must-have. Leveraging innovative technologies, especially mobile applications for automating processes leads to greater efficiency, which in turn, reduces the workforce requirements and boosts cost-saving processes. Eliminating the tasks that are too time-consuming allows your staff to dedicate their time to mission-critical tasks that machines can’t handle (creative processes, idea-generating etc.).
Another advantage of digital transformation is a chance to break free of fragile, outdated legacy systems and embrace innovative, scalable, self-operated alternatives that do not require manual input. Modern software is easier to integrate so companies can forget about juggling a myriad of different tools and programs and connect all parts of the business to avoid the mistake of siloing data by department or function.
As enterprises continue to grow and expand, their security standards have to evolve respectively. Backing up, maintaining, and protecting data locked in legacy systems is difficult and costly, moreover they are often prone to failure and vulnerable to cyberthreats. That’s why market leading companies cannot rely on this functionality and guarantee that users’ personal data will be intact. By switching to innovative, stable software systems, companies can better maintain and protect their data.
Digitalization opens you to a wider reach and omni-channel presence which provides customers with an access to your products or services from across the globe. During the fast changing era, digitizing your business offering plays a crucial role in conquer-the-market-strategy. According to Statista, about 141 billion apps were downloaded from the App Store and Play Store in 2020, and the number is projected to increase to 184 billion by the end of 2024.
Mobile app downloads worldwide from 2018 to 2024, by store (in billions).
Advancing your digital transformation efforts with mobile apps
Gone are the days when enterprises were supposed just to produce the product and services of a good-quality to thrive, today organic growth became a complex process. Meanwhile, enterprise mobile apps are transforming the working environment of the company and avail the following benefits:
- Enhanced RoI
- Real-time data sharing
- Higher productivity
- Robust security
- Seamless record maintenance
- Better employee involvement
- Effective communication
- Easier engagement
Digital transformation initiatives have a massive impact on customers, but also on company employees and on the whole business process in general. So, what happens when mobile applications enter an organization? This phenomenon is called enterprise mobility and makes the application market one of the fastest growing industries and there are no signs of it slowing down in the future either. We picked up the top mobile app development trends which will certainly dominate the digital transformation industry this year:
AR and VR totally blend the lines between the physical and digital world. They create a new way of interacting with customers, colleagues and the world around us. Often referred to as related technologies AR/VR have an enormous market potential that is only in the initial stages of unlocking.
The Android instant apps enable users to implement a cloud-based iteration of the app on Android without having to install them first. This feature not only saves time but also facilitates full version demos of the app solutions without installing it. Android instant apps are an excellent functionality for businesses, especially when one considers the intense competition in the market. Considering this, it isn’t surprising to see more and more companies jumping on to the Instant Apps.
Powered by natural language processing (NLP), chatbots are used to provide conversations between humans and computers in everyday business interactions. They bring deeper natural language understanding to not only accelerate search but also provide an entirely new way for employees to interact with corporate data and work more effectively.
M-commerce and mobile wallets
M-commerce app integration is a great additional value tool to engage customers and offer experiences. Any amount of investment to make an app, if done wisely, will be justified by customers’ loyalty and increased value. Also, check your competition – if they have an app, you should probably too for faster purchases, better customer experience, direct connection via push notifications, user-tailored content, deeper analytics, cost reduction and productivity.
What is the mobile apps role in your digitalization strategy?
Your consumer-oriented business in the age of AI, NLP, and semantic search has led the way in mobile, but increasingly, intermediary-based and business-to-business organizations are finding customers expect to be connected beyond the browser.
A mobile app that is easy-to-use and plugged into the digital ecosystem should delight customers. An app that is clunky, fragile, not optimized for mobile devices and provides very limited functionality will quickly be removed from a smartphone or will never be opened again, that may reflect negatively on the brand/organization offering it.
So getting app design and infrastructure right is a key, and having experienced designers and developers create it will help you get it perfectly. From a technology standpoint, you should build up a mobile technical architecture that establishes standards, simplifies testing and deployment of upgrades and incorporates new components as part of your overall technology and digital ecosystem.
The digital transformation RoI for businesses of different sizes
Being a complicated, multi-layered process, a digital transformation should be weighed in before making any decisions regarding it. On each level of growth and development, there’s something you can benefit from after implementing enterprise mobility into your niche.
It may sound surprising, but the RoI of digital transformation for small companies or startups is expected to be extremely high and justified. In most cases, the initial cost of the digitalization comes down to developing a mobile app or subscribing to enterprise management software.
Such businesses shouldn’t throw all their resources and efforts on configuring their operational processes and inbound management. It allows them to focus on improving customer experience, building lifetime customer value and acquiring new clients after investing in mobile apps development.
For middle-sized businesses
In this scenario, digital transformation turns to be more complicated and needs to be carefully planned and thought-out to details. Besides, the implementation of enterprise mobile software can definitely aid this scale of business most and would become the essential, value-added part of its digital transformation strategy. When embarking on modernization, we strongly recommend contacting a best-in-class mobile app development company to discuss your plans, they will suggest if the plan would be feasible in your budget. Moreover, in this case you have to pay a lot of attention to keeping both customers and employees happy and meeting their initial needs if transforming your company digitally.
In the short run, the effort for digital transformation strategy formulation and implementation would both be very pricey, time-consuming, complicated and in some cases not so effective.
Although the number of users, whether employees or customers, is going over thousands, you have to choose the most fitting model that will work with your niche, industry and business plan best.
Every advantage of fitting mobile apps in your digital transformation workflow would still remain, but the cost to implement it should be briefly discussed before even starting to plan it.