[Infographic] Facts & figures about digital transformation

Before the pandemic, sometimes you heard of big companies going through a digital transformation. Now with COVID19, more small and mid-sized (SME) companies are going into a digital transformation or they are accelerating their digital transformation.

What is digital transformation?

According to HubSpot, it's not changing what businesses do, but which platforms they are using. Perhaps you're already using small digital transformation things (e.g. instant messaging (Slack), application tools (LinkedIn), video chat software (Zoom, Google Meet, Skype for Business)). But a fully digital transformation goes way further than that... Think about CRM, ERP and so on. 

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Why are SME companies going digital?

• SME companies realize by corona that they are behind in the digitalization of the company. They don't have yet digital channels to reach and attract their customers. 
• Their competitors are already digital.
• Revenues are going down. 
• Their processes are not adequate to work remotely.
• They have the perception that everything is digital now. 

What are the advantages and disadvantages?

Advantages:

• Data-driven customer insights
• An overall better customer experience
• Increased profits
• Increased agility

Disadvantages:

• It takes time to implement new technologies.
• It's a never-ending change. Digital transformation must be an ongoing process.
• It can cause stress for your employees. Make sure you train your employees in a personalized way during this process. 

Sources:

McKinsey & Company. (2020). The B2B digital inflection point: How sales have changed during COVID-19.

McKinsey & Company. (2020). The next normal will be digital.

SuperOffice. (2020). How consumer experience drives digital transformation. 

Workato. (2019). How to enable digital transformation with automation: a guide.