Today’s enterprise landscape is fundamentally changing at an accelerated pace, with far-reaching implications beyond a single organization, industry, or customer base. Although the concept of digital transformation is relatively new and gaining traction in recent years, disruptive technologies is more than a passing movement. Read more about digital transformation here and why it’s important.
Critical to keeping pace with modern customer expectations, digital transformation is as much a change in mindset as it is a shift in adopting emerging technologies or new business practices. Below are 6 reasons why digital transformation is more than just a passing fad.
- Technology modernization plays a more critical role in the coordination and response of an enterprise’s ability to be resilient, adapting to unforeseen changes and demands from the customers they serve.
- Customer expectations for real-time information, transparency, and reliable experiences across an enterprise have significantly increased, as customers are often ahead of the technological curve.
- The rapid shift to digital enterprise management, remote decision-making, and mobile payment experiences have created immediate process and cultural challenges for organizations.
- Facing budgetary constraints, declining payment collections and revenue losses, many enterprises are challenged to do more with less.
- Enterprises have taken services and payment encounters virtually to keep up with a distributed and remote workforce, and to meet customers where they are, for anytime, anywhere payments and interactions.
- Customers are demanding more secure transactions, and modern payment and engagement experiences made popular by today’s leading retailers and brands.
According to recent projections from Cybersecurity Ventures, a leading researcher covering the global cyber economy, 90% of the world population aged 6 years and older will be online by 2030. Meeting customer where they are, and harnessing this data for improved enterprise operations and customer engagements is foundational to digital transformation.
As people, process, and technology continue to become more connected, enterprises that embrace transformation may be better positioned to, not only survive, but thrive in this new, rapidly changing digital era.