For businesses, digital transformation is not merely a fashion fad, but rather an irreversible necessity that has a significant impact on the competition dynamics of the 21st century. In essence it’s a concept of more automatic and digital operations, with easily accessible and transferable data.
This shift has so radically transformed entrepreneurial practices that some authors even use the term “digital disruption” to describe it. As with all disruptions, it creates opportunities for SMEs to outgrow their competition if the management is fast enough to adapt. Conversely, falling behind competitors could potentially lead to closure, if entrepreneurs do not keep pace with digitalization trends.
And the race towards digitalization is getting faster. Worldwide spending on digital transformation technologies and services has increased by 65,6 % between 2017 and 2021, with forecasts it will increase by 254 % until 2026. Digital transformation has also been the leading priority for information technology initiatives for global companies since 2020.
As of 2022, Denmark ranked as the most digitally competitive country in the world. Digital competitiveness rankings aim to assess a country’s ability to adopt digital technologies within enterprises and government organizations. Following closely behind, the United States holds the second spot in this ranking.
Exploring the implementation of cutting-edge technologies such as cloud computing, IoT, big data analytics, AI and ML might quickly get overwhelming. However, you don’t have to navigate this alone. Data shows that firms more often pay to outsource digital transformation to IT services companies than do it internally from scratch. Sprinterra is here to help you. Digital transformation is in its essence also an issue of restructuring existing business models. Our Business Analysts meticulously diagnose business workflows and processes. By studying your unique processes and objectives, Sprinterra’s specialists craft solutions that are more than just a technological fit —they’re a strategic asset. We identify the drivers for your digital transformation, which could be:
By gaining a thorough understanding of your business, we craft digital solutions designed to give you a competitive edge.
Now, let’s examine what typically stops enterprises from getting solutions they need. A revealing 2021 survey among IT professionals showed that over 50% of respondents identified a lack of necessary IT expertise as a key obstacle in their digital transformation efforts. Additionally, a similar number of respondents pointed to their reliance on legacy systems and technologies. Financial constraints were a less significant barrier, noted by approximately one-third of those surveyed. Interestingly, only 8% reported a clear path forward, with no substantial hurdles in achieving their digital transformation objectives.
New technologies powered by digital transformation create new potential revenue streams for bank
According to a report from TEKsystems, 40 % of businesses implementing digital transformation seek to improve customer experience and engagement.
With advanced analytics and big data, companies can analyze customer behavior and preferences in real-time. This enables businesses to offer personalized experiences, recommendations, and services, which leads to increased customer loyalty and satisfaction. At Sprinterra we’re ready to make your secure and reliable data management system a reality.
Additionally, today’s consumers expect that businesses will offer cohesive experiences across various platforms. Our engineers can seamlessly move your applications and systems to a new platform while maintaining the integrity of your existing systems.
Digital transformation can lead to the development of new and innovative products and services that better meet customer needs. For example, the use of IoT technology can lead to the creation of smart products that offer new functionalities and improve customer experiences. Connect with our team of experts to create something extraordinary!
Digital transformation includes the implementation of advanced cybersecurity measures. Our team of experts specializes in implementing multi-layered security measures and can integrate security solutions and encryption to protect your data, shielding it from unauthorized access or breaches. Acknowledging the human aspect, we can also manage user access across all integrated systems, ensuring that only authorized personnel have access to sensitive data.
Automating manual processes, reducing errors, and improving productivity collectively contribute to cost savings and increased profitability. Study shows, that companies where cloud, mobile, social, and big data technologies are integral parts of their infrastructure tend to have, on average, higher revenues and market valuations than their competitors. To help you achieve this, Sprinterra can seamlessly set up automatic data transfer between different applications for you, eliminating the need for manual data entry. This saves time and reduces the risk of errors.
Additionally, integrating your CRM with accounting software can further enhance operational efficiency by streamlining sales and financial data flow.
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