#softwaremonetization

“The business changes, technology changes and so does the team. The problem isn’t changing per se, because change is inevitable. The problem rather is the inability to cope with the change when it comes”. — Kent Beck 

Digital transformation refers to the integration of digital technology into all the arenas of a business. Hence fundamentally changing how to operate as well as deliver value to the customers. Digital transformation also leads to a cultural shift that requires organisations to challenge the status quo and encourage experimentation consistently. It allows companies to connect the dots on the customer journey in a way that wasn’t possible before.

Digital transformation caters to a versatile variety of businesses ranging from Information Technology to Pharmaceuticals and Hospitality to Healthcare and many more. The list of businesses that can be benefitted from the application of digital transformation is seemingly endless.

Following are the ways how Digital Transformation helps businesses out:

1. Stronger resource management

Digital transformation compiles information and resources into a suite of tools for business. It ensures the consolidation of company resources and reduces vendor overlap. Digital transformation is not a designated department or a functional unit. It covers every area of a business and leads to process innovation as well as increased efficiency across all units. It’s crucial to optimise and secure data everywhere it flows and processes.

2. Increases Customer Satisfaction

Customer expectations are at an all-time high. On one hand, customers expect personalised services that meet their individual needs while on the other, they want things to take place automatically and they don’t want human interaction to perform different tasks like accessing, updating, or deactivating and reactivating the software. Digitalization in the business allows catering to different needs of clients whether it be customised personalisation or automation of tasks which leads to increased customer satisfaction and hence increased brand loyalty.

3. Automation to Improve Accuracy

Digital Transformation allows implementation as well as regulation of robust digital tools along with strategies, like per-location or per-industry licence modification and automated processes. These digitalized processes lead to customised strategies and plans for businesses catering to different industries. This helps to locate areas within industries where human interaction can either be minimised or completely replaced by automated devices to increase efficiency. Processes ranging from the collection of data or raw materials, maintenance of accounts and taxation, versatile etc . can be automated via digital transformation. Automation leads to increased productivity, more accuracy, and lesser expense when compared to traditional alternatives.

4. Data-Backed Approach

One of the most significant advantages of digital transformation happens to be the ability to collect and analyze data that can later be turned into actionable, revenue-generating insights. For instance, manufacturing units can analyze the market demand for their particular products and then strategize their production accordingly. Schemes like discounts on products, the launch of new products, and the discontinuation of products can be planned and executed according to data analysis. Digital transformation will enable data collection, secure data storage,versatile and the creation of tools to analyze and translate data into information that enables informed and data-backed decision-making.

5. Enables Software Monetization

Today, most business leaders know that a shift from a product-centric approach to a software-centric approach is paramount because software monetization gives businesses the best ROI and opens gates for new revenue-generating streams. Yet many companies are still stuck at the launch pad due to a lack of awareness on initiating and regulating the software monetization process. Digital transformation enables software monetization. The digital framework assists to create software licenses, protect licenses, engage with existing and potential customers, accessing business-critical data, and most importantly locate new revenue verstile streams. Software monetization has proven to be a tried and tested approach driving an organization’s long-term growth.

6. Transparency

Digital Transformation helps to identify patterns and trends. Transparency across the organization is one of the most important features of digital transformation. Transparency eliminates unnecessary wastage of time, energy, and resources by offering a clear outlook. The ability to dive deeper into day-to-day data in real-time enables steadier control of all aspects of a business. Transparency creates accountability and the moment an organization has a clear view of how the process works and who is in charge of what, employees can deliberately identify who is accountable for each process. Transparency also ensures smooth management of the supply chain. All the teams involved such as logistics, sourcing, and planning logistics teams collaborate as well as leverage the available analytics and data. It has also proven to drive growth, mitigate risk, and reduce costs.

Final Thoughts: