In today’s competitive environment, it’s more important than ever to find innovative ways to grow your business. And studies show that adopting a digital mindset is a key requirement to ensure this growth. And as a result, companies that engage in digital transformation are disrupting their industries and gaining competitive advantage.
Digital transformation can drive greater revenue in 4 ways:
- Increase sales capacity and reach
- Improve close rates
- Remove barriers to the sales process
- Speed time to revenue
Companies are using digital transformation to make sales reps more productive and automate mundane tasks. Consequently, they spend more time in the field talking to customers and deepening relationships. By enabling reps to handle more transactions with customers remotely, digital transformation can also help sales reps significantly expand the geographic footprint they serve while reducing cost of sales.
How does Digital transformation help?
Digital transformation tools let your sales team respond to customers faster by automating processes and reducing data entry. Reps close deals on the spot and approvals are done instantly instead of requiring days or weeks for paperwork to get routed for approval. This leaves little to no time for second thoughts or competitors to come in and close rates improve dramatically.
Missing or incorrect information on a sales contract can lead to lost or delayed revenue and impact customer loyalty. With digital transformation:
- Drive error rates and incomplete information toward zero; improving customer satisfaction, increasing time to revenue and reducing potential deal loss.
- Separate yourself from your competitors and improve transaction management to capture more revenue.
If you don’t know where you are in the sales process, it’s hard to know where to focus. This lack of visibility into deal flow can significantly reduce revenue potential.
In today’s digital world, customers expect a digital experience that simplifies the process and as a result save as much time as possible. Acceleration continues even after the contract is signed as the customer on-boarding process is automated; ensuring the customer’s experience starts off right and you can book revenue immediately.
Embracing digital transformation strategies to grow your business is essential to establishing and maintaining market leadership. Hence organisations must embed the right digital technologies and skills throughout the enterprise to reinforce an evolving digital culture.
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