Twenty years ago, organizations began to take a fresh, customer-driven approach to business. Enabled by increased computing power and the growing predominance of technology, companies across all industries began to embrace the digitization of business processes. The trend became known as “digital transformation.”
Today, the potential extent of a digital transformation has expanded to include virtually all processes and operations of the business. New and evolving technologies like Artificial Intelligence (AI) and machine learning (ML), connected assets and the Internet of Things (IoT), and cloud computing have been incorporated into the digital transformation toolkit for their ability to better leverage data, improve workflows, enable agile responses to market changes, improve data-driven decision making, and reveal new business opportunities.
Value at every step of the transformation journey
In our newly released customer success report, The Impact of Digital Transformation on Service Organizations, we highlight industry leaders who are leveraging digital technologies and the outcomes they’ve achieved thus far in their implementations. Customers span industries including heavy equipment, industrial manufacturing, medical device manufacturing, and energy.
As we analyzed these real-world successes, four key benefits of digitization came to the forefront:
- Minimized service costs and increased productivity
- Increased revenue
- Improved customer experience and retention
- Improved asset lifetime value and performance
These benefits begin to emerge early in the digitization process–welcome news for organizations who are at the beginning of their digital transformation. As a result, companies do not have to complete their digital strategies to experience positive outcomes, rather, they routinely experience value with each step forward.
On top of this, we found that the benefits of digitization extend beyond efficiency and productivity for the service department. A digital strategy can unlock new revenue opportunities and engagement models while delivering value for R&D, operations, sales, finance, executive, and marketing leadership teams.
Dive into the report to learn how our customers have transformed their businesses, including Schneider Electric who saw over €65M in additional cross sell/upsell revenue, Pitney Bowes who saved $4.7M through the reduction of inventory, and Kodak Alaris who achieved an 80% overall customer renewal rate after implementing digital technologies.