Many organizations are still reluctant to change. Reading digital transformation success stories will inspire you to take the leap. But before discussing those, what exactly is digital transformation (DT)?
Digital transformation is the use of technology to evolve how businesses operate. Moreover, it affects all departments of an organization. DT may change the business’ infrastructure, processes, and business culture. By implementing DT, you’re making your business adaptable to the business economy and changing customer demands.
The end goal of DT is to improve the way business interacts with its clients. Hence, its ultimate impact is to generate more profit and gain a competitive advantage. This article features digital transformation success stories that will certainly inspire you.
Target is one of the largest retailers in the US with over 300,000 employees. The company embarked on a digital journey in 2006 by introducing online ordering. Moreover, they leveraged the power of digital marketing to grow sales. Additionally, Target redesigned their physical stores to make the buying journey more seamless.
Target saw a huge increase in their stock price – $260.86. Furthermore, they currently have a revenue of $75.36 billion.
Hasbro is a maker of toys and games. They have more than 5,600 employees. In 2020, the company had annual revenue of $5.47 billion. Hasbro wouldn’t achieve those figures if they didn’t implement DT. In 2012, the company made a strategic change by switching its target audience from children to parents. After all, parents are the ones buying their products.
Hasbro created large-scale data-driven campaigns, supported by social media. The company leveraged that data to better understand parents and recommend the most relevant games for their children. Furthermore, Hasbro has launched multiple channels to make the purchase journey seamless.
Of course, efforts like these would require resources. Hasbro’s marketing expenses grew 10 times. However, the investments are surely worth it. Hasbro’s sales grew by $1 billion. Additionally, Hasbro’s share price increased from $36 to $103.
Microsoft is the world’s largest software company with over 166,000 employees. The company faces competition from fellow huge tech players like Apple and Google. Microsoft transformed by focusing on cloud computing. Their goal is to provide easier access to its technology, both for individuals and larger organizations.
Microsoft has built Azure, which became the world’s second-largest cloud provider. Furthermore, they have signed partnerships with other tech giants like Oracle, VMWare, and SAP. These efforts by Microsoft paid off. They now have a share price of $289.05 and a market capitalization of over $2 trillion.
Home Depot is a home improvement company with over 400,000 employees. In 2017, the company began improving its eCommerce experience. They hired more than 1,000 employees with digital and customer experience to boost the IT department. This move has improved Home Depot’s ability to collect and analyze data.
Home Depot has saved operating costs since then. The company’s stock price grew from $135 to $331. Their revenue also increased by over $17 billion.
These digital transformation success stories taught us that investing in change is worth it. These companies were already successful before embarking on the journey. Yet, they decided to innovate and get better results. Indeed, change must be continuous.