Digital transformation companies are doing the rounds these days, with each business trying to find the best partner for itself to evolve afresh. These are firms qualified to help you out with the different process of digital transformation and ensures that it is a smooth one. These companies are known to have several benefits, as they save a lot of money and enhance the efficiency of the business. In this blog, we will discuss everything about digital transformation, the companies that suit your requirement and the top 10 companies and the services provided by them which will help you narrow down your search.
Digital Transformation and its Importance
Digital transformation is the process through which a particular company integrates technology into its processes, or leads to technological advancement. This procedure can entirely change the way a company works and increase customer satisfaction which cannot be harbour in-house. And this is the only reason why digital transformation is currently being adopted at a large scale by several companies.
One must know about a particular process inside-out before starting off with it, and the same applies to digital transformation. Let us now quickly know the benefits associated with digital transformation:
I. Customer-centric: Digital transformation companies prioritize the wants of their customers. Digital products are based on the experience of customers or CX and therefore, this is the aspect that can really help you outshine your competitors.
II. Better analytics: When you incorporate technology into every operation of your business, better analytics can be drawn ranging from sales to customer care to marketing or even logistics and operations. This helps you function well with an improved understanding of revenue, ROI and other important factors.
III. Reduces costs and grows revenue: A shift to newer technology, IT solutions and innovation can really help you reduce costs and lead to massive revenue growth.
IV. Reduces operational costs: Digitalization can help your company develop a better business management chain system, and improve communication and, decision-making. With newer methods of doing the same thing in hand, you will find yourself in a better position.
V. Activeness and innovation: Digital transformation helps you become more agile in your approach and encourages innovation through experimentation and rethinking.
VI. Better work culture: With constant feedback, better communication, analysis of employee satisfaction and reinforcements for hardworking employees, digital transformation companies can improve their work culture. The process also makes everything automated and provides room for improvement in the operations of the company.
What is a Digital Transformation Consulting Firm?
Digital transformation companies or consulting firms refer to companies that help you transform your functions and processes. Such firms transform the state of your business from being traditional to modern. Such a shift includes moving to cloud-based data records, using VoIP systems etc. These are similar to digital transformation companies, the benefits of which, we will be elaborating in the next section
Benefits of Digital Transformation Companies
There are several benefits of digital transformation companies, which ensure that the overall performance of your company improves drastically. In this section, we will tell you about the various benefits that digital transformation companies guarantee:
a. Reduce costs and save money: These companies can help you save a lot of money because everything goes online. You do not have to maintain paper records, which are generally very expensive and time-consuming. However, when you transform yourself digitally., you save a lot of cash.
b. Better efficiency: When you use the traditional methods of carrying out generic work, you are bound to make errors. Moreover, the process is also time-consuming as it takes practically hours to set and later amend the records. But, these companies can mitigate these challenges and ensure efficiency.
c. Keep a track of records: A good thing about digital records is that you can access any information with a few clicks only! These firms also ensure that you use updated technology, which benefits your company in the long run.
How to Select the Right Digital Transformation Company?
With the basic idea of digital transformation companies being clear, we can move on to selecting the ideal company for your project. To be sure, there are numerous digital transformation companies, which offer their services in the market, but you need to select the right one.
Here are eight points to keep in mind, while selecting the right set of digital transformation companies for your transformation project:
- Define your goals: You need to know what you want to achieve through this project. Try to understand its goals and let your service provider know of this.
- Research: Before selecting a provider, carry out thorough research about them. Find out about their service, terms of service and expertise in the industry that you are involved in.
- Experience: Ensure that the company you choose is well-equipped with the technical know-how that you require. The partner must be familiar with the industry that you are part of, and be experienced in it.
- Budget and costs: Always ensure that your deal is a “value for money” one. Lower pricing does not signify that your choice is good. You can compare the prices of several companies based on the services they provide and choose the best.
- References: It is wise to talk to people in your industry, who have been using the services of the company that you are planning to choose. They will give you the best first-hand information about the company.
- Industry-specific: Choose a company that knows about the intricacies of your industry, so that it can provide services that are customized for your needs.
- Work culture: It is important to ensure that the work cultures of both, your company as well as the service provider match, so that you can collaborate well and ensure a smoother transformation.
- Ensure compatibility: Make sure that the company you are choosing understands what you desire from its services and possesses the required technology to help you out. You can schedule demos for this purpose.
Top 10 Digital Transformation Companies
After finding out about the ways to select the best company, you must be excited to ponder on some of them. It is not a difficult task to get started. While there are several digital transformation companies that provide their services, we have listed the top 10 digital transformation companies to help you out.
Accenture is one of the most popular digital transformation companies, that provides services like consultation, strategy, digital technology, and operations. The company stood at the 258th position in the Fortune 500 list of the world’s largest companies, as its revenue in 2021 was 50.53 billion USD!
It comes out as a leading digital transformation company, working in areas like data analytics, security, automation, zero-based budgeting and sustainability. Accenture has provided its services to major companies of the world like NASA, Lenovo, Nippon Express, USDA and Prisma among others.
Pros: It possesses a lot of experience in cloud, DevOps and automation. The company also has a good pricing structure, that is not arbitrary, but negotiable.
Cons: It generally works for large companies, and its services are overlapping. While the quality of work is high, the fee charged is also very high.
Deloitte comprises a team of dedicated professionals who can help you with digital transformation. It can also help you grow your business at a faster speed by making optimum utilization of technology, thereby transforming you completely. The company happens to be one of the oldest digital transformation companies in the industry, whose revenue for 2021 was announced to be at $50.2 billion!
Being one of the most popular digital transformation companies, Deloitte focuses on the development of “exponential enterprises”, defined as “the ability to win and the capacity for change.” The company is also popular for its consultancy services and has provided its services to companies like Boeing, Microsoft, Sotheby’s and Morgan Stanley, among others.
Pros: It is popular for creating multi-cloud systems, and works well with DevOps and automation. Clients also favour it for its flexible payment options and affordable services.
Cons: Its prowess in technology is not very developed, and some clients think that its prices are very high.
Cognizant provides services like digital customer experience, employee experience and digital partner experience. It also works in areas such as application modernization, cloud enablement, AI and business process services. The company stood at the 185th position on the Fortune 500 list of the world’s largest companies, having a revenue of $16.65 billion (2020).
It was also placed at the 533rd position on the Forbes Global 2000, and has over 318,000 employees, coming out as one of the best digital transformation companies. The company’s clients include JPMC, BMW, Pfizer, Johnson & Johnson and GSK among others.
Pros: It is well-experienced in cloud migration and has a customizable pay structure, that suits your needs, allowing room for flexibility.
Cons: It lacks in business strategy capabilities and is popularly suited to North American clients. The company also scores less in responsiveness.
IV. McKinsey & Company
McKinsey & Company is one of the best digital transformation companies, for its ability to provide valuable advice on matters related to the development and implementation of digital transformation. It is also known for the resources that it provides for the entire process, making it seamless.
McKinsey is popular in industries like aerospace and defence, healthcare, education, chemicals, retail and financial services among others. The company has more than 30,000 dedicated employees, and its offices are there in over 65 countries across the world! It has three approaches to transformation:
- enterprise-wide performance lift
- tech-enabled performance transformation
- strategic transformation
Pros: It follows a pilot testing method for transformation and ensures that the system runs satisfactorily before its official launch. It is popular across the world for its consultancy services.
Cons: It is a very expensive transformation partner, and is more focused on the business strategy. Moreover, the company has a hard-working culture so, if it does not match your work culture, things can be problematic.
PwC, popularly called PricewaterhouseCoopers, collaborates with clients and provides consultancy, strategy, design, and implementation services. It has provided its services to clients like Bank of America, Ford Motor Co., Dell, Merck, Walt Disney, and Goldman Sachs among others.
PwC is capable of cost optimization, organizational strategy, operations and supply chain management, digital operations, IT strategy and return to growth. The company has over 295,000 employees and about $45.1 billion in revenue for 2021.
Pros: It is capable of doing a lot of things when it comes to transformation, and works towards enhancing the speed of working. The company is also known for its analytical approach to problem-solving.
Cons: PwC charges high fees and it because it has an analytical approach to follow, it can be slow at times. The company also has a slow response time!
Popularly called Ernst & Young, this is one of the best digital transformation companies, famous for its services in consulting and accounting across the world. In 2021, its revenue was declared as $40 billion. The company is also known for its other services like robotic process automation (RPA), commercial transformation, digitally integrated customer experience, blockchain, and energy systems.
EY has successfully provided its services to companies like Microsoft, Carrier Corporation, Discovery and Oklahoma City among others. The digital transformation framework of EY has six areas:
- Bridge (planning)
- Engine Room (orchestration and acceleration)
- Innovation, Design & Iteration
- Deployment Hub
- Digital Factory
Pros: It collaborates quite well with the clients to develop the road to their future, and possesses good project management capabilities. It has a team of dedicated digital transformation experts.
Cons: Its digital transformation capabilities still require some work, and its fee is high just like other digital transformation companies. If you run a very large business, it may not suit your needs.
VII. Bain & Company
Bain & Company is quite popular in the industry and works with about 63% of the Global 500 firms. It follows a method of collaboration and provides several services like business innovation and design, enterprise technology, automation, advanced analytics and modern marketing.
It is growing in the realm of digital transformation companies and has a set of dedicated and talented employees who are available for you whenever you need their help. It provides services in industries like aerospace and defence, finance, technology, retail, mining and aviation among others.
Pros: It has a lot of experience in the field of digital transformation, which can be very helpful.
Cons: Just like most digital transformation companies, B&C’s charges are high.
VIII. Boston Consulting Group
Popularly known as BCG, this company is well-versed in the digital world, providing excellent services from strategy formulation to proper transformation. The annual revenue of this giant is estimated to be over 8.6 billion USD! It also works in areas like corporate finance, international business, marketing, pricing and revenue management, making it one of the top digital transformation companies.
BCG’s popular clients include giants like H&M, Starbucks, GSK, Shell and others. Being one of the best digital transformation companies, BCG has reported that only 30% of digital transformations become successful, as they are guided by six major factors which are:
- An integrated strategy
- Agile leadership
- Experienced personnel
- Active governance mindset
- Regularly assessing transformation progress
- Business-led tech and business data platform.
Pros: It provides meticulous analysis, agile insights and recommendations that can be trusted, making digital transformation smoother.
Cons: Its services are expensive, so it is suitable only for big companies. The approach followed is quite fast, and clients find it difficult to adapt to it.
Capgemini is one of the popular digital transformation companies, for its prioritization of its customers. Its services include consultancy, outsourcing, technology et cetera. It also follows an innovative approach through experimentation, making it a good choice for many companies that want to transform themselves digitally.
The company reported revenue of €4.552 billion, whereas that of 2020 was over €16 billion! Capgemini has over 290,000 employees across the world, and it has provided its services to clients like Eramet, LEONI, and the Rugby World Cup. The company also supports international rugby and is known for its creative expertise.
Pros: The company is well-experienced when it comes to technology, and follows a flexible approach. Most of its projects help clients achieve their expected ROI.
Cons: It is yet to develop a better business strategy, and lacks the ability to serve clients in regions like Asia Pacific, Africa and South America. Its fee is also very high.
Genpact is one of the most popular digital transformation companies, known for its industry-specific approach, as it customizes its way of working to the needs of the client. The company offers services like process automation, augmented intelligence, CX and EX transformation and cloud solutions.
It has a revenue of over $3.7 billion and more than 10,001 employees across the world. Genpact’s clients include Appzen, Automation Anywhere, OneSource Virtual et cetera. It has also collaborated with tech giants like Amazon, Google, and Microsoft.
Pros: Its customized approach is customer-centric, and it is well-equipped in the field of digital transformation. The company also possesses a lot of experience.
Cons: Its digital transformation fee is quite high. Moreover, it has very less compensation benefits for its employees.
In this blog, we have discussed digital transformation companies and how to select the ideal one in the current business landscape. We have also listed the top 10 digital transformation companies, that you can choose to transform your business and look no further.