Taking Full Advantage of Digital Transformation
February 22, 2021
Healthy organisations consistently implement new ways to grow and build themselves for the future. If they stop, they risk falling victim to a fast-changing economy and rising competition. Thankfully, digital transformation strategies have cemented the future for many businesses.
What is Digital Transformation?
Digital Transformation is the transition between aging processes and systems to innovative more-efficient solutions throughout the entire organisational body. Businesses use new technology to improve their operations, customer service, innovative processes, and more.
A transformation is not optional. In this economy, it’s the only way to thrive. As technology improves, so do the companies that use it to improve their products and customer reach. Without improving and transitioning to more digital solutions, companies fall behind and find it impossible to compete.
If technology is moving faster than ever before, we have to get better, quicker. A strong digital foundation provides a launchpad that positions companies for growth. No longer are they playing catch-up, but they’re leading the game.
Digital Transformation requires dedication and commitment. It starts with developing a strong strategy for success.
1. Evaluate Your Current Systems
The most difficult part of Digital Transformation is identifying the areas for opportunity from a vertical approach. This is especially true for established businesses that have existed for many years.
There are obvious needs but there are also outdated systems that seem to be working but are slowly transitioning to laggard, outdated processes. If they are not replaced with better technology, then they’ll hurt the company in a few short years.
The best way to prevent a technological bottleneck and multiply your growth is by analyzing each existing process, from developing the product or service to getting it to the customers and fulfilling their purchase.
Organisations should utilize their employees on every level to voice their feedback. Odds are, they already know about the many new solutions to their frustrations. They can also build a community out of their customers and continuously host a dialogue for improvement.
Lastly, organisations should be plugged into the right leaders, resources, and relevant consultants for the new technologies available to them.
2. Implement a Cultural Shift
Digital Transformation is more about people than it is about technology.
Innovative solutions are the tools but if the team isn’t adopting them, then it’s not going to improve the company.
Executives can jumpstart this cultural transformation by praising and embracing change. When things shift, it’s uncomfortable, but when we turn that experience into something to aim for, the workplace becomes a happier, safer, and more productive place. They’ll also champion the new technology and processes.
Teams can get behind Digital Transformation when we invite them on the journey. Why do we want to transform? It’s not because we like tech. It’s because we all want to do our jobs better, improve the product, and provide more value to the customer.
Once a team is open to learning a new process, embracing the change and value, we can take full advantage of Digital Transformation.
3. Leverage New Technologies
Every company is different and so are their customers. Needs vary but the most important thing is to be willing to test often and adopt slowly. That means being open to trying new things, measuring the results, and adopting only the ones that work and fit your company’s DNA.
Technologies like Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, Big Data tools, emerging Blockchain technologies, and more, provide a powerful arsenal for organisations. These tools significantly increase productivity, efficiency, and add more value to your product.
When picking what area of the business to transform first, consider the Pareto Principle or the 80/20 rule. What is the 20% of your business operations that provides 80% of your desired results? Consider improving that area first and then working your way through each step after that.
Benefits of a Digital Transformation
Besides getting left behind by competitors (or worse, your customers), Digital Transformation promises a fruitful ROI.
When we automate or improve a process through technology, our team can work faster and more effectively. Customers can also interact with the product/service, onboarding experience, customer service, and more, through a better and quicker experience.
With increased efficiency and other benefits, digital solutions help lower the costs to make the product or get it to the right audience. Data solutions allow for companies to increase their accuracy on new product ideas and analyzing what works or resonates with customers. For non-profit organisations, lowered expenses mean more impact per donation.
Less Human Error
Digital Transformation removes many of the errors humans would make. Thanks to automation, machine learning, data, and other technologies, organisations can eliminate common mistakes.
Digital technology makes everything faster. These solutions save time for everyone. That means more time and money for all parties involved.
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Digital Transformation is key to thriving in this new economy. By implementing an effective strategy, organisations can lead the way in their market. If you need help with your organisation’s Digital Transformation, contact us to explore how we can help.