Technological advancements are made daily, and it can be hard to keep up. Digital transformation is a vital business process, and it is important that you stay up to date in the modern era.
With worldwide digital transformation spending on an upwards trend — and projected to have increased a net 208% from 2018 to 2025 – it’s obvious that businesses are seeing more reasons to digitally transform.
The Process of Digital Transformation
This is the process of bringing your businesses internal processes and business functions into the digital age. Digital transformation is move from process to culture. This process can be split into 4 key areas –
- Business model transformation – This is using technology to push and enhance sales. Some of the most successful digital companies are Netflix and Amazon.
- Process transformation – This would be implementation of new innovations like Analytics and Advanced Data Management or Artificial Intelligence. These advancements bring your internal processes into the digital age.
- Cultural transformation – Transforming your workplace culture will help to catapult your business even further into the digital age. It is important that employees understand the reasons why the place they work wants to make technology advancements.
- Domain Transformation – Entering new domains successfully can increase grasp and enhance your businesses offerings.
How to succeed
Assess Current Technologies and Gaps
Try to find gaps in a market and fill them. Putting time and money into a saturated market will more than likely not pay off.
Netflix are a great example of a company filling a gap in the market. They are a pilar company in the streaming and film industry. They we so successful in their digital transformation they pretty forced Blockbuster to go under.
Have Achievable Goals
Ambition is important but being over-ambitious or unrealistic can lead to failure. Setting realist goals can help you more accurately predict your success. A good way to identify goals is to map out areas that may lead to more success. Here are some examples…
- Reducing costs
- Improving employee performance
- Better customer experience
- Increased efficiency
Include the Leadership Team
In every business leadership is extremely important. Making sure that the decision makers of your business are involved will help to make operations run smoothly and ensure the correct decisions are made. Instead of independently making decisions that impact every employee, involving the leaders to help set realistic goals that benefit the whole workforce means that you can ensure morale stays high and give people the best opportunity to work to their full potential.
Implement the Correct Technologies
The backbone of the digital era is technology. Not implementing suitable technology will limit your businesses potential. The technological limitations of your project are the highest limiting factors.
Staying in the loop with new technologies that may benefit your business is important. It can lead you to be ahead of the pack and gain advantage on you competitors. Using scalable technology will futureproof your work and ensure you can stay up-to-date.
Educate Employees and Manage Change
Digital transformation may cause stress because it’s a change in business vison and culture, which at first may seem scary. This is why it is so important that businesses educate employees on new technologies and systems.
Previous
