To continue thriving in a world of smartphones and computers, modern businesses must change with the times and join the bandwagon that is digital transformation. Many businesses, perhaps even your competitors, have embarked on this particular journey to meet the needs of the existing business landscape. To follow suit and regain your place in the market, you need a clear understanding of its concepts and methods.
What exactly is digital transformation, why is it important, and what can you do to conform to its demands?
Since every business is unique, the definition of the term varies depending on your industry, customer demographic, and goals. One thing is for sure, whatever the vision and purpose of your company, its survival hinges on its ability to leverage the various assets the digital world has made available.
What Do You Need to Know About Digital Transformation
The meaning of digital transformation (DT/DX) for every business organization is unique. However, in layman's terms, it means adopting and using digital technology in different areas of your business.
Fundamentally, this strategy helps improve the efficiency of your operation, employee performance, as well as ensuring the satisfaction of customers, partners, and stakeholders. While it may sound simple enough, there is more to it than just purchasing new technology and integrating it.
Proper implementation of a digital transformation plan changes the way an organization operates — changes in leadership, thinking differently, exploring new business models, finding new sources to increase revenue, and getting comfortable with the variety of changes. You must develop a strong strategy and ensure that it is weaved into the fabric of your company's value and championed by a solid leadership for maximum impact.
While many may believe that they may have fallen far behind in digital transformation trends, it is never too late. Compared to a traditional business, digital speed can be 5 times faster, a pace that will help you become a leader in your industry.
Additionally, the era of social media channels and smart devices has caused drastic changes in customer communication, along with the response times and multi-channel availability of businesses. The growing popularity of online payments and online markets have also encouraged many business owners to personalize their products and/or services, interaction, and communication to meet the specific standards and needs of customers.
This trend will continue to have a significant impact on the global business landscape in the years to come.
Steps for a Successful Digital Transformation
Proper implementation of technologically-centred schemes can open up tremendous benefits to your business. Since customer behaviour and technology constantly evolve and adapt to new digital solutions, your company must stay ahead of the curve.
The thought of overhauling your business can be overwhelming. However, digital transformation does not need to be a daunting process. Here are some key steps to get you started:
- Assess the current digital state of your organization
Before embarking on your digital transformation journey, make sure you understand clearly the current processes of your business. Are you meeting all the demands of your customers? Which areas still require improvement? How can introducing specific digital technology contribute to your long-term business goals?
- Define your objectives for digital transformation
After identifying the different pain points within your organization, the next step is to have a vision of what you want to achieve by modifying your existing processes. Do not implement new plans merely for the sake of implementing them. You must have a clear purpose. Whether it’s to meet the needs of your customers, streamline business processes, reduce operating costs, or stand out from your competitors, pinpointing your exact goals will spur you in the right direction.
- Summarize your roadmap
Having a well-defined outline of your digital transformation strategy is the most critical element in your business plan. Make sure to be more customer-focused rather than product-focused, prioritize areas that need improvement, and move step-by-step towards achieving your objectives. Outlining the roadmap to fully implementing your new strategy reduces the risk of failure and boosts the effectiveness of your plans.
- Be smart in choosing your tools or technologies
After identifying your objectives and mapping out your game plan, consider the actual means by which you can reach your goals. As much as 50% of companies view data (or analytics) as a key transformation driver that promotes change while 42% and 40% of the business organization listed the Internet of Things (IoT) and artificial intelligence (AI) and machine learning (ML), respectively, as the primary technologies that facilitate change.
Cloud migration is also an important element you must add to the mix to ensure a successful digital transformation. However, if you want to invest in IoT solutions, edge computing is by far a better option.
- Educate and empower your staff
To ensure that your efforts to transform your business are not in vain, your entire staff must keep up and adapt to the changes. Educate your workers on how to maximize the full use of new tools and technologies so they are able to work efficiently within the organization.
Why Digital Transformation Matters During the COVID-19 Pandemic
Millions of people all over the world have retreated to the safety and comfort of their homes. Many of your potential customers use the Internet as their primary source of information and means of making purchases. In the new normal, digital transformation is critical.
Before the COVID-19 pandemic, companies had the freedom to adopt technologically centred methods at their own pace and get away with a slow and steady approach. Small businesses, in particular, invested little effort in adapting to new technology. However, since the pandemic has completely taken away the luxury of choice. Companies from all over the world must make this critical decision — to transform and keep up the changing needs of the existing market.
Pay attention to current trends and watch out for new habits formed by your employees and customers at this time. These habits can define how businesses should introduce their digital transformation plans to their market.
While it may seem like a herculean task, digital transformation is simply a call away. Begin your journey towards modernizing your operations by upgrading your IT system with the help of BrantTel.
With over 30 years of experience working with both startups and major enterprises in digital transformation, we can help you meet your goals. Our consulting engineers are ready to help businesses overcome IT challenges, assess areas that need improvements, and create an approach that meets your business’ IT needs. We take pride in our broad array of partnerships that will help us provide effective solutions to move your business forward — and fast!
Give us a call at (905) 632-6620 to speak with a trusted advisor, or reach us through our toll-free number 1 (888) 632-0585 for your general inquiries. Do not hesitate to schedule a short, no-obligation call with our automated appointment setting app.