December 15, 2020 9:38 am
Innovation in technology has transformed businesses at an incredible rate. It provides opportunities as well as challenges for business. However, where previously this digital transformation was limited to larger organisations, smaller businesses are now also able to grasp the opportunities presented by the digital phenomenon.
The transformation in the digital arena has ensured excellent advantages across business operations. In a recent Forbes Study, 55% of start-ups have adapted a digital strategy which has ensured a 35% increase in revenue, particularly if adopting a digital-first strategy. It is widely accepted that the digital transformation has improved cost efficiency and generated revenue as well as enhancing productivity, but:
What does the Digital Transformation mean for businesses?
The term refers to the implementation of digital tools and processes to obtain business goals meaning:
- Business operations revolutionised
- A cultural shift in workplaces changing all aspects of your business
- Refers to a huge rethink on how to implement and utilise technology to alter business performance and processes
The digital transformation is not just about buying the right software and improving your businesses productivity, its more importantly about how your teams collaborate and allowing your processes being synched into a more cohesive operation.
McKinsey’s Global Institutes Industry Digitisation Index has indicated that really the digital transformation has only just begun! The index indicated that presently Europe are only utilising 12% of its total potential. One thing is for sure, this transformation in the digital arena impacts every area of your business operations: People, Skills, work capacity, a business’s culture. It involves methods, tasks, and approaches a business workflow making it totally holistic.
The biggest advantage is that it creates a well-connected workplace and supports all your business goals and allows your organisation to be able to achieve:
- Superior customer experience: Obviously for our businesses to survive, we all need satisfied customers. The digital transformation supports your processes that improve your customer’s experience.
- Improved efficiency: Digital processes replace normal manual processes which means operations are faster, smoother, and more efficient
- Profitability: without the digital transformation, you cannot measure your margins. With it in place, you have access more resources that improves efficiency and hence productivity thus supporting your profitability targets.
- Infiltration in the Market place: The transformation in your digital processes improves your decision making and efficiency, making your market penetration more competent.
Overall, it is essential that you approach your businesses integration into digital processes from a holistic point of view. Do not just look at it from a profits point of view, see it as an opportunity to train your teams so they are fully supported and that the digital transformation is adopted across your business. With that in mind, your business will only benefit from transformed processes which will ultimately improve your business performance.
This post was written by Anwen Haynes1