Top tips for businesses – digital transformation
Digital transformation is the radical development of business processes, competencies and models to fully embrace the opportunities and efficiencies posed by technology. However, in terms of document and information handling, there are significant gaps in understanding how technology can support improvement. While technology is playing a vital role in shaping the future for businesses, these are the areas that they will need to address in order to meet the rising information challenge. The growth of digitisation is an important trend and will continue to challenge growing businesses in new ways.
- Follow the right processes
Accepting and moving toward digital transformation doesn’t simply mean jumping on every technological bandwagon that comes along. Doing that is like putting a cluster of cut up vegetables in a pot and calling it soup. Unless you put the right ingredients in the pot and turn on the stove, you’ll never make the soup properly. In the same way, each company has to spend some time thinking about what digital transformation really means for them and what they want to achieve from this.
- Understand your business needs
Moving towards digital transformation does not mean jumping on every technological bandwagon that appears. Each company must spend time thinking about what digital transformation really means for them; and what they want to achieve from it. It is crucial to understand how a company receives, processes and manages information across its operation. They need to identify the key business applications, where the bottlenecks occur and where processes can be improved. It's also very important that a business is clear on where digitisation can deliver the clearest business benefits - e.g. improving customer service, retaining patrons, cutting costs or enhancing security, among others. There is no one-size-fits-all solution – it is about understanding what works for your business.
- Consider the return on investment
When making any investment in technology, cost should be a primary consideration. The process of digital transformation can be expensive and risky. For large organisations, it can take a significant amount of resources and time, a cross-functional set of business skills, and a strong understanding of customer and employee needs in regards to their digital experiences with your organization. If done right, it can produce great benefits for your employees, clients, and organization, but the investment required needs to be fully considered beforehand.
- Scale for your own disruption
Scaling digital models across the business can be challenging, but there are things that can be done to ease the transition. For example, bringing in new staff with strong digital experience. Obviously, this builds the strength of digital models in a business, but also sends a strong message to the organisation that embracing digital is important for career progression. New blood can also be key to boosting the business’s understanding of digital transformation and its benefits. Although a painful shift, businesses should also consider increasing investments in digital programs while managing down expenses in traditional channels or systems. This is often critical to shifting organisational attention to high-growth areas.
- Plan ahead
Digital transformation is both an end result and an ongoing process. At every step, decision-makers must think about the business experience. Aspects such as in-house operations and customer interactions will drive digital transformation. For some companies that may mean adopting an integrated payment solution so that customers can login to an online portal and pay their bills. For others, it may mean getting on social media and posting relevant content on a regular basis. Any move to the digital space is part of the digital transformation, and it is as vital to success as capital, overhead, and marketing considerations are.