Digital transformation or digitization has become part of the everyday business lexicon across all industries and should be the topmost priority for any business that wants to remain relevant in 2021 and beyond.
According to the World Economic Forum, successful digital transformation will be the difference between success and failure for businesses in this coming era: Companies now face an urgent choice − go digital or go bust!
Technological developments, growing demand from digitally aware consumers, increased competition from digital providers, and enhanced accessibility and connectivity are only a few of the reasons why digital transformation now has to be a no-brainer for business owners across industries.
Recent findings indicate that 45% of companies that have embraced digital transformation reported a positive business impact as a result and also reported higher net revenue growth. Digital-first companies are also 64% more likely to achieve their business goals than their peers.
The outbreak of the coronavirus further accelerated the need for companies to become digitalized and many business owners have responded to the dramatic disruption by embracing digital transformation.
Digital transformation (also called DT or DX) is the cultural, organizational and operational change of an organization, industry or ecosystem through the smart integration of digital technologies, processes and competencies.
Digital transformation fundamentally changes how a company operates and delivers value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.
Note that digital transformation is, therefore, not limited to the implementation of technological tools, but also extends to building intelligent competencies and adapting innovative values and new cultural approaches such as disruptive innovation and risk-taking to boost efficiency.
As with any business transformation, this is an opportunity to go back to the drawing board to reassess company goals, culture and business processes to devise a strategy best suited to company needs. It’s also the perfect time to assess the overall business goals and identify how technology will help achieve these goals.
This includes thinking proactively about how digital developments have affected and will affect your industry and company position within the industry. Which tools and approaches do competitors use and what will customers expect in the future? How will technology affect your core business and how will this impact employees? How sustainable is the current business model? Do you need to change the culture of work to be more collaborative and supportive of change? Answering these questions is the first step in creating a digital transformation strategy to help meet your overall business goals.
As digital transformation is an ongoing journey – businesses need to stay light on their feet and be prepared to re-evaluate digital transformation strategies regularly to ensure efficiency and adaptability.
Never rush in when it comes to purchasing new technological solutions or digital tools – take the time to research the best options for your industry and business. Be aware that these will not necessarily be the latest, shiniest, or most expensive options and that there is no one size fits all solution. Always put strategy before technology – ensuring that the tools support the overall structural and operational changes prioritized in your digital transformation strategy.
Broadly speaking, some of the digitalization technologies to consider, include:
Understand which technologies will have the biggest impact on the business and invest accordingly, always ensuring that the tools are scalable. Since the process of digitalization is open-ended, new technological advances will constantly be introduced and it is important to identify where technology change is needed most, and to stay flexible.
As far as the workforce is concerned, adopting a positive attitude towards digitalization by focusing on advantageous implications such as innovation and growth will motivate your team to embrace change. Moreover a successful digital transformation makes employees’ lives easier by eliminating cumbersome processes and empowering team members with tools that transform their daily tasks.
Bringing stakeholders on board is crucial in any transformation. Help employees to understand why the changes are needed and how it could benefit them in the long run. Provide staff with opportunities to upskill and to gain the knowledge needed to ensure productivity.
Data is now the most valuable resource in the world, ahead of oil. Statista’s big data statistics claim by 2023, the big data industry will be worth an estimated $77 billion.
It serves as an integral part of forming a business strategy. Find out why data is your company’s biggest asset. Put simply, data is information that, when analyzed and monitored correctly, can provide insights into existing and potential customers.
Clean, organized and up-to-date data can contribute to meaningful customer engagement, improved business decisions and better-informed product and service development. Organizations must shift how they view and treat data so that they thrive, gain a competitive advantage, and do more with this wealth of information available at their fingertips.
REEA GLOBAL is a full-service, global team offering software development, analytics, and data transformation from concept to launch. In addition to having a large team, providing instant scalability, all US clients work with a local partner-level lead who has launched dozens of products, started companies, and sold companies. We are one of you. We are not consultants, we are builders and entrepreneurs.
If you’d like to kickstart or accelerate your company’s digital transformation, give us a shout.
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