What is Digital Transformation?
Digital transformation is the implementation of technology in to all aspects of your business, in order to improve business efficiency and performance.
Whether you’ve heard it multiple times, or confused about what it means, digital transformation is the current industry ‘buzzword’ circulating the world of technology. Why? Because it refers to the process of utilising technology to improve business performance. This is a simple concept made unnerving by the complexity of factors it takes to achieve a successful and widespread ‘digital transformation’. Unfortunately, whilst the concept may be simple the implementation not always is. Instead, digital transformation takes time and strategy to have a positive effect on your business.
Construct meaningful business objectives
Digital transformation is a means to an end. The strategy should be used to reach your business goals more easily, not create them. Before constructing a digital transformation strategy, your company should construct meaningful business objectives with measurable targets in mind. These can be financial, operational, or commercial- but should always be the focus of your digital transformation strategies, not the other way around. You can make educated decisions based on these objectives and in turn ensure you’re adopting technology that will have a tangible positive effect on your business.
This type of transformation is about reinventing an organisation, using digital solutions. Such reinvention can be in terms of value to customers, operations, or employee skill sets. Transformation may also mean a more sudden change, compared with gradual evolution. If your business has not kept pace with emerging market demands or has lost significant market share to competitors, then abrupt transformation may be the best potential way for survival.
Is your business part of the UK ambitious mid-market?
A business with an annual turnover between £25 million and £800 million can be defined as a mid-sized. The best thing about this is that your business demographic is positioned to benefit the most from digital transformation initiatives. These opportunities exist in how your business satisfies your customers, makes money, and your internal operations.
Breakthroughs in customer satisfaction come from first understanding what your customers want, then making sure they get it. Digital technology makes it possible to collect extensive data from customer touch points. This could be their browsing history, purchase history, filled forms, email subscription preferences, and more.
Digital transformation can become a virtuous circle, with each transformation becoming a stepping stone for further transformation. For instance, as desktops and workplaces have been digitised to save on space and paper, new opportunities to share information and collaborate have arisen. IT in general turns into a source of business improvement and innovation, not just a means of doing things in less time and at lower costs.
Never transformed, always transforming.
The most important thing to learn about digital transformation is that it is continuous process. There is no completion for digital transformation projects, as it is an ongoing strategy. As technology is continually changing, so will the tech you use in your business. You will need to continually be assessing what is and what isn’t working for your business, and leave no business stone unturned. Digital transformation should allow you to scrutinise your products and services, the customers to whom you offer them, and the value you bring. In order to constantly transform and remain agile, this process can let your business shed inefficient resources and gain technology that leads to more efficient transformation.