Business Consultant/Franchise Owner of Sylvan Learning Center of Murrieta, CA.
Whether we like it or not, the world is rapidly moving into a technological era, and seemingly at an increasing pace. These days, complex processes that take numerous hours can be automated and made possible more quickly. It has become imperative for businesses to jump on the trend of digital transformation or get left behind. Before we delve into the concept of digital transformation, let’s define what it is.
Digital transformation means incorporating digital technology into a business. This is essentially changing how businesses are being operated and ultimately, how value is added for customers. In the past, digital transformation was a long process that often took months to achieve for companies due to the many complexities involved. However, nowadays, the shift can be made in a matter of weeks or even days. This is the acceleration aspect of digital transformation.
As technology rapidly develops, businesses adopt new methods and processes to remain relevant. Sometimes this change must be made quickly so that the business does not miss out on the benefits. Organizations must continually adapt, experiment with new technologies and challenge the status quo, otherwise they may risk becoming extinct.
Why should businesses accelerate digital transformation?
In the early years of digitalization, businesses that were able to accelerate digital transformation often had an edge over other businesses. It meant that their processes became more cost effective and user friendly than their competitors’ processes. Leaders at companies that had not adopted the new norms realized they were falling behind. While their digitalized competitors were overcoming challenges by accelerating, they were faced with threats of new changes in the game.
These days, many aspects of business are rapidly changing, including consumer behavior. The pandemic has ignited the whole situation, and business leaders across various industries have realized the importance of accelerating their digital transformation. In fact, according to a report by Cisco, over 70% of small businesses are accelerating digital transformations.
The ultimate explanation as to why digital transformation must be accelerated is that to survive in today’s harsh economy, a business must move fast and adapt to changes, or else it may struggle with being relevant, and competitors may take the lead in the market. If businesses are able to accelerate digital services, they may find they are able to experience huge growth within a short period.PLAY Top Articles About Connatix Read More Read More Read More Read More Read More Read More Visit Advertiser website GO TO PAGE
What are the benefits of accelerated digital transformation?
While digital transformation has numerous advantages on its own, accelerating this transformation can bring an even bigger advantage for the business. Here are some benefits of accelerating digital transformation:
Emergency preparation: As the world learned from the Covid-19 pandemic, anything can happen at any point in time to disrupt normal workflow. Mandatory lockdowns and closure of workplaces, among other things, can force an immediate shutdown of work, so it helps to already have a system in place to fill in the gap.
Better products with enhanced services: Most people want to achieve the best results with the minimum effort, and that is exactly the benefit that an accelerated digital transformation can get you. With digital transformation, a business can have access to many products, which can ultimately help to manage customers more efficiently and bring in a better profit.
Greater efficiency and scalability: Manual processes are the ways of old in this new digitized world. Moreover, they can be unreliable as there may be more potential for mistakes, which can increase risk and overall cost. Digitized processes, however, can reduce those risks and increase efficiency.
Cost savings: An accelerated system can help increase productivity, which can ultimately save costs. The more time spent on digitalizing a system, the more cost is involved. When a system is cost-effective, it can ultimately serve as a great way to save money.
To accelerate the transformation of your business into a digital one, it is important to first identify your goals for this transformation. Are you trying to go digital to boost sales, get tasks done faster or interact better with clients? Setting an objective for why you are accelerating will help you work toward your goals faster.
When digitalizing your business, prioritize your customers. As great as accelerated digital transformation is, avoid doing it to the detriment of your customers. Ensure that client information is not mixed up or lost as you make the transformation and that the move does not affect the client relationship. You should also ensure that you have the right storage for the shift. You do not want to be stuck in the middle of the whole transformation with some clients experiencing your transformation while others are not. Not only can this cause confusion, it can also cost you time and resources.
Several factors can hinder accelerated digital transformation, from management issues to changing customer needs and budget constraints. An effective way to scale through these issues is to have a clear idea of what digital transformation is to your business and what you hope to achieve from it. This way, you’ll be able to tailor your budget toward the things you need to achieve. It can also be easier to coordinate staff and establish a unanimous voice with management when the objective is clear from the onset. Develop an effective strategy before you even get started. Do not rush to jump on new technologies promoted by vendors; instead, take the time to explore each new technology introduced to you and weigh out the pros and cons. You may need to change a few business rules and adjust your workflow in order to make accommodations for the change.
Digital transformation has become inevitable for all businesses, but I think the real question should be how fast it is implemented. Organizations that jump on the train early enough will be able to partake in its many benefits and have an edge over their competitors who are still undergoing the change process. This is the major reason why a company must evolve or find itself extinct.
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