Reshaping a Business With Digital Transformation in 2020
Reshaping a Business With Digital Transformation in 2020
The topic of digital transformation has swept through the business world for years, finally emerging as a mainstream and essential strategy for business survival in the 21st century. In 2019, at least 30 percent of all companies are actively planning for undertaking a digital transformation. That number is expected to grow.
The digital environment for most customers constitutes one of the primary drivers of digital transformation. As such, companies which are not emphasizing a transition to digital processes now risk their ability to compete in their industry and remain relevant to their customers.
However, digital transformation is a tremendous undertaking, even for the most forward-thinking and best-prepared business. Read on to learn more about what digital transformation is, why it matters, and how to succeed in one.
What is a Digital Transformation and Why Do Businesses Need It?
According to industry experts, digital transformation is the application of modern technology to traditional business processes and challenges. It’s more than simply the transition to digital tools, although that tends to play a big part. At its core, digital transformation changes the way companies do business and engage with their customers.
There is no one route to digital maturity for any specific company. Each organization may take an entirely unique approach because each business tends to have unique processes which they’ve developed over time. However, all digital transformations have a few underlying themes in common. In a nutshell, these include:
- An emphasis on the customer journey: Digital transformation is often described in terms of refining the customer experience. This entails new tools such as website features which streamline transactions, or infrastructure which makes it easier for customers to reach the correct personnel.
- A review of legacy processes: A legacy process is a way of doing things which has existed since the beginning. Often, they involve dated technology or ways of thinking with which employees are quite comfortable. Legacy processes embrace the “if it isn’t broken…” mentality which may stand in the way of digital transformation.
- A shift away from manual systems: Automation, AI and cloud computing often comprise a significant part of digital transformation strategies as each of these technologies yield the ability to produce faster processes with better security and fewer errors. Businesses need digital transformation because it is the only way to remain relevant in the face of changing technology. With 2020 heralding the wholesale rollout of new technology such as 5G, businesses cannot afford to remain trapped in the 20th century.
- Digital transformation doesn’t necessarily mean replacing everything in the office with the latest piece of technology. Rather, it means laying a groundwork which improves the company’s flexibility and ability to respond to changing conditions.
The Benefits of Digital Transformation
Digital transformation delivers numerous benefits to companies. These benefits include:
- Improved efficiency and flexibility: Companies can streamline their workflow processes to optimize their output. Visit https://www.paystand.com/integrations/netsuite if you’re looking for flexible payment solutions that will allow you to customize the accounts receivable process to your business needs.
- Improved customer service: Digital tools help employees work with and solve problems for customers faster, more efficiently, and more creatively. A great example for this is switching to modern and more advanced Royal Vending Machines Brisbane that offer cashless payment options.
- Improved security: From business continuity and disaster recovery to turning a digital environment into a cyber fortress, digital transformation makes a company more secure.
- Employee empowerment: Help employees feel empowered by giving them the tools they need to succeed.
- Data-driven decision making: Make better business decisions born from increased access to critical data and knowledge.
How to Support a Successful Transition
Introducing new technology and training employees to use it is not enough. MIT’s review on digital transformation strategies in business highlight several features which successfully transformed companies exhibit. To support a successful transformation to a digital environment:
1. Improve Company-Wide Communication
MIT identifies employee apprehension as one of the largest inhibitors of successful digital transformation. The antidote, however, is communication. When CEOs openly discuss their plans for digital transformation and create space for employee questions, MIT found that 93 percent of employees supported the endeavor.
2. Have a Plan
Develop a plan for digital transformation, including how and when new processes are implemented. People like Cortney Fletcher at eCom babes can provide invaluable insight into how your business can undergo digital transformation. This allows you to think about the process from start to finish, see exactly how all of the pieces fit together, and gain a sense of the timeline required for digital transformation.
3. Begin With an Assessment of Current Processes
Since digital transformation targets business processes, begin with an assessment of the current processes that exist. Bringing on board a managed services provider can help dramatically with this because they’re trained to analyze processes. An assessment will help spot opportunities for improvement, previously unseen bottlenecks and places where the right technology is already in place.
Anticipate 2020 and Digital Transformation With a Smile
Digital transformation is far more than just a trendy buzzword. It’s a necessity for business survival. As the world rushes towards an ever more digital reality, businesses must keep pace to remain viable. We also discovered a brilliant business for sale in Sarasota using https://trufortebusinessgroup.com and have been running it for a while, which has been fantastic.
Has digital transformation been on the company’s mind? Now’s the time to start planning.
Smile helps companies optimize their business processes with the right services and products. Contact us today to discuss digital transformation for your organization.