In today’s competitive world, regardless of the size of the business, every company must strive to become more agile, faster, and better. Small and medium-sized enterprises traditionally concentrated on adding more buildings and machines for growth.
However, the pandemic brought in the next revolution of innovation. It was made clear that the only way to survive and remain competitive was to invest in modern software. The SMEs that embraced digital transformation strategy were the only ones that survived this time.
Only a handful of SMEs still have a deficit in terms of digitalization. This is majorly because most SME business owners have the impression that the cost of digital transformation is higher than the benefits they will receive. The lockdown made it imperative for businesses to move towards digital transformation to keep the focus on growth.
What Is Digital Transformation?
While digital transformation has been the core of many thriving businesses, it is no surprise that now when we look around us, we realize that the digital age is truly upon us. The pandemic brought about a digital transformation like no other in history.
Yet, it has always been so. Business owners have to continuously work towards the improvement and embracement of new technology and methods of efficiency. In the information technology revolution, businesses started the automation of jobs.
Though initially, this meant that jobs would be abundant, it wasn’t actually so. Business owners used this opportunity to upgrade and enhance the skills of their workers. They learned how to use technology to optimize productivity. Hence new avenues of work were set in.
Now it’s time for digital transformation. This transformation will look different for every business type. It means integrating digital technology into all areas of a business. It focuses on bringing fundamental changes to how the business operates. It brings business beyond the brick-and-mortar methods of delivering value.
Understanding the Concept of Digital Transformation
Let’s start with a basic example of the communication channel in business. Customer expectations today are not the same as they used to be. Standards have been raised way higher. Businesses not only have to match the standards of communication with the customers but also partners and suppliers.
If the gap between what is expected from the business and what is delivered is too wide, then the entire business is headed towards failure. The imperative for better communication here is to identify the digital tools that will make communication with all more effective.
This includes possibilities of including software that can help manage workflow, improve knowledge sharing and increase team collaboration for employees. For suppliers, it means having software that updates them with payment cycles and orders consistently.
For customers, it means using progressive communication tools like chatbots that can answer any query at any time. The traditional method of communication wherein a customer emails a query and waits for a response is a thing of the past. It’s all fast-paced now.
When Is the Right Time to Adopt Digital Transformation?
The age of ‘Smart’ is here to stay. In the technological and digital sense, ‘Smart’ means the use of technology to increase the growth of your business. It doesn’t, however, mean that you jump in on every technology and software that comes your way.
Though the time to adapt to digital transformation is now, you still need to start by determining which departments in your business need to go digital-first. Understand which investment in which department will yield you the highest result fast.
There are no set guidelines when it comes to digitalization. Albeit, you will still need to research different platforms, applications, and digital transformation solutions, to apply for the needs of your business. While for some businesses it means improving marketing solutions, for others it might be for operations.
The more you delay, the sooner your competition will utilize digital strategies and work more effectively and efficiently. The very existence of your business depends on how you re-do the structure of your business.
As a business owner, you must create an interlinked business environment that connects the people involved, processes, and technology to create maximum value and minimal waste. Understand the barriers between your product and final destination and overcome the obstacles.
How Much Digital Transformation Is Needed?
The quote, ‘The Sky’s The Limit,’ is the very answer to that question. With continuous innovation and upgrading of processes and software, there is no limit to this.
One common misconception many business owners have is that they believe that digital strategy and digital transformations are one and the same thing. This is not correct.
Digital strategy includes using technology to efficiently serve the people involved in the business like customers, suppliers, and so on. Use of social media monitoring, CRM, marketing automation, and others fall under the category of digital strategy.
On the other hand, digital transformation examples involve an intensive procedure to change the complete organizational chart of a business right from the core. It includes using innovative tools and technology like crowd computing, AI, and so on.
It focuses on freeing your employees from monotonous work and helps them focus more on enhancing their productivity. It provides better leadership, and management strategies that are up to date.
There are many tools now available in the market specifically for SMEs. These tools are not only laptop-based but also mobile-friendly. This changes the performance growth as it is not limited to desk-based programs.
Get Reliable External Partners
As a business owner, you have challenges of your own. In such times, iTransform can provide digital solutions to two of the major challenges you face with digital transformation, namely securing growth and digitalization.
These two clashing factors can bring on numerous challenges and can affect your core competencies. iTransform can assist you to come to terms with learning moments, laying down digital transformation strategy for your business, and creating a cost-effective atmosphere.
It is hard for many SMEs to adapt to digital transformation for the mere reason that they do not have enough knowledge on how to go about it. The result is that you lose control over their business and eventually closure.
Don’t wait any longer. Take steps towards adapting to the new age. Start your digital transformation today!