What is a digital transformation?
The Digital transformation is bringing technology into all the areas of your business. This changes how you operate and deliver values to your customers. This change requires organisations to challenge and experiment as well as learning to get through failure. Most businesses go into digital transformation for the main reason of survival. It is not a choice for many as it can be risky not to mention expensive as well. Where businesses have failed to evolve, they will go through the transformation and become entirely digital.
Business owners don’t always think they need to evolve, but even if they don’t, there is still plenty of positive reasons to make the change.
As more and more technology is getting introduced we are changing how the world works. Changes
are seen in how we interact within a business. Digitalising a business means constantly reviewing
customers needs and is there any type of technology that can be used to help meet their demands
quicker and more efficient. This is what businesses strive for as keeping customers happy drives the revenue.
- If your competitors have changed, then you need to. There are predictions stating that in
2020 half of the revenue will be driven by digital. - Digital improvement is going to bring you in more profit many owner states that the digital
transformation has already brought in improvements with the profits. - The business will be more efficient through tech such as; time and attendance software and employee task management software.
- Your customers will prefer changing to digital. We go from shopping online to changing the
tv channel via our smartphones. Businesses need to be up to date and modernised to work
with customers.
What drives the digital transformation?
The biggest element of going digital is technology. Businesses simply needed to shred the outdated
processes and old technology. It is about adapting to new tech. The IT dashboard shows that in 2017 70% of IT spending went towards maintaining legacy systems. You should consider updating your companies technology. Whether it’s an electronic time clock or an entire computer system, there is a certain level of importance to stay relevant within tech.
Traditional business models
When a business embraces digital transformations, it can be hard to understand how they can benefit. Looking at the changes within the business models that are currently in process can be challenging.
Looking at some examples below:
- Focus on the outcome-based models, opening the door to value for the customer who is
determined from the outcome or the impact from the customers business - The expansion, extending the business to go beyond customer demographics, certain
locations, and the basic market segments - Persuasion such as changing products and services to become digitalised, Try and accelerate
how your services and products are designed and delivered. There should be no barriers
between the customers and businesses that are serving them individually. - Competition within the eco-system, be out to create compelling value propositions within
the new markets through other companies so that you can enhance the value to the
customer. - Shared economy realise that more value comes from underused sources, so they can
extend to more businesses and customers using the ability to access such resources from
others.
It is completely understandable the different challenges that our loyal customers face as they are operating in a world that is ever changing to more and more digital advances. There are many opportunities where we can do great things for each customer simply by deploying technology along with data analytics to do things; we never thought possible.