The past 40 years have seen unimaginable developments in technology. As the older “legacy” systems fade out of use, companies are trying their best to revolutionize technology to keep up with customer demands and the ever growing cybersecurity threat landscape. Modern digital tools can change your business overnight, but it all comes down to the execution, and that can be overwhelming for most business owners.
If you’ve been thinking about how to digitally transform your business, you’re in the right place. In this post, we’ll take a look at the steps you need to take to successfully navigate your own digital transformation journey.
What Is Digital Transformation?
The story of Amazon’s rise to the world market is a great example. The company started out as an online bookstore but quickly transformed itself into a global e-commerce powerhouse. Amazon used digital technologies to create a new business model that was much more efficient and effective than the traditional brick-and-mortar model.
Put simply, digital transformation is the process of using digital technologies to completely redesign or create new business models. It can look like improvements in resilience, improved efficiency, contributing to a better customer experience, and enabling more agile development practices.
Benefits of Digital Transformation
So, why should you bother with digital transformation? The simple answer is that digital technologies can offer tremendous benefits for your business.
• improved productivity and efficiency
• increased customer engagement and satisfaction
• more effective marketing campaigns
• greater revenue potential through new business models
At its core, digital transformation is about using technology to become more agile, competitive, and innovative in today’s fast-paced business environment.
Businesses are adopting digital transformation as a standard practice, not as an optional strategy. A study done by Seagate found that 66% of CEOs are implementing digital strategies. Gartner reports that 56% of CEOs say that digital transformation is driving revenue growth.
In the past, companies have used technology to improve efficiency and reduce costs. But in the digital age, the focus is shifting to using technology to create new products, services, and experiences that are more convenient, personalized, and satisfying for customers.
This shift is driven by the fact that customers’ expectations are changing. Thanks to the ubiquity of digital devices and the rise of new technologies like artificial intelligence, customers now expect companies to provide them with more personalized and convenient experiences.
To meet these expectations, companies need to be able to move quickly and experiment with new ideas. They also need to be able to gather data from customers and use it to continuously improve their products and services.
That’s where digital transformation comes in.
What Are My Next Steps?
To get started on your own digital transformation journey, start by digitizing as much of your business processes as possible. This will make it easier to analyze, design, and improve those processes using digital technologies.
And once you have digitized all the data that is relevant to your business, you can begin to focus on the more ambitious goals of digital transformation and create a strategy. With these goals in mind, you can innovate and create new products and services that will delight your customers and help your business stay ahead of the competition.
Digital Transformation Strategy
The first thing you need to do is assess where you are right now and identify areas for improvement. Look at your business from all angles—from customer experience, to employee efficiency, to technology investment—and ask yourself where things could be better. Once you’ve pinpointed some areas of opportunity, you can start to develop a roadmap for change.
Next, it’s time to assemble your team. Depending on the size and scope of your transformation project, you may need to bring in outside help. But even if you’re going it alone, it’s important to have a clear idea of who will be responsible for what. Assemble a team of stakeholders and decision-makers, and make sure everyone is on the same page from the start.
Now you’re ready to start planning your transformation. Begin by mapping out your goals and objectives, and break them down into smaller, more manageable pieces. This will help you stay focused and organized as you move forward.
Create a phased plan starting with simple processes or applications that are easier to modify and create less risk. It should also include interim measures and migration methods to ensure that existing applications continue to operate while you are developing and replacing them.
Consider components like cloud systems, software as a service (SaaS), content management systems, data analytics systems, and artificial intelligence (AI). Depending on your business, one or several of these technologies could drive revenue.
Think about which of your delivery channels is best suited for your transformation. This could be enhancing your in-person shopping experiences with digital technologies (like the digital ordering boards at fast-food restaurants), email or messaging systems, social media, websites, and connected devices.
Finally, it’s time to put everything into action. This is where the rubber really hits the road—so make sure that you’re ready to roll up your sleeves and get to work! With careful planning and execution, you can successfully navigate your digital transformation journey and reap the benefits of a modern, digitally-savvy business.
So, what are you waiting for? Whether you need guidance on strategy and planning, or technical support and training, there’s an expert out there who can answer your questions.
If you’re looking for the details on what digital transformation can do for your business, AIS is here to help. We have the expertise and resources to guide you every step of the way—contact us today for a consultation.