As digital technologies keep expanding, businesses in more or less all industries are undertaking or considering digital transformation as it promises increased efficiency, improved customer experience and engagement, improved decision-making, and innovation. Ultimately, digital initiatives are about enhancing the customers’ journey, supporting your employees, and helping your entire organization thrive.
For example, when information is highly accessible and data flows smoothly between teams and departments it connects the people and supports a sharing culture, thereby increasing team productivity. Innovative approaches are the way to improve any business and gain a competitive advantage, so let’s explore how you can implement a successful digital transformation in your business!
Take a full inventory of the organization’s tech stack
The inventory should include technical competencies, tools that are used, and potential gaps. For instance, observe tools that are used for internal collaboration, email marketing, and customer relationship management. Start with analyzing the current business and operating model. It will help you understand how to streamline business operations and make them more efficient.
Don’t forget to analyze people and cultural potential for changes too. Understanding competencies, motivations, organizational culture, and staff’s potential to adjust to using digital technologies is as important as the first step.
Create a digital roadmap
For a digital transformation to be successful, simply adopting new technologies won’t cut it. It is a holistic endeavor and a broad change that will alter the way your business works. As such, it requires an explicit vision regarding the leverage of the digital tools, and a detailed execution plan. Digital transformation strategy has to be well-thought-out. Start with answering why you need it. Then ask yourself what do you need to transform and what changes are required in order to transform.
Of course, it is important to define initiative measurement criteria and KPIs and then monitor the progress of each initiative, and if needed deploy corrective measures.
Embrace cloud technology
Due to the numerous perks and benefits that cloud technology brings to businesses of all sizes, more and more enterprises are leaving traditional IT infrastructure and migrating to the cloud. Nowadays, successful digital transformation is inseparable from cloud computing.
Its advantages like lower operational costs, improved cyber-security, various collaboration tools, and a simplified IT infrastructure are unbeatable.
You only pay for what you use, and there is no need to maintain pricey data centers once you move your important business data to the cloud. And you can reinvest the money you saved into further developing your business. With a comprehensive digital strategy in place, you can quickly migrate your business to the cloud and avoid any downtime.
Tap into booming online marketplaces
The Coronavirus pandemic has brought immense pressure on the global supply chain. Due to these circumstances, enhancing supply chain management is more important than ever. Luckily, online marketplaces are booming, so your business doesn’t have to rely on local suppliers only anymore.
The oil and gas sector is a great example. An e-commerce platform that connects oilfield professionals with the products, services, and information they need, modernised the traditional approach. OFMP marketplace provides a seamless online experience and allows businesses within this industry to get the job done more efficiently and economically. With online marketplaces, you can access suppliers from all around the world and look for competitive prices. Making the shift to online places will ensure a strengthened supply chain and a more stable position in the market, no matter the industry you’re in.
Just find industry-specific online marketplaces and gain access to manufacturers from around the world.
Adopt the ERP system
Having access to more suppliers is just one part of improved supply chain management. Digitising your entire operation will allow you to carefully plan all aspects of your business’s digital transformation process. Today, customers expect to engage with their favorite brands using various touchpoints, and they are looking for a swift response. If you want to grow your sales and increase your conversion rates you need to provide your offerings on every online channel. And to do so, you need comprehensive ERP software.
ERP stands for Enterprise Resource Planning, a type of software that companies use to manage their day-to-day business activities like accounting, project management, procurement, etc. This innovative software ties together a multitude of business processes, and helps businesses integrate people, processes, and technologies, making it easier to collect, organise, and analyze data.
Take advantage of AI and automate wherever possible
Artificial intelligence is no longer the future of technology. Workplace automation is everywhere, present in businesses of all sizes, and it can take a lot of forms, from subtle features in the software like smart autofill to obvious implementations like self-driving vehicles. Automating business processes saves time and allows resources to be diverted somewhere else. Also, automating mundane, repetitive tasks enables employees to focus on more meaningful and important work.
Workplace automation speeds up your digital transformation, leads to increased efficiency, productivity, and reduced expenses, so consider leveraging AI and automating various tasks throughout your enterprise.
For instance, AI-powered chatbots can automate customer support and help you engage with your customers better and in a personalised way, while implementing AI into big data analysis can help you generate better forecasts and make informed business decisions.
Digitise your work environment
The digital workplace is a term that refers to an always-connected, collaborative work environment that provides immediate access to every resource an employee needs to get their work done, no matter where they are. A digital workplace comes with numerous benefits, like allowing employees to stay in touch at all times. It improves internal communication and collaboration, which is especially important if you have remote teams or allow your employees to work remotely.
Besides, there are numerous useful apps to better manage your remote employees and keep them productive and happy. Note that digitsing your work environment is much easier with cloud technology as it provides you with many tools to improve both cross-department collaboration and the one between in-house and remote teams.
The timing is right to move forward and leverage what digital novelties have to offer to your business. If you want to succeed in today’s competitive market and in the years to come, digital transformation is inevitable. And the sooner you take steps to adapt to customer’s preferences and current market trends, the sooner you’ll reap all the benefits!
Derek Lotts is an experienced freelance writer and researcher. His main areas of interest are small business, home improvement, and sustainable living. He strongly believes in the power of sharing knowledge and ideas through the mediums of modern technology.