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Organizations respond to this challenge by designing and executing digital transformation strategies. If you’re familiar with corporate-speak, you’ll probably have heard this term at least a few times. But it’s more than just a phrase; it’s a label for something that could bring your business firmly in line with what your target market wants, and help you achieve significant growth. In this article, we’ll explain what digital transformation is, reveal its many benefits, and discuss the steps you can take to digitally transform your business.
What Is Digital Transformation?
Digital transformation involves leveraging digital technology to develop new or modified business processes, organizational culture, and customer experiences. The goal of this transformation is to keep up with the constant changes in market demands. In practice, this will mean changes to the business model, processes, asset management, organizational culture, and approach to customers. Companies looking to digitally transform will want to focus on how technology can make these aspects of their operations more efficient and effective. Here’s an example. An organization can implement digital transformation by replacing print materials with digital materials, print mail campaigns with email campaigns, and augment their brick-and-mortar storefront with an e-commerce website. They can also introduce AI chatbots on their website to welcome online visitors and take on simpler inquiries—tasks that will relieve customer service of some work. Another example is the introduction of Enterprise Resource Planning (ERP) software to manage accounting and finance, manufacturing, supply chain services, inventory, and order management, among others.Benefits Of Digital Transformation
Digital transformation may confer a lot of benefits if properly executed. Some of these benefits include:- Improved efficiency, as operations become integrated and seamless
- Increased transparency across organizational operations
- Cost savings, e.g. the replacement of paper files with digital records saves on paper and handling costs
- Improved customer experience, thanks to greater speeds of resolution and the possibility of leveraging insights provided by customer data
- Growth in revenues, due to lower costs and greater productive efficiency
- Greater organizational flexibility, e.g. as seen in the transition to remote work enabled by video teleconferencing platforms and other cloud-based tools
Steps To Achieving Digital Transformation
These are the steps your business can take to achieve digital transformation.Assess Your Needs And Goals
In many cases, it’s not immediately clear that digital transformation is needed. Processes seem to be carrying just fine. But a close examination of the business and all its aspects may reveal points that should be changed and upgraded.Sign up to the Connect Nigeria daily newsletter
An overhaul could be needed if your website is old and not responsive, if you’re unable to engage your customers digitally, and if you don’t have anyone overseeing digital strategy. If your business hasn’t kept up with society’s increasing dependence on digital technology, you may find that your promotions aren’t bringing in new leads, or that your customers aren’t coming back after a first visit. When you decide to implement a digital transformation strategy, be sure to have clear goals you’re aiming at. The benefits we’ve listed should give you an idea of the sort of things to aim for. Also, ensure that your goals are measurable.
Design Your Digital Transformation Strategy
In designing a plan of action, you’ll want to find out what technologies can solve the problems or fill the gaps you’ve identified in your business (like the ones mentioned in the previous point). Also, think about how those technologies can be deployed to fit your business’s unique situation. A key part of this process is setting up a project timeline, with short-term goals that you want to achieve along the way. These short-term goals will be milestones you can identify and measure and will build-up to the ultimate digital transformation you seek. Working with short-term aims makes things easier for you and your team; when you accomplish each one, you’ll be motivated to deal with the next one.Get Your Team On Board
Unless you have your team with you on this project, you may find it difficult to sustain. They have probably grown comfortable with the status quo and could find change stressful. To make the transition easier for them, you should let them know how they’ll benefit from it. Address their concerns. When they understand how it could improve work and internal culture, they’ll be more likely to get on board with the initiative. Consider setting up a change team, made up of the most influential people in your organization. Their duty will be to make other employees see that digital transformation is in their best interest.Implement Your Plan
The details of your digital transformation project will likely be unique to your business. It could involve introducing technologies that emphasize customers over products, simplify and integrate business processes, enables automation, or even strengthens your capacity for remote work. Whatever the specifics are, ensure that they address your business’s pain points, and sync well with your mission and values. If your workers’ skillsets aren’t up to speed with the technologies you’re bringing in, you’ll have to get them trained to use the tools. A smooth transition could save you a lot of costs. Digital transformation won’t happen in a day. And the work of sustaining it is an ongoing one. Keep your team engaged by continually taking suggestions from them about innovations you can introduce. This ensures that they’ll remain a part of the initiative.Final Words
Technology keeps changing, and the market continues to change with it. Even if your business is up to date with things today, it’ll need to tweak or overhaul its offerings and processes in time. Digital transformation doesn’t have to be difficult. You can follow the steps we’ve discussed here to make it go smoothly. Featured Image Source: EntrepreneurGot a suggestion? Contact us: editor@connectnigeria.com