Today’s business environment moves fast, and organizations need the right mix of people, processes, and technology to keep up. Many savvy businesses are embracing digital transformation to stay competitive, become more resilient, and adapt to changing market conditions.
There are many definitions of ‘digital transformation,’ but here’s our favorite: adopting new–or modifying existing–technology to make your business run better.
Regardless of size or industry, there are five key questions every organization should be asking about digital transformation. Read on for brief answers to these questions and take a deeper dive with the link at the end.
Does Digital Transformation Make Sense for Our Organization?
There are several surefire signs it’s time to consider digital transformation. One is manual, repetitive data entry. This is common if you use small business accounting applications and spreadsheets. All that information keying, copying, and pasting takes too much time and leads to mistakes. And because small business applications are often difficult to integrate with other mission-critical systems, you’re constantly entering identical information into multiple places.
Another red flag is paper. If your routine tasks like purchasing, AP invoicing, expense approvals, and sales orders involve a forest’s worth of paper, you’re misplacing essential documents and making expensive errors. You’re also wasting time shuffling paper and entering data into different systems instead of focusing on tasks that deliver value or generate revenue.
Why Does Digital Transformation Matter?
The past year and a half revealed the need for more resiliency and agility. It became necessary for organizations to adapt quickly to supply chain disruptions, time-to-market pressures, and changing customer expectations. One example is the rapid acceleration of eCommerce, with many organizations successfully pivoting to online selling to match new customer buying behaviors.
In addition to driving customer engagement and satisfaction, digital transformation can increase your organization’s revenues. For example, technology that delivers powerful analytics and real-time information helps you course-correct and make fast, confident decisions about your organization’s future, and solutions that automate and streamline core business processes free up time to focus on strategy and growth.
According to the Massachusetts Institute of Technology (MIT), companies that have embraced digital transformation are 26% more profitable than their peers who have not.
Is Digital Transformation Difficult?
Digital transformation doesn’t have to be overwhelming, expensive, or disruptive to your operations. It also doesn’t happen overnight. It’s a journey that begins with a single step: identifying your business’s biggest headache and finding a technology solution to relieve it.
How Do We Plan for Digital Transformation?
It’s essential to have open discussions with team members at all levels of your organization, including those who will use the new/modified technology. Digital transformation does involve a culture shift, so be sure to emphasize the value it will deliver.
Designate a person to head your digital transformation journey and work with them to determine where your organization is today, where it wants to go, and how it will get there. Establish a reasonable budget and engage a partner experienced in helping organizations implement digital transformation strategies.
What's a Good Starting Point for Digital Transformation?
At Vision33, we’ve worked with countless businesses to help them find technology that solves common challenges. We compiled the 10 areas our clients most frequently note as their biggest pain points.
To see if these pain points strike a chord with your organization and learn how to overcome them with digital transformation, visit the site below. You’ll find blogs, customer success videos, on-demand webinars, demos, and eBooks to answer your digital transformation questions.