What is digital transformation exactly? Are you and your company embracing it? And if you’re not, should you be?
There is no doubt that one of the buzz words in the business world today is digital transformation.
If you’re a small-to-medium sized business (SMB) you may not be familiar with the term, so what exactly is digital transformation?
In broad terms, many define it as using digital technology to enable innovation and revolutionise outdated business models and processes. Digital transformation could also be described as the application of digital technologies to fundamentally impact all aspects of business and society.
In today’s world technology is evolving at a very fast pace and this evolution brings new innovations which leads to what we call technology disruptions. Such advancement in technology is changing the way we work, live and do business.
So is digital transformation important for SMB’s?
One thing is clear no matter the size of your business: Technology has impacted all aspects of business and society which means that what has traditionally worked in the past may not necessarily guarantee future success.
The way in which we interact with both our customers and employees has also changed – everyone expects more information and/or results delivered in a faster manner and people are more dependant on mobile devices than ever before. If a service can be delivered in an app format, even better.
It is no longer about the survival of the fittest but about survival of the most agile and the most adaptable.
So how can SMB’s keep up?
The good news is that there is no better time for SMB’s to embrace digital transformation. They are in a unique position to succeed in this highly competitive environment and this is thanks to technology.
Technology is now more accessible than ever. SMB’s can get access to the same technology that a multinational has access to which has made the playing field a lot more even and has opened up a new world of opportunity and business growth for SMB’s. Additionally, due to their size, SMB’s are naturally able to respond quicker to change.
Digital transformation has major implications for how SMB’s manage, run and extract value from their people, processes and customers.
Choosing the right technology can help SMB’s to better leverage their competitive advantage. They do however also need to set up their business, their processes and their ways of working in a flexible, agile way so that they can make the most of new opportunities as they present themselves.
So where do I start?
Technology helps large, multinational companies run like clockwork and nowadays having access to this technology is also attainable and accessible to SMB’s. Moreover, it can massively accelerate their digital transformation efforts.
Optimising digital experiences for their customers can only be created if an SMB has digitised their own operating processes.
Technology can enable SMB’s to achieve things that they previously thought were not possible: from uncovering new revenue streams to automating routine business processes to get time back in their day. This allows SMB’s to focus more on things that matter – making money rather than pushing paperwork.
This is why implementing technology to run and automate your business is often the first and most important step for SMB’s in their digital transformation journey.