Using Digital Transformation Strategy for Business Success
Last updated on June 28th, 2022
Digital technology has become essential for most business today. The ones that fail to keep up often end up becoming obsolete. Many businesses have gone out of businesses due to not realizing this shift, whereas there are others that have propelled to new heights due to their foresight which led them to opt for digital transformation. Let’s take a look at what is digital transformation and how can you acquire business growth through a digital transformation strategy.
Your Business can become Obsolete without Digital Transformation
There was a time when the business for developing pictures from photographic film was a booming industry. However, as digital cameras became popular; everything from a smartphone, tablet to a pen was incorporated with the ability to take pictures. Not to mention the advent of DSLR cameras and copter drones has made videography and photography all the more easy for even novice camera users. This also means that many small time photographic film developers went out of business, whereas there were some smart ones that switched to selling digital cameras and providing associated digital services to cater for the changing client base.
Digital Transformation Strategy and Business Success
I was looking for a handy man to get some work done a time when the holiday season was at its peak in my country. Luckily, I found a guy via his online profile, who got the work done. For small and medium size businesses something as small as a website or Facebook business page can help propel their client base to new heights. Here are a few things you should consider for your digital transformation strategy for targeting business growth.
1. Define your Business Objectives
Your first task should be to define your objectives. Are you looking for increasing your clientele, improving your product or service, need to switch to a more cost-effective digital setup, improve employee productivity or need to create a strategy with a mix of the aforementioned? You can start by identifying your objectives and begin singling out the things you need to work on. Look for new opportunities that can help your business grow. For example. no longer do businesses need to present a PowerPoint at events to advertise their products as they can make use of services like YouTube for making video demos and marketing videos. In fact, one can even use Digital Transformation PowerPoint Templates and turn the slides to video format for YouTube. Similarly, Facebook and Twitter can be used to reach out to millions of customers and businesses can sell their products using a retail giant such as Amazon.
2. Pick the Technology that Suits Your Needs
In the next step, you can look for the available options to acquire your objectives. For example, if you want to ensure better cloud inventory and more efficient customer service at say, a retail store that you own, you might want to upgrade the point of sale equipment and technology. Similarly, if you have a small client base and you want to expand your outreach, you might want to look for ways for online advertisement, boosting your Facebook page via Facebook ads and making sure you have a website that is easy to access on multiple devices, especially mobile devices. Similarly, you might need to upgrade the computers ta your workplace, buy newer editions of Microsoft Office or get a custom software developed to make customer management easier.
3. Make use of Shared Economy and Crowdsourcing
You can also opt for third-party services which can help expand your business. In many countries there are services like Food Panda which delivers food from registered restaurants every time a customer places an order. Restaurants that deal with Food Panda pay a small fee for each order and can optionally get rid of the hassle of getting the food delivered to clients. In other words, it’s the Uber for restaurants! This is just an example of how you can make use of shared economy and crowdsourcing services to expand your clientele without any massive investment. Services like AirBnb, Uber, Food Panda and many more are helping businesses acquire digital transformation, expand their profits and reduce costs.
4. Things to Look for in Your Digital Transformation Strategy
Your digital transformation strategy should ideally incorporate not only business growth and increased profitability based on the changes you make but also improved customer experience, operational agility, and if and when needed, flexibility for your workforce in working hours. Sometimes, it’s much cheaper to hire freelancers, or to outsource certain parts of your service such as product delivery to minimize costs and improve customer outreach.
5. Set a Timeline for Expected Outcomes
You should set a timeline with expected outcomes to measure your success after your digital transformation. This is necessary to ensure you can keep track of your business growth and take course correction measures when needed.
Your digital transformation strategy should look into aspects which can help keep your business relevant, expand growth and improve profitability in the most cost-effective way possible. Whether you’re a small business, medium size or large enterprise, you can start with small steps, measure improvements, make adjustments as needed and then leap forward once your digital transformation process begins paying dividends.