Sometimes, as entrepreneurs, we get so caught up in the day-to-day of running our companies that we forget that there is a bigger picture. From the beginning, we have been focused on finding ways to automate work processes. But as the pace of change accelerates, we need to start thinking about a broader business transformation. Have you made a move towards digital transformation?
What Is Digital Transformation?
Digital transformation is a concept that is found in its purest form in the software world. It is a process of transforming, transforming existing and new knowledge, people, processes, and technologies in order to manage challenges and opportunities that affects the quality of life. Digital transformation serves as a catalyst to foster technology-enabled innovation, digital capability, and business competitiveness.
Digital transformation is not a new concept and has been with us for a while. What has come along with it, however, is the increasing adoption of technologies that enable faster and more efficient business processes. These technologies are impacting industries across the board, ranging from financial services to IT infrastructure, which are now all using digital tools to enhance and adapt their business processes. You can learn more with Vantiq about some of those options available, but in an era of digital transformation, the question on everyone’s mind is: how are entrepreneurs adapting to the new reality?
Entrepreneurs Adapting to The New Normal
The digital age has brought about many changes. The most notable one is the fact that digital is now having a major impact not only on technology but also on other fields – business, healthcare, education, government, among others.
Businesses have never been without a solid digital presence, but the digital revolution is making the transition from analog to digital more difficult. Technology is changing faster and maybe outpacing many businesses’ ability to adapt. The key to digital transformation in the new normal is adapting quickly and embracing the change.
Here are the following main areas in your business that you can start or continue to improve with the digital transformation journey:
- Business Operations – The new normal in how businesses operate is a digital one. Whether it be the natural progression of the internet, the increasing availability of technology, or the inability to ignore it any longer, the digital world is now a major part of how enterprises operate. This puts a premium on good digital management, which is not a new concept, but the new normal is in sharp focus.
- Customer Relationships – Customer relationships are always an important component of any business. However, as businesses evolve, the way they communicate with their customers and the type of interaction they have with the changes. In order to survive and thrive in this digitalized, connected world, businesses must adapt to new customer-centric ways of doing business. As an entrepreneur, you can no longer afford to ignore the role your customers play in your success. A strong customer relations strategy is a vital part of digital transformation.
- Organizational Culture – In the past few years, large companies have seen more of their data than ever before. As a result, they have been able to discover insights to help drive business and organizational success. But this has not come without challenges. Despite the significant value derived from data, the data itself is a business asset. The value of the data is derived from the insights gleaned from it, and these insights drive the business. These insights are generated through organizational culture, and this culture varies from company to company.
At many companies, the digital transformation of the enterprise continues apace, the pace of change quickening. What starts as a small-scale project to improve efficiency can soon balloon into a massive undertaking that involves the digitalization of every area in the business. The business of tech is not for the faint of heart.
The new normal is that your businesses will be forced to transform themselves into digital enterprises. In the old industrial economy, companies could create a new product, offer it to customers and keep distributing it for years afterward. But in the new economy, most of the most valuable value is created in the first few years of a firm’s life. Rapid growth enables firms to innovate, recruit workers and rapidly scale up their operations. As a result, companies need to be ready to fundamentally change how they do things, how they make decisions, how they collaborate, how they operate, and how they track and report progress.