We are aware of the wonders of technology. The comfort it brings in our life, the way it opens another level of creativity, and how much people are fond of using it. The craze of technology can never cease to exist. We are fascinated by the wonders it does and we are eager to know its next level. The fact that it’s not living but holds the power to work better than a living, makes us conquer it’s depth, to discover it’s deepest and thinnest root. We can not ignore the fact that the advancement in technology has been considered as the measure of development and modernization. Somehow it has been a sort of competition to prove how advanced one is.
The most important fact here is that people nowadays are well aware of the comforts and the facilities they can get online. People have smartphones. They can eat, shop, and communicate with just a few clicks. With a wider user base being online, many businesses have understood the need for technological /digital transformation. They now need technology not only to survive but thrive. Many companies market their product online. But the thing is technology not only helps businesses to market their products, if used correctly it can help them in their growth and development, and can be the solution to many problems.
Well the aspects of digital transformation and the use of technology for the growth of a business is vast, and to understand it in a better way, we need to briefly discuss them one by one. This blog will take you through different aspects of Digital Transformation.
- What is Digital Transformation?
- Why does a business need Digital Transformation?
- How to transform a business digitally?
- Digital Transformation Plan
- Benefits of Digital Transformation
What is Digital Transformation?
The integration of technology in every functional area of business leads to Digital Transformation. What we mean is your internal and external communication, your meetings, and each unit of your business is incorporated with technology. Blend of technology in a business’s Standard Operating Procedure.
We may not have noticed it, but companies/businesses started transforming digitally a decade ago. Everything in today’s work culture is conducted digitally, whether it’s communicating with co-workers or interacting with customers. We are aware of the fact that by incorporating technology, businesses have achieved greater innovation, creativity, and management.
With digital transformation it became easier for companies to manage the workforce, keep track of employees, and know their area of development, resulting in an efficient management system. With better ways of interacting with customers, companies now are involved in solving their customer’s problems and are attentive towards delivering an interesting customer experience. With the knowledge of what people want or what people are most attracted to, companies get the knowledge to design products that are more likely to be used by people.
This being said, let’s get into the depth of transforming a business digitally.
Why does a business need Digital Transformation?
Here are some reasons that explain why digital transformation is essential for a company that wants to stay at the top of this digital world.
To stand up to expectations-
People are set in their ways of handling technology. Whether customers or employees, everyone’s understanding of a certain technology is different, it is more personalized, whether at a professional or personal level. This makes it challenging for business. They need to deliver applications that can stand up to expectations, that can be as casual as it can be and at the same time as unique as it can be. They need to incorporate or adapt such technology that their user, whether the customer or employee is familiar with. This has led to the development of IT sectors in companies that take care of these needs nowadays.
Data Management and Security-
There is no doubt that with technology, data management has been easier and more organized. We have online sheets and files to manage thousands and millions of data efficiently and easily. But one of the major problems is data security. We are very well familiar with online data threats. Therefore it becomes important to incorporate technologies with limited access and encapsulating data in such a way that it is accessible and secure at the same time. One of the biggest headaches for many IT leaders is how to place more data at the edge of their networks while keeping that data secure. (Let’s talk about this here)
Though having all your data stored digitally is at risk of data theft but it lowers the chance of a leak of data through a mole. You will be in control of who is accessing the particular data and when. This helps in tracking and managing data.
Increase employee’s efficiency-
Having an efficiently working team leads to success. But no matter how efficient, a working-class individual tends to lose its creativity. It becomes hard for them to always work efficiently. So it’s important to adopt certain activities that embark on creativity and help employees in becoming more efficient in their primary roles. This can be achieved with the help of technology. With better engagement with employees, it becomes easier to understand and address their needs and problems. They can be given a chance to work remotely, with the help of technology.
Digital transformation allows officials, like HR, to focus on bigger opportunities, to keep track easily, and be more aware of where to focus more. A side perk of digital transformation is, refraining HRs from manual work for menial tasks like payroll.
We cannot deny the role technology played during this lockdown. However, tracking the workforce became a need when everyone was working remotely. With every employee working from their homes, the need for a system to keep track of each employee’s work started to arise. It was difficult to monitor their productivity and understand the problems faced by them at that very instance.
A platform that is beneficial in solving all these problems is Sloth. It is an employee monitoring tool that helps in tracking your employee’s efficiency while they are working remotely from their homes.
Ease in conducting business with partners-
With big business comes big connections. To produce a wide range of products and services that interest customers, we tend to rely on other working classes like suppliers, distributors, and investors. These are ample connections in any business. Transactions between these partners often take place in a document-based communication, a process to carry out the business in an organized manner, but very exhausting and not that efficient. With technology, this whole process can be redesigned in a much more efficient and organized manner. With every transaction and every process documented online, work can be easily managed. With the advantages of the e-signature system, meetings can be conducted remotely on time and workflow remains transparent and accurate. This can even bridge the gap, making the entire business flow more effective and productive.
By having an efficient digital process and integrating a bigger network of partners through technology, gives your business a good image and can attract future partners.
Know yourself as well as your customers-
With the help of technologies like the Internet of Things (IoT), Artificial Intelligence, Machine Learning, and as such, companies today have access to a larger volume and varieties of data than ever before. With the use of the right analytical tools, this type of data can give valuable business insights. These insights can help in taking better steps towards development. The deeper these analytical tools are embedded in a business operation, the greater effect they have.
AI-based technologies can help us understand customer behavior and make informed decisions. The technologies with AI capabilities help in modernizing existing applications and analyze the data at a faster and more reliable rate. Understanding the advancement of data in AI can help in taking big data initiatives.
With all these facts in front of us, it is more appropriate to say that technology is no longer a choice, it is now a fundamental business strategy, that must be incorporated and intertwined in a business. Today, companies should not only take technology as a way to manage their work. They need to shift their focus to use technology for their growth.
With these numerous reasons for digital transformation, let’s discuss the most important of all,
How to transform a business digitally?
The best way is to hire a CTO, an organization that provides end to end digital transformation. One such organization is ThumbStack. ThumbStack Technologies is an IT Solutions company and as they call themselves, “a group of awesome developers working on your next big idea”, who provide end to end digital transformation. They work with the best technology out there, so that you are always ahead of the curve, and this is how they do it,
Connecting with you-
They connect with you to understand three core of your business: your goals and strategies, domain knowledge, and business knowledge. By understanding all these, they strategize your digital transformation plan.
Digital SOP creation-
Standard Operating Procedure is a key element of a company which describes the flow of work and how each individual or each domain operates in cooperation with another domain or individually. Having a digital plan around the general workflow makes it easier for everyone to adapt to the transformation with maximum ease.
They work with the best software and technologies so that your work is never criticized due to slacking technology. We have already discussed the benefits of IoT and how it can be useful in receiving in-depth business insights. Website Applications, IoT Systems, Cloud-Based Systems, Android/iOs Applications they have got it all.
Implementation in business-
Once the transformation and integration are done, they stick around for any problem your employee faces with adjusting or working with the technology. They train the employees. They provide data visualization to understand what is helping and beneficial.
Deployment and Maintenance-
After implementation, they stay on hold for any future updates. They also provide support for time to time maintenance. To keep you up to date, they also keep you updated with any further future updates.
Now that we are equipped with information on what, how, and why digital transformation, let’s equip ourselves with something that will guarantee success and help you utilize the most out of the moment.
One who owns a business has a plan. We all are familiar with the importance and benefits of a business strategy or digital plan. A good business strategy can help you make better decisions, the same way having a strategy or plan for DIgital Transformation designed around all the aspects of the business will be beneficial. So let’s strategize this transformation in a way that guarantees your business growth.
Strategy #1- Understand your goal
For any business to be successful it’s important to produce results that are useful and beneficial, a product that makes people think that it’s worth their money. Invest a good time in researching and understanding your customer base. Customers today are very particular in their choices. So the trick becomes, producing a product that is expected and unexpected simultaneously. It is often noticed in customers that once they find a product reliable and suitable to their needs, they tend to become loyal and repeat buyers.
So the best way to do so is by directly understanding or interacting with the customer, understanding their choices in a better way.
But how to achieve that, how to produce results that stand up to everybody’s expectations?
According to Google Consumer Insight Report, consumers want to be able to find information or details without talking to a sales representative. They want to find and cross-check every information before making a decision. So this creates an interaction problem for businesses and companies with their customers. AI is the latest and safest solution to this problem. AI helps in creating a pattern according to consumer’s behavior or their feedback. With this direct information in your hands, designing your digital plan accordingly can help you keep up with the demand and produce according to your user or customer’s desire.
Strategy #2- Presentation
Be visible. Experiment with all the platforms where you can connect with the potential user base. Today’s buyers are exposed to plenty of information and details. They are aware of what works and where their money is worth spending.
With competition everywhere, a unique presentation of a product with several alternatives becomes difficult. Attracting a wider range of customers gets more and more complex. In today’s world products need to be attractive, informative, and affordable at the same time. So instead of following your customer’s opinions, present your opinion. Show them why you think it’s unique, how your product will benefit them and why it is worth their money. Reach them where they are present online, use social media to present yourself. Work on your digital presence. Try to be as convincing as you can.
The best way to create an effective digital presence is by creating your own, very personal website. Websites make it easy for your customers to find you.
Strategy #3- Integration and Incorporation
Now that we are clear of all the external factors like customer’s opinion and their choices, let’s discuss internal benefits and efficiency that can be achieved through digital transformation. A key element of Digital Transformation is the implementation and integration of technology in the workforce. With the cooperation of the right technology, it becomes easier to manage several operations simultaneously.
One of the major steps of Digital Transformation is introducing and incorporating it into the lives and work of your employees. With the help of a cloud-based system, the latter becomes easier.
A few benefits of a cloud-based system are :
- Your internal network becomes strong and efficient. With every employee’s work uploaded on the cloud, cooperation becomes easier.
- Your data is monitored, which means it is secure, and at the same time it is also easily accessible by the person with the right credentials.
- Everyone is on the same page. With cloud-based systems, each employee is at the benefit of using the latest version of a particular software without having to manually install it.
Digital Integration in the workforce is something that needs its briefing and explanation. It’s a topic that we need to analyze and understand separately.
Strategy #4-Use it for yourself
Managing data sounds like a very menial task to some, but the one who manages it knows what a nightmare it can be. Data entry and management are a part of the business that is neglected but a simple mistake or a single incorrect data can lead to serious consequences sometimes. However, an automated data entry mechanism is more efficient than manual data entry, because the chances of error are reduced. In the best-case scenarios, a person’s manual error rate is 5 to 10 mistakes for every 100 entries. In worst-case scenarios, this can be as high as 30 mistakes per hundred.
So it’s important to take note of such areas that upon being automated will give error-free results and will save your company some manual workforce.
Strategy #5-Accept and Adapt
We are again at the position where we started. We have already discussed the basic data and information we can access with the help of technology and how they prove to be beneficial. Once every aspect of your business is digitally transformed, incorporated with the right technologies, you need to start working on the data that you receive. Technology is ever-growing and ever-changing. The best to direct that growth towards your business is through data. Adapt and transform your business’s digital plan with the data you receive.
As business owners or managers, we fall into thinking or believing that we have an all-around understanding and knowledge of our business. The technology that we incorporate is made with the understanding and data that view our business in many different ways. The result they produce with the leverage of this knowledge is more beneficial for our business.
Now as we are towards the end of this discussion, let’s end it with something good. Finally, let’s discuss the real-time benefits of digital transformation.
Benefits of Digital Transformation-
Digital transformation is changing the way a business operates. Systems, processes, workflow, and culture are all evaluated. This transformation affects each level of an organization and brings together data across areas to work together more effectively. With Digital Transformation, there are benefits at each level, let’s discuss certain basic benefits briefly,
1. Analyzed and Accurate-
We have already discussed the type and amount of data that can be accessed through technology. With Digital transformation this data can be optimized and analyzed in a way that can drive the business towards success. It creates a system for gathering and incorporating data at different levels according to business requirements. With digital transformation, raw data can be transformed into useful business insights.
Digital transformation brings all the software and databases used in the company in one place. This makes it easy to manage the workflow and maintain consistency among employees.
3. Beneficial Insights-
The data we receive at every stage of business dealing gives insights that help make better decisions.
4. Better user experience-
Digital Transformation makes it easy to understand customers’ feedback. Upon understanding and analyzing there are chances of producing results that are more accepted by customers.
5. Digital Culture-
Providing team employees with the right tools, tailored to their environment, digital transformation creates a digital work culture. This helps the whole organization move ahead digitally. By considering today’s digital trend, it can be seen that digital culture is the future.
7. Increased agility
With software implementation and development, businesses can adopt a Continuous Improvement (CI) Strategy. This allows for faster innovation, creativity, and at the same time chances for improvement.
Digital Transformation can help manage employee’s efficiency and workflow. It can help track productive employees and know your area of development.
Digital Transformation is no more an option, it has always been a necessity. It is something that will go with your business a long way. It makes the process easy, efficient, organized, and effective. Digital Transformation allows the business to be agile, more flexible, expandable, and easily manageable without putting in huge resources.