Digital Transformation - use technology to stay ahead of the competition

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Digital Transformation

Digital transformation is important. From small businesses to enterprises. As technology evolves, everyone talks about how important it is to stay competitive and relevant.

But, not all leaders are sure what digital transformation means.

Digital businesses are 26% more profitable

78% of executives say digital transformation will become critical

67% of CEOs will incorporate it into their corporate strategy by 2018

What’s digital transformation

There are a lot of articles on the topic and definitions online. Some say it closes the gap between what digital customers expect and what businesses actually deliver. Others that existing practises need to adjust to digital.

Digital transformation looks different for each company. Digital transformation is when you integrate digital technology in all areas of your business.

This changes how your business operates and brings value to your customers.

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It also means stopping long-standing some business processes and implement new ones. Some are still far from perfect. Your company will be always experimenting, seeing what works and what doesn’t. So you need to be comfortable with failure.

Why does it matter

The main reason for a company to undergo digital transformation is that they need to. Especially if they want to survive.

 30% of companies increased customer revenue

 37% of companies increased employee morale

Businesses don’t choose to transform because it’s expensive and risky. They do it because they failed to evolve. If companies want to succeed, they need to merge technology with strategy. According to IDC, digital transformation expenses will reach $1.7 trillion worldwide by 2019. 42% more than last year.

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IDC predicts this year 75% of CIOs and enterprises will fail to meet all their digital objectives. They point out as the causes:

 ineffective technology innovation

 cloud infrastructure transition

 conflicting digital transformation imperatives

To get digital transformation right, businesses must get support and collaboration from everyone in their company. Digital transformation decision-makers (78%) say people changes are the most difficult.

What drives transformation

Digital transformation is about letting go of legacy technology and outdated processes. Even though healthcare professionals use mobile devices, almost 80% still use hospital-provided pagers.

Practises like this are holding back organisations from fully committing to their digital transformation strategy. On average, 72% of CIOs budget goes to existing IT issues. Only 28% goes to innovation and new projects.

Your business needs to invest in increasing efficiency with technology. Agile principles and automation technologies help you gain speed and decrease technical debt. You need to evolve alongside technology.

Sometimes businesses take too long to be ready to adopt new ways of working. This delays digital transformation. 70% of IT decision makers think business executives take too long to make the leap towards digital transformation.

How to start digital transformation

You need to create your own digital transformation strategy. There’s a lot you can learn from other companies that already began theirs. It’s a long and hard process. So, don't buy into the misconception that all your competitors are already ahead of you.

Every business has their own unique challenges and requirements. But there are some common points for all companies.

 Customer experience

 Operational speed

 Culture and leadership

 Digital technology integration

You should look at the shared goals when developing your digital transformation strategy.

Even if you don’t think your company needs to transform, you have to consider it. Your competition is doing it as we speak.

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So, if go through with the transformation, you’ll be:

 More profitable - 56% said digital improvements increased profits

 More efficient - legacy systems are holding back businesses from becoming more efficient

Your customers will thank you - consumers already adopted technology for their everyday life. They’re waiting for you to catch up.