5 Ways to Invest in a Digital Transformation

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For a digital transformation to work, the top management have to alter their mindset to the digital age, which will filter downwards. Image Credit: accenture.com
For a digital transformation to work, the top management have to alter their mindset to the digital age, which will filter downwards. Image Credit: accenture.com

The whole world is set to go digital, and many companies don’t even realize it. Or, if they do, they are choosing to ignore it. Well, you can’t. Digitization is happening and you can either get on-board or be left behind. It is your choice.

While it might feel safe and warm to continue with your traditional practices, many companies are adopting new technologies that will not only improve their productivity and services, but it will give them an edge over their more established competitors.

It will improve business operations, customer service, the quality of products and the production of products. It doesn’t matter if you are in retail, manufacturing, eCommerce, wholesale or the oil and gas industry, you must embark with a digital transformation if you want to compete with your rivals.

Scale Up
Every company should undertake a structural assessment to identify the customer demand in comparison to the cost of a new technology. Conduct interviews with your target demographic, and meet with external experts to discuss the advantages and disadvantages of an innovative system. You must ensure you opt for a technology that will have a significant impact to weight up the cost of the implementation, as well as identifying how it would fit within your existing operations. If in doubt, contact Bizagi who can help your company flourish in the digital age.

Test-and-Learn
Digital transformation is more about the change of a company mind-set over going out and buying the latest gadget. In a technology-driven environment, it is becoming increasingly difficult to embark with forecasts and planning.

Any company wanting to succeed in a digitized world must therefore experiment, which means having an open-mind when investing in digital solutions. Don’t be afraid to try out new ideas with your target audience to identify a market audience for the technology. You must therefore start thinking like a venture capitalist. If an idea isn’t right for the company, be ruthless in your approach and draw a line through it right away. Monetization should also be at the front of your mind, because new technologies could potentially allow you to scale up your operations.

New Talent
New technologies may require new talent. Hire employees who have both knowledge and experience of a technology to ensure its smooth operation. For example, data and process experts can connect a cloud-based IT system to a company’s functions, systems and management. You may also have to review the current positons within the company to adapt to the demands of digitization. For example, trouble-shooters will become predictive maintenance employees, while quality detectors will identify quality issues online rather than during post-production.

Use Data
Data can help an enterprise gain a competitive advantage in their marketplace, because it can provide an insight into customer behaviour, marketplace changes and business processes. However, with cyber-security becoming an increasingly strong threat to companies in all industries, you must ensure cybersecurity is placed at the top of your data management agenda – because even Google has been targeted by cyber-criminals.

A Company Mindset
For a digital transformation to work, all company departments must come together to adopt a new technological mindset. Employees are bound to feel threatened by the changes, because they may fear they will be replaced by the new innovations or being unable to use the systems. You must therefore address any concerns they have, whilst assuring them they will receive the appropriate training to perform a task effectively.

For a digital transformation to work, the top management have to alter their mindset to the digital age, which will filter downwards.

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