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How digital transformation will make your business the next big thing

Updated: Aug 24, 2023

Why is going digital in any business important? What specific steps must one take? Is it necessary to create new jobs or hire a consulting firm to assist in developing a framework for digital transformation? What aspects of a company's strategy should be changed? Is it worth it?

Businesses that use digital tools are more likely to create new jobs, export their goods, and launch new products or services. The advantages of going digital are primarily derived from the tools available on the internet. Being active in the digital economy allows any company to create worldwide supplier ties. A company can benefit from sourcing suppliers online, which will be easier if it has excellent digital capabilities. Connecting digital systems will provide valuable insights into business opportunities. Through shared and simplified digital systems, e-commerce and digital accounting software can help track sales and marketing performance and improve communication between staff, suppliers, and customers.

Digital transformation is essential for all businesses, from small to large. Almost every lecture, panel discussion, article, and study about how firms can stay relevant as the world gets more digital resounds with that theme. Because digital transformation will look different for each company, it can be difficult to find a universal definition. In general, ‘digital transformation’ is defined as the integration of digital technology into all areas of a business, resulting in fundamental changes in how businesses operate and deliver value to customers. Beyond that, it's a cultural shift that necessitates organisations constantly challenging the status quo, experimenting frequently, and becoming comfortable with failure. This sometimes entails abandoning long-standing business processes on which companies were founded in favour of relatively new practises that are still being defined. Customers expect companies to adopt the best online and digital solutions to remain efficient and competitive in an increasingly digital world. If engaging with a business online is too difficult, there are always several competitors who may be able to provide a user with easier access to their services. This presents a double-edged opportunity because, while businesses have never had a greater choice of suppliers for services, delivery models, and markets to target, poor digital strategy implementation can leave a company in the dust.

Core business functions such as finance and HR can benefit from digital transformation by moving away from manual processes and working to automate key areas such as payroll. The time saved by implementing appropriate automation allows leaders to focus on larger business opportunities. Productivity platforms such as Slack, Teams, and Zoom have become not only commonplace in the office but also tools for teamwork. True, employees can communicate with one another more easily than ever before, but they can also use these platforms for collaboration, the implementation of more efficient strategies, and the fair and effective assignment of work. Adopting digital technologies in business could help establish new processes, save money, improve efficiency, and increase competition. By examining the tasks that cost the most time or appear to be the most difficult, everyone can begin to see how digital software can assist in improving business processes.

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