What about digital transformation in your business?
What is a digital transformation? The future belongs solely to the business, who know that their customers have long been digital and want to satisfy their needs and increased demands both offline and online on all channels. While the customer came to the business so far, in the digital age, the company comes to the customer.
We live in a data and technology driven time. Much is changing. We can not turn back time. It also makes little sense to defend against the digital trend, because the people or consumers are very adaptable: as soon as they recognize a benefit in new technologies for themselves.
People accept them immediately. It is like that has always been like that. Who would have thought a few years ago that there are so many people with a smartphone?
Digital trends and changing consumer behavior, you should also observe, understand, and use in your business or company.
Deal with it and be open to the new opportunities.
What is meant by digital transformation?
A spontaneous definition is hardly possible; the understanding is once again very diverse. I would, therefore, like to discuss what digital in the economy means.
Wikipedia understands “Digital Business Transformation” the planning, control, optimization, and implementation of a company in the digital era. Translated, this means using technologies and integrating them into everyday business life. Specifically, this refers to technologies such as mobile, social, cloud, analytics. Put simply; digital transformation is about optimizing traditional business processes for the digital economy.
Research shows that many authors and sources prophesied the demise of those companies that do not “transform,” or take into account new technologies in their business model and thereby adapt it.
An example and step back in history.
Kodak, once a major brand and technology leader in the photography space for decades, failed to reinvent itself and question its business model. While the competition, FujiFilm, Sony, Nikon, Canon, started with digital photography, Kodak stuck to the analog device because it did not want to change its traditional film business. In 2012, the bankruptcy followed.
And the little businesses?
These examples show that it is imperative, especially for the little ones, to recognize these technological upheavals early enough. The smaller ones are agile, more flexible, can adapt their business model faster and gain a lead over the big ones.
It is crucial to assess whether the respective positioning and the business model are still viable or whether you have to reinvent it. Be aware of where your strengths are, where your weaknesses are. Maybe the solution is digitizing individual processes to be more efficient? Or outsourcing?
Digital transformation is a top priority.
Do not ask an employee to evaluate this topic by the way, because then it is doomed to failure. You, as the executive has to decide and act because the digital transformation is an innovation wave spilling through the company.
The digital transformation has no end. It is much more likely to be seen as a continuous process, as the technologies continue to evolve. It is not a temporary issue where companies are trying to catch up and transform their business. Technological progress continues to develop exponentially.
It means that companies also have to question their business model at regular intervals. What has worked today may be obsolete tomorrow. Stay tuned and learn, maybe get professional help and counseling for the digital transformation of your business.
Have you already had experience in this field? What about digital transformation in your business?
Are you thinking of moving your business online?
Please leave a comment.