Posted-on January 2020 By Amy Bates
Digital Transformation is a unique move in technology, which is reinventing every industry and business in the world.
It's not just about I.T. or technology, it's about redefining your business strategy, and even changing your corporate policies. You and your business shouldn't think of technology as just a support function, but also as a strategic capability. Digital Transformation is not only about using and applying new technology, it's also about creating new business models on the foundation of technology. It can provide low-cost tools and strategies, that enables small and medium sized business to compete at the same level as major enterprises.
It's important for businesses to adapt and take advantage of the ways the digital world has radically changed the ways of consumer behaviour and expectations.
55% of B2B buyers say they search for products or vendor information on social media, and 55% B2B consumers expect to be able to access a seller’s eCommerce platform via mobile.
The first step in the Digital Transformation process is fundamentally changing the way you think about your business today. Technology is evolving so quickly and there is an increased availability of data, and what makes today’s digital transformation different, is the importance of real time data about consumers, markets, supply chain and competitors. Having this data and knowing how to use it, can benefit your business decisions by helping you to create smart processes, and stopping guess work. It can help you to take the right direction, leading you towards innovation and success.
It’s not just B2B buyers either, customers, channels and competitors have all gone digital. Connected devices, high speed internet access and new services are changing how people communicate and consume media.
From a report that Ofcom conducted in 2019, almost nine in ten (87%) UK households had internet access, with 82% of people using home broadband and 70% using a 4G mobile service to get online. Adults who use the internet spent, on average, 3 hours 15 minutes a day online in September 2018, up by 11 minutes since 2017. Children and young adults spent much more time online than they did watching television.
The internet has made it easier and cheaper to communicate, and to create and share content and information. It has enabled new business models which have transformed economic and social activities.
Some stats from the report showed that:
Every week 74% of internet users send or receive emails (44 million people)
49% use the internet for instant messaging communications (29 million)
73% search and browse the internet (43 million)
19% look for public services information on government sites (11 million).
Digital Transformation can change corporate strategy, business processes, marketing capabilities, roles and skills.
It involves investing in innovative business models based on the latest and developing technologies.
Every business needs to have a Digital Strategy and then implemented it throughout the business. In order to do so, you need to either outsource, hire or train someone within the business.
Addressing these changes (and before your competitors do) will have a big impact on your business, and will result in the following:
Making more money
Recruiting the best people
Improving team productivity
Beating your competition
Having happy customers and partners