How to Start Turning Your Business Around
Every company will go through a change in their way of doing business. Digital transformation is all we talk about since the pandemic increased the use of technology at work. Companies have learned the hard way that having advanced tools is not enough to boost productivity. This goes hand in hand with what experts say about digital transformation: is not only about tech.
What is digital transformation?
Digital transformation is the use of technology to improve how things run in a company. From business process to organizational culture. A 2018 study made by McKinsey & Company states that more than 80% of companies have made efforts to undergo digital transformation that year. And yet, fewer than one-third of these companies could sustain gains with the transformations.
This happens because digital transformation is not about technology, but about business management. Technology is one more tool to achieve business goals. Digital Transformation isn’t a solution itself. So, the right mindset can make a huge difference during a new implementation.
Where do I start a digital transformation?
A digital strategy is a plan that decides what technology does your business need. Aligned with your business strategy, it allows you to track competition, discover clients and maintain contact with customers and suppliers.
The starting point of a digital strategy is to identify how mature tech mature a business is. For small businesses, for example, there is no need to start processes in the “traditional” way, only to make a change later. Starting small and already digital-driven is a way to prepare for the future.
Identifying where your business can improve is a useful exercise that managers should do at least once a year. This will give you an understanding of your business’s digital capacity. It is also important to have a clear vision and to understand how tech can help achieve company goals.
What you should be asking is:
- What technologies can make your business move forward?
- How do you make it more competitive?
- Which of these innovations should you study, test and put in place?
- And, is the adoption of this technology meaningful?
You need to identify future scenarios and get the digital skills that you and your team will need to develop for a good digital strategy. This will reflect in the company’s projects with planning and research. If you have these answers, it is easier to see which technologies will benefit your business. From this point, you can start your digital transformation plan. You can start by linking each technology with your business values.
Know where to ask for help
Now you know that to make a company more competitive, resilient and sustainable, you need not only to use the best technologies available on the market but also need to understand your business. While there is no one that knows your business better than you, it is okay to reach for help. But you should be aware to start looking from the inside of your company.
The Harvard Business Review shares a little insight about this. The case studies they presented in this article show that an inside team has the leverage of knowing how things already work and how will current staff adapt to new tech.
At the same time, they say you need to look to your customer from an outsider’s perspective. If you do not understand the needs of your customers and do not have a culture of innovation and agility, your company’s results will not meet your expectations. That’s why you need to take the time to get to know your clients.
So, are you ready to turn your business around?
Abrisuite has the tools to help you and your trusted staff to analyze your business and put in place a digital strategy. Learn more on our Digital Transformation page.