The CIO of Only About Children, an Australian based Early Learning Education organization. Follow me on LinkedIn.
Most traditional businesses have been digitally disrupted, and business leaders have had to transform their modus operandi to serve new markets and break through existing market barriers to meet the needs of a broader customer base.
Indeed, the use of technology in a digital world to increase performance has become a hot topic for many companies across the globe. Managers in all industries are currently making use of digital advances like analytics, social media, mobility and smart devices to improve their traditional business.
In today’s world, more than 80% of business executives are now prioritizing business digitization. Many of them feel that failing to digitize their company might lead to the loss of their competitive edge, which will affect their business profits. This is the reason they are working toward transforming and digitizing their businesses.
The Digital Business Model
Digital business is the new, improved model of doing business. It drifts completely away from the established norm. This model leverages the internet and modern technologies.
Thus facilitating speedy and intelligent execution of business processes and allowing for an exciting customer experience. Many traditional firms have evolved to become digital businesses by using digital innovations to address customers’ needs.
Without further ado, here are 10 ways business leaders can help lead their traditional business to a digital-first business.
Leadership And Talent
Every business that wants to become digital must understand the benefits and disadvantages as well as the processes involved in the transformation.
But most importantly, the right talent and capabilities will ensure the success of digital transformation efforts. This is because leaders who are more familiar with digital technologies will greatly improve the chances of success.
Ensure that business leaders, managers and employees are on board with the digital transformation initiative. An effective ingredient for success requires a unified company with a workplace culture that is geared toward digital transformation.
The End-To-End Customer Experience
A key part of business digitization includes delivering an end-to-end customer experience. This means that you’ll require the establishment and deployment of technology tools to facilitate this process.
Increasing customer satisfaction and adding more value to products or services being offered must remain at the center of any digital transformation initiatives.
The mode of transition and the attendant digital changes made to traditional business processes must be simple and easy for customers and employees to grasp.
Evolution Of Products, Services And Processes
Since digital business transformation leads to a change in how products and services are delivered, traditional businesses must implement innovative ways of doing business. One great place to start is by leveraging new methods of receiving payments, executing supply and value chain processes and utilizing advertising and communication channels.
Personalized Service For Customers And Improved Mobility
Leverage artificial intelligence (AI) to understand what customers need and at what time they need it. This will help the business to tailor outputs (product and services) that are unique to customers’ needs while minimizing cost and the use of resources while maximizing profit. Another major component for digitizing a business is having mobile support. This is because billions of consumers now own smartphones, and this emphasizes the reason why the business digitization plan should incorporate mobile support.
To ensure executives stay confident in driving the set transformation initiative, organizations should designate responsibilities for key tasks and projects to the right personnel and put in place the right metrics. Setting up an accountability framework can help ensure that executives take ownership of their respective roles in digitizing the business model.
Collating And Implementing Employee Feedback
Creating an environment where teams can comfortably share and inspire new ideas as well as discuss and collaborate on digitization efforts is key to a successful transformation.
Implementing Changes And Evaluating
Given the prospective gains in digital business transformation, it is pertinent to evaluate the impact of rules and policy changes on your market (customer base). Note that digital transformations need behavioral and cultural changes such as increased collaboration, calculated risk-taking and customer-centricity. So one major key to the digital transformation success of a business is to implement changes in how the office operates and measure the impact of such change.
Further Transformation And Learning
Transforming into a digital business isn’t a walk in the park. It’s a long, challenging process that never ends due to the constant evolution of technology. Always stay abreast and be ready to adopt new solutions as customers’ needs and the business environment keep changing. In all, lasting digital business transformation should always have customer satisfaction at its heart.