Article by Sabby Gill, Executive Vice President, International, Epicor Software <\/p>\n
Digital transformation isn\u2019t just a phase or a buzzword. Business leaders are now fast waking up to the important role technology is set to play in their growth strategies, with the latest report from Gartner showing a rise in the number of CEOs ranking IT as a priority: \u201cThe IT-related area rose from 19% mentioning it as a priority for 2016\/2017 to 31% in 2017\/2018.\u201d The recent explosion of connected devices and platforms, for example, has made it imperative for companies to quickly adapt their products, services and processes and move towards the digital world. This, naturally, requires transformation of some kind. <\/p>\n
However, the reality is that digital transformation will require some tough choices to ensure your business isn\u2019t dragged along or left behind. But we all know that change is not easy. You might be thinking, how do you start transforming? Does it have to cost lots of money? Or perhaps you\u2019re experiencing resistance to change. What\u2019s the problem with doing things the \u2018old\u2019 way anyway? Here are ten considerations that that will help companies on their digital transformation journey. New digital technologies should be seen as an enabler for better, more seamless and streamlined business operations that make your business competitive \u2013 driving growth. Focusing on where digital transformation can deliver the most benefits and add the most value in your quest for growth should be where you begin the change process.<\/p>\n Technology investment is crucial to growth but just because the technology is new, doesn\u2019t mean it\u2019s right for you<\/strong><\/p>\n Sometimes less is more. The right use of technology can radically improve your business, but the deployment of technology for technology\u2019s sake can be self-defeating. Being open to the transformative impact of new technologies is the most important consideration for companies around the world.<\/p>\n Consider where your company is on its digital transformation journey <\/strong><\/p>\n Growing your technology platform doesn\u2019t necessarily mean your business will grow too. Sometimes it\u2019s better to have fewer solutions than more, but it can be challenging for business managers to keep on top of the latest tech trends and new solutions being launched in the market. <\/p>\n Many competing technologies profess to drive digital transformation, however, the utility of solutions depend on the stage your company is at in the transformation journey. From mobile sales and field services, to wireless sales counters and warehouses, to advanced inventory management \u2013 different solutions provide new ways to reduce costs, improve the customer experience, and improve the bottom line. Society and technology are changing more quickly than most companies can adapt. From enterprise resource planning (ERP) to cloud computing, new tools, platforms and channels are creating unprecedented opportunities to connect with customers and improve internal processes \u2013 but only for the businesses agile enough to transform and adapt to these new digital realities.<\/p>\n Even so, there\u2019s no single roadmap for digital transformation and the path is different for every company and industry. However, there must be attempts to get employee buy-in from the start. This requires a commitment to digital technology from the boardroom to all levels of staff. You should have leaders with the right mindset and motivation to lead the digital transformation process.<\/p>\n It\u2019s no good having data if you don\u2019t know what it means <\/strong><\/p>\n Firms that undergo a true digital transformation programme put data and information at the heart of their technology focused business models. Many are shocked to see just how much information they had but were not utilising properly. The new data landscape provides you with unique opportunities to turn data into insights \u2013 the fuel for any digital transformation journey \u2013 with real-time updates providing opportunities for better business decision making. <\/p>\n In fact, Forrester Research has found that more than 70% of decision-makers report planned or current initiatives to encourage more data-driven decisions, making unlocking the value of integrated business data critical to success in today\u2019s modern distribution marketplace.<\/p>\n Digital transformation won\u2019t grow your profits overnight \u2013 embrace change as part of a wider growth strategy with measurable goals<\/strong><\/p>\n Change is a constant in today\u2019s dynamic marketplace, but it\u2019s important to be realistic about what you can achieve in a short time. A recent survey we sponsored highlighted how high-growth companies embrace change. 76% of high-growth companies prefer constant innovation to business stability, while only 49% of low-growth companies do so. In an age where innovation is driven by rising customer expectations, growing companies have distinct short-term goals that embrace innovation and business change as part of a wider transformation journey for growth. It has never been more important for business leaders to carry the torch for digital transformation, but the most important factor is making sure digital potential is translated into competitive advantage. This requires top executives to champion the deployment of flexible, digital technologies that change the way they engage with their customers.<\/p>\n As Gartner rightly states, \u201cTechnology shapes business strategy, but market, political and financial factors prevail.\u201d Nevertheless, embracing the right technology brings people together, allows businesses to land and expand into new geographic locations with minimum resources, and makes the product development lifecycle more responsive to consumer demand than ever before.<\/p>\n It takes more than just digital technology to encourage collaboration across departments and divisions<\/strong><\/p>\n To begin digital transformation, you need to look at your business from the inside out \u2013 consider the tools and systems you use, what works well, what doesn\u2019t and ways these can be improved. But when technology is heralded above all else, there becomes an even greater disconnect between employees and the challenges that their business is trying to solve. <\/p>\n There might be isolated investments that are doing very well, but they\u2019re still isolated. New solutions must be an enabler aligned with a bigger mission \u2013 to evolve internal processes, structure and culture, or to match the evolution in customers\u2019 behaviour. Consider how you communicate both internally and externally, the strengths and weaknesses of your staff and if their skills are fit for purpose. Do you need staff with more digital skills and will you need to recruit them throughout the process?<\/p>\n Your customers don\u2019t think about your digital transformation, but they do expect it to happen<\/strong><\/p>\n The digital trends that are impacting every part of business operations will not slow down, and it\u2019s the same playing field for all of your competitors, and every startup that’s gunning for a piece of your world. Your customers expect that you are embracing digital transformation because they are doing so, and they need you to join them on the journey. <\/p>\n You can talk the talk, but make sure you walk the walk Digital transformation is different for every business. While some manufacturers will have more challenges than others, and while some will also embrace more technologies than others, being aware of the ten considerations above will be helpful to every business that is embarking \u2013 or has already embarked on \u2013 this journey. \t<\/p>\n","protected":false},"excerpt":{"rendered":" Article by Sabby Gill, Executive Vice President, International, Epicor Software Digital transformation isn\u2019t just a phase or a buzzword. Business leaders are now fast waking up to the important role technology is set to play in their growth strategies, with the latest report from Gartner showing a rise in the number of CEOs ranking IT […]<\/p>\n","protected":false},"author":23,"featured_media":13653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[328,136,399],"tags":[443,1225,389,139,244,376,2173,1019],"class_list":["post-13652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","category-industry-expert","category-more-news","tag-data","tag-digital-skills","tag-digital-transformation","tag-enterprise","tag-epicor","tag-gartner","tag-high-growth-companies","tag-innovation"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/13652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/comments?post=13652"}],"version-history":[{"count":0,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/posts\/13652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/media\/13653"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/media?parent=13652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/categories?post=13652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/africa\/wp-json\/wp\/v2\/tags?post=13652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nDigital transformation will change your business, but focusing on the right level of change is key <\/strong><\/p>\n
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\nNot everyone in your company will feel comfortable with digital transformation <\/strong><\/p>\n
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\nDigital transformation should make your business more adaptable but it won\u2019t make you immune to competition<\/strong><\/p>\n
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\nTo make digital transformation happen, high-growth companies don\u2019t just pay lip service to ideas such as new technology and innovation \u2013 they back them up with investment. The growth survey we did found that in the coming year, 88% of high-growth companies are planning significant investments in technology and innovation, while only 49% of slow-growth companies are doing so. <\/p>\n