There is a lot of published information about “Digital Transformation” which is underpinned from a general recognition that we have moved into the Fourth Industrial Revolution. A good source of Digital Transformation learning is Microsoft’s enterprise hub that that collates comprehensive articles and plenty of real stories of Digital Transformation. Key signs of a fourth industrial revolution (or industry 4.0 as coined by some) are the many cases of digital disruption that all types of industries are experiencing. This is due to the number of breakthroughs in technology like Artificial Intelligence, Internet of Things, 3D Printing and autonomous vehicles, and more importantly, how pioneering companies choose to use these technologies.
For many businesses, these breakthroughs in technology aren’t at a level that can be consumed on mass or picked up off the shelf. They require huge amounts of time and resource to make them work. What Digital Transformation generally covers are areas that have been in development since the invention of the internet (1989). There is a large amount of out-of-the-box solutions available to businesses now which are digital and cloud-based. These solutions are providing more ‘digital’ capabilities than seen before. This could be document storage enabling paperless options to automation of data entry. To gain from any of the benefits of these business solutions requires businesses to change.
How do I turn digital transformation into a business opportunity?
Start with a manageable change. Attempting change in business isn’t a task taken lightly which is why so many often resist it. It requires time out of a people’s busy schedule to:
- Review the current processes end to end
- Understand the cost of the processes (people, time, resources)
- Work out who is affected by the process.
This provides vital information to work out processes that would be ideal to start changing first. Such as; paper-based processes and/or most time-consuming practices.
For most people, making a manageable change first is the best option before taking on larger projects. Because a change in business can be applied too quickly. This can derail projects, delay future decisions on change and is why 84% of companies fail at digital transformation. To our clients, I suggest working out a strategy for change and look to implementing changes in phases. This approach can offer flexibility on resources and budget, and lead to a higher chance of success. So, my message is to start working out where change could benefit your business. Start now in areas with most likelihood for success, and grow from there.
See examples of how businesses in your industry have applied digital transformation in the case study section on our website, or talk to us to see how we can help you on your journey.