In this day and age, technology has become a massive and major component of many areas, including daily living, communication, business transactions, and socialization. Hence, several companies today have taken the leap of digital transformation. Given the current trends, letting the company undergo digital transformation may assist in its growth. The use of digital tools and platforms could not only provide efficiency in certain work and tasks but also give convenience in terms of marketing, advertising and promoting concerns along with general communication.
The rationale behind the usage of digital tools and platforms covers how it takes much less time to achieve and accomplish certain sets of tasks. Also, as mentioned earlier, it makes marketing, advertising, and promotion gain more fruition. In such areas, there is a clear difference in results between traditional and manual transactions and those that are done with the help of technology.
With that being said, it is important to note that such results cannot be achieved easily and instantly. It will take time and careful, meticulous strategizing prior to the actual digital transformation process. Hence, let us look into 3 key considerations that should be taken into account when coming up with your own digital transformation strategy.
What To Consider When Coming Up With Your Digital Transformation Strategy
1. The company’s current standing
It is important to evaluate the company’s current standing before setting any goals and taking any steps of change. It is only when you are aware of where you are that you can effectively set the course of the journey and come up with the right strategy. Hence, when evaluating your company’s standing, you can look at areas such as:
- The company’s current technologies
- The company’s team and functions
- The team’s thoughts and opinions about how the company operates and about the current tools and technologies
- Specific pain points in the system
- Specific areas that need improvement
- The company’s relevance to the market
- The company’s up-to-dateness
Having an in-depth evaluation of such areas could help you determine what to prioritize and where to start. Hence, before coming up with a tailored-fit digital transformation strategy for your company, it is important to consider the company’s current standing.
2. The desired outcome of the digital transformation
The goals of digital transformation may look different for each business and for each industry. Hence, based on the company’s current standing, it is important to set realistic goals that suit the company.
There are a number of various reasons why companies choose to undergo digital transformation in the first place. These include:
- Boost customer experience
- Expedite data collecting, tracking, and analysis
- Boost productivity and efficiency
- Expedite resource management
- Boost collaboration
Knowing the specific desired outcome of the digital transformation would help shape the direction of the digital transformation journey. As mentioned earlier, some companies may opt to undergo digital transformation for reasons that are unique to their business alone or to their industry alone. Hence, it is important for the top management to sit down and thoroughly discuss what they want to achieve through digital transformation.
The steps to digital transformation
The steps to be taken in the digital transformation are all about bridging the gap between the company’s current standing and the goals of the digital transformation. Hence, after evaluating these two areas, the actual steps of the digital transformation strategy can be devised thoroughly. When doing so, the following should be taken into account as well:
The on-boarding team. Undergoing digital transformation would not just affect the processes, but the team as well. Hence, it is important to consider the team’s current skill set and the tools that they are familiar with. It may be necessary for the team to undergo training or upskilling in order for the digital transformation to be effective.
The needed tools and technology. Depending on the goals, certain tasks may be replaced by technology. Companies may have a need to have their own software or app developed in order to reach the market or expedite their internal processes. In such cases, there may be a need to form an in-house team or outsource the development.
The costs of the development. In the long run, digital transformation may help reduce costs. However, the transition may require a budget in order for it to start and more importantly, to finish. Thus, the budget must be upfrontly discussed and decided prior to the digital transformation journey. It is important, though, to leave out room for adjustments and contingencies.
Digital transformation is a process that affects the company as a whole. There are different areas where companies can undergo digital transformation. Nevertheless, regardless of the specific goals for digital transformation, the evolution of technology shows that there is a clear need for companies to transition in order to stay competitive and relevant. To make the most out of the digital transformation process, it is important to ensure that a meticulous digital transformation strategy is at hand to guide the way.
ICTS Custom Software is a Vietnam-based software development boutique that focuses on cutting-edge technologies. We help SMEs (small and medium enterprises) digitize their business and handle the digital transformation in the most professional way, at a reasonable budget.
Contact us and discover what benefits we can bring to your digital transformation project.