Today’s businesses have a lot tougher environment to operate in than those that were operational a few decades ago. Back then, all companies had to do was to produce a high-quality product and hire top-notch marketers that could help them in spreading the word. The competition was never as vicious as it is now and this is why both entrepreneurs and established businesses need to take the digital transformation strategy into consideration.
While customers are still looking for the best products and services, having the best quality is no longer enough. If you hope for your company to reach the new heights of success, you need to digitalise it because that’s what your end consumer is looking for.
However, before we begin talking about why digital transformation is crucial, we need to understand what it means to digitalise your business and what is the role of the mobile app in all of this, let’s discuss what digital conversion means.
Though you may think that it is as simple as making your company website, the fact is that it is a lot more complicated than that and this is why it is essential that you understand what it is.
What is a digital transformation?
The exact definition of digital transformation is unclear. While most businesses think that it means developing a new website or a mobile app, the fact is that it’s not as simple as that. This topic, which has been the hottest subject at almost every business conference is diverse and uses more than one tools.
In a nutshell, a company with a sound digital transformation strategy will change and move its processes, activities, and models forward, so that their business becomes modern.
You have to remember that to truly embrace digital transformation, your company shouldn’t just go digital but also become a digital innovator because this is what will make you stand out.
In this fast-paced, technological day and age, you have to think out of the box if you want any chance of being noticed. The only way you’ll become victorious with your strategy is if you understand that running a business isn’t as it was and you’ll have to work hard to make things happen. So, if you aren’t already adopting digital transformation, it is imperative that you do so now.
Unfortunately, according to the numbers, 47 per cent of organisations aren’t prepared to embark on the digital transformation journey, and only 10 per cent describe themselves as fully digital. Moreover, a recent report showed that approximately 1/3 businesses in the UK either had no digital strategy or had no plans to transform in the future.
Now that you understand what this type of transformation entails, let’s discuss why it’s so crucial for your business and what happens if you refuse to adopt it.
Why is it important?
You need to make sure you adopt digital transformation because, without it, your business will be left behind. Even if you’ve software and tools that help you in day-to-day transactions, you still need to update them because otherwise, you’ll be making your company vulnerable to competitor attacks.
With a carefully thought through strategy, you can be sure that you’re up-to-date with the latest happenings and that no one can take advantage of the fact that you’re technologically behind.
Another reason why digital transformation is vital for your business is that without it, you will start losing customers. As we’ve already discussed, today’s consumers are looking for a lot more than just the quality of the product.
Your customers want to build an everlasting relationship with you, and the only way to do that is to show them that your brand is serious about its operations and wants to connect with the customers.
By adopting change, you show your target audience and the rest of the world that your organisation is flexible enough and prepared to embrace any alterations that come your way.
Digital transformation doesn’t only help you in retaining the customers you already have but also opens a way to acquire new customers. Instead of relying on old marketing methods to drive your consumers to the company, you can reach them through social media, mobile apps, and tools without putting in too much effort.
On the other hand, if you fail to devise a good strategy, you will be missing out on the people who could have been brought on board as potential customers if you had digitally transformed.
If you want to avoid unnecessary and unexpected business disruption, you have to welcome the slight distraction that’s caused by technology. You have to bear in mind that because everything has gone digital, not accepting the change will only cause you problems along the way.
While you may think that your business can move forward by simply doing what used to work before, but you have to consider the fact that technologies will have an effect on your decisions whether you accept it or not.
The Role of mobile apps
Though there are a lot of small components that make up an excellent digital transformation strategy, one of the most vital elements is the mobile app. Your business’s application should be right at the center of the digital strategy because it is that crucial.
According to Smaato, for every 8 minutes that users spend on their smartphone, 7 are spent accessing applications. Moreover, the impact of digital transformation is evident when you realise that over the last two years, the number of vulnerability scans directed towards IoT devices has gone up by almost 458 per cent.
Few ways in which mobile applications help in achieving digital transformation:
- Make your business and products more accessible in this technological age
- Help customers see you as an evolving brand that’s serious about future endeavours
- Increase customer engagement and support, so you can better connect with the target audience
- Take your business to the next phase, so it is no longer a company that’s associated with old ways but rather new ones
- Help you in integrating Bitcoin and other such blockchain technologies into your business framework so you can hold transactions without the hassle
Mobile apps have much higher importance in digital transformation than you can realise. They help in taking your business to the next level, so you can make use of the latest technologies and show your target audience as well as your competitors just how adaptable you are.
What you can do
Creating a good digital transformation strategy is easier said than done. Because it is an area which will require a lot of your attention, focus, and time, you have to make sure that you’re doing the right thing.
Though the strategy you develop will develop on your own business, here are a few tips you can use no matter which industry you work in.
Define your goals and objectives
One mistake which will cost you dearly in digital transformation is to adopt any technology which is developed or discovered by your IT department. Remember that just because your competitor is using the same methods doesn’t mean they will be beneficial for you too.
If you don’t have goals in your mind that will solve specific problems, you will end up with technologies that are not only challenging to integrate but also difficult to implement in the organisation. So, know what you require and why you’re going for digital transformation before you go ahead and actually do it.
Develop a framework
Setting rough objectives and goals isn’t what’s going to cut it when you want to design an excellent digital transformation strategy. You need to dig in deep and lay out the targets in more detail, so you know what needs to be done.
Specify how your employees will find it easier to access information, engage and collaborate with each other, and decide on the customer experience you want to provide.
Assess and select technologies
Finally, once you’re sure about the kind of digital transformation strategy you need for your business to prosper, you need to choose the techniques you want to use. Again, bear in mind that though every company will need a mobile app, the functionality you integrate into that application depends entirely on you. Narrow down your choices and then pick out the ones you feel will be most beneficial for your customers.
Building an effective digital business transformation strategy will prove to be the ultimate management challenge because this is something which won’t only affect your company structures and strategic positioning but also add new dynamics for your organisation, it will require a lot of hard work and time.
If you want to be a business leader, you have to make sure that you consistently challenge your company so it can continue to grow and have a competitive advantage over others.
Mehul Rajput, CEO and co-founder, Mindinventory
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