The new normality introduced novel conditions on the market of both technological solutions and services. The pandemic and the ensuing lockdown measures made a sudden twist in how consumers connect with their favorite technology brands. Consequently, brands had to respond. In an unexpected turn of events, those who have managed to implement digital transformation into their business model were more likely to succeed.
What is digital transformation?
Simply put, digital transformation is the process of implementing digital technologies into all areas of business. Digital transformation goes beyond updating your equipment and expanding your operations: it is a fundamental change in how a business is run, how it is managed, and its operation. It is also an opportunity to create new business models. Digital transformation changes the management structure, it changes the way its customers can access the business, and it changes the corporate culture, too.
How do I achieve digital transformation in my business?
There are many digital transformation strategies available for any niche on the market. However, most of them revolve around six important points that you should consider before attempting to alter your business model. If you are unsure whether the digital transformation is a viable option, read why now is the perfect time for a digital transformation and then proceed.
1. Laws and Regulation
Laws and regulations play a significant role in encouraging businesses around the world to embrace digital transformation. You should understand how the legal system functions in your country before even attempting to execute a digital transformation strategy. In the data-driven world, we live in, a big chunk of the work to be done relies on collecting and processing data on your customers as well as your competition. Some laws may prevent you from doing this and halt your progress. On the other hand, there may be a legal framework that inspires businesses to adopt new technological advances. Finally, this legal framework may provide more security and affordability, thus, support innovation initiatives. Understanding what you can and cannot do is a vital step for a successful digital transformation.
2. Understanding Your Current Position in the Market and Within the Tech Sector.
- What is my market cap?
- Can it be expanded?
- Is there any competition in my sector?
- If yes, how saturated is the market?
- Are there any market segments that have not been addressed yet?
- Are there any product/service-related gaps to be filled?
Answering these questions is a good way to start. If you are a start-up, these questions sound all too familiar, but answering them with the goal of digital transformation in mind can offer a new perspective and yield new answers. Understanding what the market needs and what new services and products you can offer with the digital transformation in your mind can push towards sustainable high performance.
3. Understanding Your Business Processes
Understanding your business processes is a must. The management structure, the research, and the execution of any decisions in offering a product or service are all areas that digital transformation can reinvent. A great example is purchase orders. Let’s suppose that one of your employees needs new equipment. The previously, manually performed process can now be automated using an automation platform, thus, achieving a complete business digital transformation. Employees don’t need to go from one office to another to ask for order approvals and handle multiple paper-based or huge Excel files to fetch data. Order files are generated automatically, using RPA tools, and are sent to the right vendors via email within minutes. Typography errors are eliminated, time is saved, manual tasks are avoided and productivity is increased.
4. Understanding Your Customers and Data Related to Them
Data collection and analysis are an integral part of a digital transformation strategy. It goes beyond the standard demographics of age, sex, race, income bracket and expands into habits, detailed profiling, behaviorism, and predictions based on historical movements with the assistance of cognitive automation technologies. For example, AI systems allow businesses to analyze purchasing behavior and delivery preferences, making future suggestions based on historical data and findings. Another great example is Amazon: they have reinvented the supply chain, understand their customers very well, make personalized suggestions, and have managed to utilize digital technologies to reinvent delivery as well: same-day delivery is becoming a reality across the USA.
5. Building a Reliable Digital Transformation Strategy
Now that you know where you are and where you should head and how to get there, it is time to customize a digital transformation strategy. Consider what innovation you can bring to the market, what digital solutions you may need to understand your clients better. Lastly, think of how your technology can make them more satisfied. Think of NIKE – their customers can design their shoes – a mass approach with an individual aspect to drive the change and development of their products. Not only that, but NIKE can expand on designs created by their customers rather than start from scratch every single time.
Another example worth mentioning is the case of one of our clients, McKesson. McKesson, the global leader in healthcare, was looking for an automation solution to automate a manual, inefficient invoice approval process that was until then based on an Excel template. Comidor solution, which was built in 14 days, was a powerful workflow with RPA capabilities. After the implementation of our solution, McKesson achieved full visibility over each approval request, and instant, real-time accessibility to invoice details.
Final Thoughts – Why Does Digital Transformation Matter?
Suppose you ask yourself why digital transformation matters; you should understand that digital transformation is not about switching from cold calls to cold emails and handing out the newest iPhones to all your employees. Digital transformation is not a substitute or an expansion of what you already offer to the customers. Still, it is rather a way to reinvent your production process with digital technologies as the backbone of the new model. These digital solutions can ensure that you have exactly the cues you need to accelerate your business.
Achieving digital transformation with Comidor No-Code/Low-Code Hyperautomation platform
No-Code/Low-Code Hyper-Automation platforms enable rapid and lasting digital transformation within your business. You need to specify your business needs and find the best solution that offers the features and functionality you require. That’s where the Comidor platform comes in. We offer powerful, intelligent process automation solutions that accelerate your business digital transformation.
Schedule a call with our expert team and get an inside look at our advanced automation features.
Donald Fomby is an IT enthusiast. He outsources most of his work and focuses on observing and improving the workflow at Online Writers Rating. In his spare time, he codes in HTML and works on his WordPress projects.