A business starts as a vision, and with hard work and determination, can become a reality. A lot of business owners started from scratch. Take Amazon, for example. Jeff Bezos, a former Wall Street executive, started this multi-billion dollar business in 1994. And look at it now.
Starting a business requires an unending willingness to learn things that your company will need to thrive and grow. It will not be enough to just have a passion for your business. One must also have a thirst for learning–not only to keep the business afloat but to keep it improving for the better.
In today’s world, one market force that has become a commodity is the digital transformation approach in business. After all, this is the age of the internet, and almost everything around us either depends on technology or seeks to improve the technology.
Digital technology is an aspect of business that all companies must incorporate in their strategies for them to keep up with the different demands of the ever-changing world. The days of telegraphs and typewriters are far behind us. We now function in a digital world and we simply cannot afford to be left behind.
Types of Digital Transformation
Because of the creation of different technologies, endless opportunities are available to us. Companies must recognize and pursue multi-dimensional ways of blending their marketing strategies with the digital changes; otherwise, they may miss out on processes that are essential for their growth.
There are different types of digital transformation, and we’ve named some of them below:
- Business Model Transformation
In the past, traditional business models were quite simple and required less technology. But now, more and more companies are using digital technology to take ideas already in existence, transforming them into something more useful and innovative.
Take Netflix, for example. When we were young, we had Blockbuster video rental stores where we picked up movies to watch on a Friday night. But because of the demand by the public to have a better experience and more convenience in movie watching, they developed new applications. You can now watch all the movies you want without getting up from your couch!
This is what business remodeling is all about: integrating modern technology to better suit people’s wants and needs.
- Cultural/Organizational Transformation
A business doesn’t just comprise the CEO and board members. Millions and millions of employees all around the globe, from different companies and different walks of life, are as vital to the business as the managers themselves.
Businesses such as call centers hire agents that are the point of contact for customers when they need help. What this implies is that employees must also be involved with digital transformation for everyone to be on board and of service.
It is crucial to create an environment in which your employees are tech-savvy and knowledgeable of the company’s processes. They’ll need to be aware of the many aspects that make your company work and keep up with ongoing technological advancements.
- Process Transformation
Having a rock-solid process is the lifeline for any company, as it is the structure that everyone must follow for smooth operations.
When an industry becomes digitized, a business will need to change its processes to incorporate technological analytics, machines, and other forms of automation that reinvents the original plan of action. A business continually needs to customize and adapt strategies to the changing demands of the modern world.
So Why Do Businesses Need Digitization?
The answers lie in the simple fact that the internet is here and is not going anywhere. And this is what should drive companies to transform and reinvent their strategies. An effective and overall digital transformation will affect every level of the business. And as mentioned before, it’s not enough to just include machines and other advancements. For a holistic approach, keep in mind your company culture, processes, and marketing plans.
A study conducted in 2018 found that 55% of startup companies have already embraced the digital optimization of their businesses, while only 38% of traditional companies have done so. This shows that companies that are more aware of the internet’s functions and advantages will reflect this in their marketing plan and business dynamics.
Traditional companies are slower to evolve, primarily because, in the past, they were successful with little technology. What they don’t know is that in disregarding the positive influence technology will bring with integration, they are limiting their future potential.
Speaking technically, the top three technologies companies are investing in are artificial intelligence, the Internet of Things or IoT, and machine acculturation. These are the three giants of the digital world. When you fully leverage the opportunities these advancements offer, you will affect a change in all aspects of your business, including your organizational practices, activities, models, and competencies.
One way of looking at it is when we talk about operating digitally, we have the opportunities to learn and discover innovations to push our business forward. It is a striking way of focusing on goals for a future that is filled with technological influences and innovations, customer satisfaction, and unlimited possibilities.
Digital transformation aims to develop a business into something that can ride the waves of change. To stay relevant, you will need to adapt your vision. Instead of the ways of the past running your business, look at what the present has in store for you and grow into a new future.
Embracing technology can be scary if you don’t fully understand what it can mean to your business. Owners will need to keep learning and adapting to new trends. Transform your ideas and create a bright path for your company to follow.