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Digital transformation is no longer a buzzword, but a true business imperative. It’s time to move from experimenting with new digital technologies, tools, and processes to embedding them as standard practice in your organisation.
But how do you know when the time is ripe for embarking on it? Several indicators signal the need for digital transformation. Here are five reasons why it’s time to get started on your digital transformation project now.
Change is happening rapidly and you can no longer predict it
Digital transformation is a process that accelerates change. As the saying goes: Change is the only constant. In today’s business environment, change is happening far too rapidly for companies to be able to predict it — which can make it difficult to plan for the future. For example, digital transformation has been underway in e-commerce for 10 years. However, digital transformation in the financial services sector is only just beginning. Why? Financial services are highly regulated. It takes time for regulators to approve new technologies and processes. Digital transformation in the financial services sector is happening at a much quicker pace than e-commerce, but only because it’s relatively new.
Your business’s current growth strategy isn’t working
Sometimes you’ll know it’s time to start a digital transformation project because your business’s current growth strategy isn’t working. If you’re trying to grow your business but aren’t seeing the results you anticipated, then you need to investigate new digital technologies, tools, and processes that could help you achieve your objectives. For example, if you’re trying to grow your business by increasing sales, but you’re seeing a decline in overall revenue, it might be time to start a digital transformation project that incorporates new sales technology.
There is too much risk to the current business model
If you’ve been running a business for any length of time, then you’re likely familiar with risk. In fact, you probably embrace risk in a very calculated way. You may even have a contingency plan in place for every risk you see. But there’s a difference between taking calculated risks and taking on too much risk in your business model.
If the way in which your company is producing and/or delivering its products or services is creating too much risk to your business model, it may be the right time to start a digital transformation project. For example, if you’re producing and/or delivering your products or services in the same way you always have, but your customers’ expectations are changing, it could be time to bring digital transformation into the mix.
Employees are demanding change
Business transformation is more than just technology. It’s about how organisations and leaders think, act, and make decisions. For that reason, business transformation is really about changing the culture of the organisation.
If you’re a leader seeking to revolutionise your company by bringing about change, but your employees are resisting it, your company’s culture could be very hierarchical and siloed. If you’re seeing other companies thrive with a more inclusive leadership style, it may be time for a digital transformation project that promotes a more collaborative culture.
Your organisation lacks the capabilities to effect change
Consider what capabilities your organisation needs to effect change. For example, if you want to change the way customers interact with your company’s website, but your company doesn’t have the digital capabilities to make that happen, it may be time to look at technology and solutions that can bring about this change. You may want to bring in a digital transformation consulting firm that can help you implement the technologies needed to make the change you’re seeking.
Is it time to start your digital transformation project?
Digital transformation is a business imperative. The technologies, tools, and processes that will enable your company to thrive in the future are emerging right now. That means you can no longer afford to wait and should make digital transformation an integral part of your company’s business operations.
With the digital transformation experts at INTELLIWORX you can realise the potential of your digital world. We have the experience and expertise to help you achieve your digital transformation goals and vision in the most efficient way possible, whether through cloud implementations, IT strategy development, or managed services.