How to digitally transform your business19 Jul, 20233mins
Perhaps considered yet another corporate buzzword, ‘digital transformation’, or ‘DX’ as it is also known, might be thought of by some as an agenda item for future planning. However, the reality is that significant organisations are going through the transformation process now. For a company to stay competitive, firms still using analogue processes will likely need to get on board with DX sooner rather than later to avoid lagging behind their competitors.
What is digital transformation?
Digital transformation is not just about moving corporate information to a digital platform. True DX is a top-to-bottom strategy of incorporating digital technology into every aspect of an organisation’s operational process, products, solutions, and customer interactions to increase value through innovation, invention, improved customer experience and efficiency.
The process replaces analogue legacy systems throughout a company that are generally no longer fit for purpose in the digital age, often requiring time-consuming, manual procedures or employing outdated software disconnected from other parts of the business, restricting information sharing and automation opportunities.
The benefits of transformation
Technology is helping businesses to find new and more efficient ways to work, and one of the key advantages of DX is how it can help companies to streamline their operational processes. In fact, according to a recent report by transformation experts PTC, 40% of management executives believe that operational efficiency is the most significant benefit of digital transformation.
In addition, research suggests that businesses that have completed the digital transformation process are better placed to respond to customer needs and predict future demand and behaviours. DX can give organisations a competitive edge, accelerate innovation and create a more skilled workforce.
These improvements in efficiency, innovation and customer experience are also likely to directly impact revenue growth, with a Mckinsey report stating that B2B companies who have undergone a digital transformation process spend around 10% less budget while achieving 10-15% growth.
So, while it may seem daunting to reinvent how an entire company is run, replacing processes that have been used successfully for many years, there is a clear business case to make the change for both futureproofing and to retain market share in the present.
How to transform your business
There are many aspects to digitally transforming your business, and many new change and transformation roles have been created in recent years to fulfil many DX-related tasks.
Some examples of digital transformation include; IT upgrades such as moving storage to a cloud environment or improving online interfaces to make them more interactive or intuitive, being remote-ready to meet the needs of your workforce and customers, reskilling employees to use new software and systems, introducing automation to enhance customer service, and using AI to provide real-time insights to improve sales efficiency and marketing effectiveness and generative AI to support innovation.
Many companies also utilise an Enterprise Resource Planning (ERP) system, which is DX software that helps to run the entire core process of a business to support automation and procedures in finance, HR, manufacturing, supply chain, services and procurement, ensuring that all parts of the company have access to information on a shared platform.
New job roles always appear in change and transformation, contract roles to help design and implement new systems and permanent roles to manage digital platforms and train others. There are opportunities across a range of sectors with openings for tech and marketing professionals who are digitally proficient, as well as a heavy focus on project management and consulting experts to oversee the transformation process, as highlighted by industry specialists, ElevateIQ in their article on the top 10 Digital Transformation Roles for 2023, which cites 6 of the top 10 job roles as a range of transformation related consultants and PMs.
So, it seems that digital transformation is undoubtedly something business leaders should be working on if they haven’t already started the process for their organisation. With change and transformation experts on hand to assist with the smooth transition, perhaps it’s time for all companies to make the change for a digitally enhanced future.
If you are looking for a change and transformation role or your organisation is looking for DX experts to join your team, contact our specialist recruiters at McGregor Boyall today and find out how we can help you.