written by Apoeso Abiodun
Digital transformation is a leading force in business today. The average small and medium scale business takes roughly 20 years to reach a billion-dollar evaluation. Uber, WhatsApp, Snapchat, Oculus Rift, each took less than four. All of this means that companies that are digitally oriented are archiving success at a fast quicker rate, those who were born prior to the digital age, need to think more like the digital native companies. Where the older companies go wrong is to be complacent in the face of this dramatic change.
First, it’s necessary to digitize your culture. This requires hiring Digital Marketing Experts and encouraging Digital learning and growth among your employees. New technologies and techniques are emerging much faster than in the past. The technology that you are comfortable with today may be obsolete tomorrow.
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Second, it’s necessary to use modern solutions, such as #Cloud and mobile-enabled technology rather than mainframe technology of old. This internal component of digital transformation is often an afterthought. But not taking these steps can mean that you’ll be a victim of your own success, unable to reap the rewards that higher demand might bring.
Third, it’s necessary to develop or sharpen an edge-based innovation function. This involves developing or remodeling an existing research and development arm. Exploring new business opportunities that exploit digital technologies at the edge of current product or service offerings, or perhaps in similar spaces to the current offerings.
Digitization
This is the conversion of analog or physical information to a digital format. Think of it as converting atoms to bits, creating digital opportunities in the process. Think of paper instruction manuals. Converting those from physical paper to a digital format represents digitization.
Digitalization is the use of digital technologies and digitally enabled approaches to start or improve business models and processes. For example, using smart glasses to provide mechanics with line-of-sight digital instructions can improve efficiency and reduce errors.
Digital transformation is the coordinated digitalization change efforts at scale, diffused through the operating model and all aspects of the business, including people, processes, technologies, and metrics. The goal of this is to bring meaningful outcomes to the organization.
The Stages of Digital Maturity
Is your company able to interact with customers online through your company website? Do you have an active social media presence through Twitter, Facebook, LinkedIn, Instagram? Do you advertise through digital channels, do you have email marketing channels and other collaborative technology? How advanced or mature is your digital offering?
If you can answer the above questions then you can access which stage you are in your digital journey.
Digitally active companies take advantage of the transactional, digital or e-commerce solutions to increase revenue.