Digital transformation: the key to a sharp competitive edge

Digital transformation (DX) is a game-changer for organisations wanting to innovate and remain competitive within the business landscape. This process, when done correctly and safely, is a powerful strategic overhaul that can catapult a business into new realms of performance and efficiency.

This guide will provide you with all the information you need to fully understand why DX will grant you a strong competitive edge, while also giving you an easy-to-follow guide on creating your own digital transformation strategy.

What is digital transformation in simple terms?

DX is a business practice that requires companies to adopt and deploy digital technologies throughout their organisations. It is a fundamental rethinking of how businesses operate and deliver valuable products and services to customers. Successful digital transformations result in organisations that leverage cohesive, up-to-date IT solutions that enhance business processes, improve customer experiences, and drive growth. 

This transition, however, cannot be done in the spur of the moment. According to McKinsey, the failure rate of transformations is 70%. As such, businesses must plan their DX initiatives before carrying them out. Failing to do so can result in consequences, including a damaged reputation and a dip in productivity.  

What are the benefits of DX?

Digital transformation offers a multitude of advantages that can see a business’s strategic goals come to fruition. Here are just a few benefits:

  • Better operational efficiency – IT solutions can provide companies with access to workflow automation to reduce human error, make significant cost savings, and improve workplace productivity.
  • Improved employee experience for high-quality customer experiences – when your staff have the IT solutions they need to complete their jobs, they will have an easier time delivering the right services to your customers (a necessity for a dynamic competitive edge).
  • Data-driven decision-making – IT solutions (like Microsoft Office 365’s SharePoint) can help organisations store/manage data and information, enabling them to make strategic decisions and better anticipate short-term and long-term customer needs.
  • A strong competitive edge – digital transformation lets companies leverage technologies that will make them more responsive to market demands and help them stay on top of industry trends.
  • Bolstered innovation, faster growth – DX enables businesses to innovate, explore new business models, and expand into new markets for more revenue and seamless growth. 

What IT solutions should businesses consider adopting during digital transformations?

The IT solutions your company acquires during DX should be chosen based on your business goals. When working on your digital transformation strategy, consider investing in the following technologies to hone your competitive edge: 

  • Cloud computing – provides businesses with internet-accessible, scalable resources. Cloud solutions can also enhance productivity as it allows team members to access, view, and share data from anywhere, from any internet-connected device, at any time. 
  • Data analytics – allows companies to analyse data to gain insights into customer needs, trends, and more. This information can help with decision-making. 
  • Artificial intelligence (AI) – automates manual processes, minimises human error, and personalises services. 

What is a digital transformation strategy?

A digital transformation strategy explains how a business will leverage digital technologies to enhance its operations and customer experiences. It is a roadmap that guides a business through its digital transformation initiative, detailing the steps it will take, the IT solutions it will adopt, and the goals it aims to achieve. 

A digital transformation strategy should be comprehensive, encompassing all aspects of a business – from its internal operations to its customer goals. Additionally, as flexibility is essential for digital transformations, the best strategies are also flexible.

4 steps to create a digital transformation strategy

Creating a digital transformation strategy is easier than you may think. By following these four steps, you can create a strategy that is tailored to your needs and goals:

  1. Assess your company’s present state – examine your organisation’s operating models, culture, weaknesses, and strengths. This information will form the basis of your digital transformation strategy.
  2. Define your goals – determine your desired outcomes for DX.
  3. Find and choose relevant IT solutions – research and identify the digital technologies that can help you achieve your DX and ongoing business goals. 
  4. Develop a roadmap – create a step-by-step plan that outlines how the DX will play out until it is complete. This should include timelines, IT implementation, key performance indicators (KPIs) to measure progress, and more. 

Bolster your competitive edge with a digital transformation strategy designed by experts

Nowadays, businesses must embrace digital transformation or risk being left behind. While the idea of organisational change may seem intimidating, a clear digital transformation strategy will help you deploy IT solutions efficiently and safely. 

An industry-leading managed IT services provider, Platform 24’s digital transformation consulting services can offer businesses cutting-edge technologies, tailored strategies, and expert IT support that ensures a successful digital transformation. 

Whether you need help preparing for a transformation or you want a reliable IT services provider to carry out planned changes, Platform 24 can empower your business to outperform your competition and drive growth and sustainability.

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