4 Steps For SMEs To Prepare For Digital Transformation
Digital transformation has taken the world by storm – there is little to no doubt that every organisation will be a digital one in the near future. If you are wondering what exactly is digital transformation and how you can prepare for it, then read on more to find out.
Long-term success and reaching total production capacity can be achieved by integrating innovative technology into production methods. According to latest findings, businesses in Singapore have made considerable profits from their investments in digital transformation. Yet, digital transformation is an extremely complex process.
In today’s article, we discuss the 4 steps SMEs should take to prepare for digital transformation.
1. Your business transformation should be aligned to your business objectives
You should begin by assessing your primary business objectives – what does your business aim to achieve in both the short and long – term periods. What are the types of technology that could be utilized to attain the objectives? For example, if your primary goal is swift expansion into new markets, then it might be more pragmatic to put your planning for an investment in AI on hold, and instead ensure that you have solid cloud infrastructure that will be able to provide support for your key business processes.
2. Invest in Technology That is the Most Appropriate for Your Business
Digital transformation will not hold the same meaning for all businesses – your company require a different approach compared to a different company. According to The Aberdeen Group, there are three types of digitalisation technologies which possess the ability to impact operations – the Internet of Things (IoT) due to its uncanny ability to provide operational intelligence, the cloud for its scalability, and big data analytics, which can transform data into predictive and actionable insights. But of course, every business will differ in terms of what technology it requires. While one business may stand to gain immense benefits from implementing cloud infrastructure, another business that is operating out from a single facility may prefer to choose other options.
3. Use Your Insights Effectively
With the vast amount of data that businesses have amassed due to digital transformation, it is crucial that businesses are able to utilize these insights in an effective manner in order to pave way for changes or new revenue streams. Data analytics suites such as Google Analytics are extremely helpful for businesses to gain important insights about customer preferences and trends, predictions or information about the performance and quality of services and products.
4. Constantly Re-examine Your Digital Strategy
It is crucial to have knowledge of the fact that digital transformation is a journey that is never ending. New technologies are constantly being developed, from robots to flying cars. These technologies can also provide multiple opportunities for SMEs. It is therefore crucial to continually adapt and modify your digital transformation strategy to new trends, re-examine your current situation, and your rate of digital adaptability.