Everyday life of the present-day populace is dictated by digital tech and we allow AI to make an increasing number of our daily decisions. We have to ask ourselves then why so many businesses fail to keep pace with their intended clients.
According to recent research, digitally transformed organizations are projected to contribute more than half of the global domestic product by 2023, accounting for roughly $53.3 trillion. So, the financial incentive is there – it is up to the smaller organizations to tag along and tap into the revenue.
If they want to stay competitive, present-day SMEs need to work fast to close this digital gap and build themselves directly into the roots of ongoing digital evolution. Let us take a look at a couple of ways to devise the strategy that will set the foundations for this transition.
Define your end goals
One of the reasons why so many small and medium enterprises fail to use all the advantages of the contemporary digital infrastructure is because they don’t have a clearly defined vision of where they want to be in the end. If you want to make tangible progress, you need to have tangible long-term and short-term goals. As for the suggestion where you should put the focus efforts we say you should try to meet the demands of the user and focus on providing a better customer experience. Customers are looking for increased technological capabilities, ease of use, and responsiveness. That is exactly what you should do.
Plan to move your infrastructure to the cloud
The benefits of such transition are not only the immediate spike in productivity and a higher level of collaboration, although these perks are certainly not negligible. Even so, the true power of cloud tools lies in the fact that they are developed, maintained, and updated directly by service providers. Your monthly subscription always gives you access to the latest-gen products that need no additional investment or work on your behalf. Also, due to their pay-as-you-go billing model, cloud tools offer an unprecedented level of scalability and flexibility necessary for current volatile market trends.
Look for third-party consulting services
Planning long-term endeavors like digital transformation can sometimes prove to be too challenging tasks for SMEs whose main field of expertise lies primarily in activities that generate revenue. If you want to get the most of your future overhaul, it would probably be the best idea to ask for help from some of the technology consulting companies like HTEC Group. These third-party vendors have a lot of experience in the areas of digital development, artificial intelligence, and scalable cloud platforms so they will be able to get you through the motions much faster than you would be able on your own.
Put the focus on people and only then on technology
To put it simply, handing down your employees some new technology or trying to enforce some new tech trends on your customers is not enough. As with any similar disruptive initiative, the chances are your best intentions may lend on deaf ears and encounter potential resistance. That is why you need to be very careful when it comes to the choice of the technologies you are going to introduce and resort only to the changes that are warranted. Furthermore, be sure to move one step at a time. Gradual changes are much easier to bear with than massive, tectonic shifts.
Keep a close eye on the technologies that drive growth
What do we mean by technologies that drive growth? The list of usual suspects usually includes machine learning, artificial intelligence, integrated platforms, and all similar technologies that are at the moment pushing the envelope of productivity, data analytics, and efficient decision making. As a matter of fact, the recent McKinsey global survey suggests that AI has been listed as one of the most important modern revenue drivers attributing 20% or more of their organizations’ earnings. These patterns can be successfully emulated regardless of the industry or the scale of the enterprise.
Try to develop a culture of adaptability
Last but not least, you need to be aware that when it comes to technology, change is something that will become a constant. So, while you might be pursuing some market-dictated goals we have mentioned earlier, be sure to encourage a culture of adaptability, innovation, and quick implementation. This will require an educated and empowered workforce so you know where a considerable part of your efforts should be aimed at. This task will be made easier if you create a hierarchy in which your workers will have more ownership over the immediate decisions and reap the benefits of good calls.
These few tips should provide you with a general outlook of the steps you should follow to build a digital transformation strategy that will integrate your company more closely into the wave that is currently sweeping over the business landscape. The world around us is going digital and the best we can do for our companies is tap into this trend and close the between us and intended customers. Now, you know where to start.