How Digital Transformation is Changing the Game

With amazing advances of the Digital Revolution, what remains is the never-ending concern for every company who is not digitally "on board." #techthatmatters

We live in a business world where the competition is endless and fierce at times. Many business leaders are scared to not meet startup deadlines which drastically hinders the organizations start up process.

In order to keep up with the revolutionary digital demand, companies are forced to pivot by acquiring low performing startups or creating new teams in house to come up with cutting-edge solutions in order to stand out from the competition.

In 2019, it was found that over 78% of nationwide organizations believe that digital start-ups are a threat to their business, or will be in the future. Over half of the global businesses fear that they do not know what the company will be in three years or if they will be able to keep up with the evolution of digital technology.

It is a certainty that in order for a business to grow, each organization will need software development expertise which will be a difficult task for a new growing company. Every company, no matter what industry, will now or in the future be required to be some what of a semi-tech company.  

So, what can an organization do to stay hot in front of their competition when the overall outlook is uncertain and new experienced businesses are further ahead in the process digital innovation?

1) Make Customers Trust a #1 Priority

Given the amount of customer and consumer security breaches in recent years, it is harder than ever to win a customers trust. Only less than 30% of businesses today show trust and transparency to customers. You must establish a trusting relationship with your prospective customer and work harder to win clients over. It is extremely critical that organizations ensure proper security solutions are in place. This will crush the 30% of companies who are not providing digital transparency and allows a more trusting and secure relationship with clients. 

2) Don't be stuck on your own Agenda! Be Innovative

According to Dell's Digital Transformation Index, about 6 out of 10 companies are not able to meet security demands and access to services and information. It's important as a company to be able to innovate constantly, focusing on short term more concentrated goals, week to week. This can be accomplished by remaining fluid and open to the ever changing digital market. Having a quick changing internal Innovation Team will quickly push forward new ideas and developments for the organization at rocket speeds, and the consistent innovation will foster a creative environment.

3) Choose the Right People and Good Partners

With the ever changing fast-paced business environment, it is important to recognize potential partners out of the many competitors and business alike. It is better sometimes to go with the "flow" then against it the current. Keep an open agenda and be open to business partnerships that could drastically put you miles in front of your competition. Though it may be tempting to hire talent to improve and innovate, it can be more cost effective to partner with an organization that fills in the gaps.

Businesses very often struggle through this Digital Transformation when they fail to innovate and evolve. Then its a process of scrabbling last minute to keep up with the growing demands. Digital Innovation is key for your business to grow! Your digital transformation should touch every function of your business, from purchasing, finance, HR, Ops, IT and Technology, sales and marketing and every other division in the business to help drive evolution, innovation and viability.  

Ultimately, this will enable your business to thrive and stay ahead of your competition.

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Article written by Matt Pierce

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