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Digital Transformation, what is it?

Posted February 9, 2022

Digital transformation is more important than ever in industries today, from small to large businesses. The more digital you are and the faster your business can adapt to new technologies, the more relevant and competitive you will be.

However, many business leaders are unaware of what digital transformation entails. Is this just a fancy way of saying "move everything to the cloud" or something else entirely? Is there a specific process we must follow, or do we need to create new positions and then hire a consulting service to assist us in developing a customised framework for digital transformation?

In today's blog, we hope to provide clarity for anyone who reads this blog by answering some of the most frequently asked questions about digital transformation. So, if you're interested in learning more about digital transformation, keep reading.

In layman's terms, a breakdown of digital transformation.

One point that must be made clear to businesses is that digital transformation is not a one-size-fits-all solution. It can be difficult to pinpoint an exact definition because your digital transformation will look different compared to another company in a different industry, depending on the industry and the service they provide. However, for the purposes of definition, we could say that digital transformation is when digital technology is used in all parts of a business, changing how businesses work and how customers get value from them.

Going beyond the definition, there are times when a cultural shift within the organisation is required in order for them to constantly continue to grow, challenge, and experiment with the status quo, sometimes while being comfortable with failures along the way. For older companies, there may be times when they must abandon long-standing business processes that have become ingrained in their DNA.

A problem statement should always be the starting point for any digital transformation project.

When it comes to digital transformation, the first question you and your company should ask is, "Why?" The why is important because it defines and directs where your digital transformation can begin and what framework to employ. Examples of "why" include wanting to improve your customer experience, reducing friction, increasing productivity, or simply increasing profitability. If this is what you and your company want, it could be about taking your business to the next level by using and allowing your company to use digital technologies that weren't around many years ago.

As the owner of your company, you should be fully aware of how the world is changing and understand what the phrase "digital transformation" means in your company and its culture—whether you work in finance, agriculture, pharmaceuticals, or retail.

But why is digital transformation important?

Many businesses that have been in operation for many years have opted for digital transformation in today's digital and modern world. There could be several reasons for this, the most likely being: "If you don't, you won't survive."

Even after the recent pandemic that has been going on for a long time, a company's ability to quickly change their business chains, deal with all market pressure, and quickly adapt to changing customer expectations is very important.

Predictions of long-term changes in consumer behaviour from actual to digital as a result of the pandemic are coming true, as digital has been accelerating in almost all categories and industries. Streaming, online fitness, and food continue to be the most significant changes. On the B2B side, even though remote selling has slowed as businesses reopen, it continues to work as consumers have discovered the convenience in recent years.

Enhancing the customer experience has become a major goal – and thus a major component – of digital transformation. Client satisfaction will always be the most important factor in how well a business does.

How can I calculate the return on investment in digital transformation for my company?

To demonstrate the success of your company's digital transformation efforts, you must quantify the return on investment. That is easier said than done, however, because your digital transformation may affect multiple functions, departments, and even how your company interacts with its customers and employees.

Though it is difficult, quantifying its success is critical to its continued investment. This is because simply introducing and implementing technology isn't enough; KPIs (key performance indicators) must be established to allow you to track its effectiveness.

When assessing how well your digital transformation investments are performing, it is always best to take a holistic approach rather than a project-by-project basis. This is important to remember so that the failure of one project does not undermine all of your and your company's efforts toward digital transformation. When done this way, it also makes you more willing to take on more risks as you move forward on your digital transformation journey.

Other best practises for digital transformation should be considered as well. Among them are:

- Prioritize initial metrics.

- Develop metrics for experiments that you want to conduct in order to learn and adjust within your company.

- Finally, align your digital transformation with business outcomes: this could range from operational impact to cost impact to strategic impact.

Great! So, how can my company and I get started on the path to digital transformation?

Don't worry if all of this makes you feel hopelessly behind. Digital transformation is a huge undertaking, especially for larger, more established companies. When done correctly, it will result in a business that is more responsive to customer demands and more resilient in the fast-paced digital future.

You can email us at digital@netfusiontechnology.com for more insights and wisdom on digital transformation, or call us at +61 2 9089 8875 to schedule a FREE consultation about your business.


NFT digital marketing Con M | Digital Marketing Manager

Net Fusion Technology | Masters of Marketing Communications

Gartner has revealed its top predictions for 2022 for IT organisations and users. The IT industry is an internal part of the business world and of many businesses, which is why these predictions have great implications for the business world. Implications we believe these top strategic predictions will have on business are as follows.

Behavioural data affected by “tricking” algorithms

It is common knowledge that most internet users feel uncomfortable with how much data companies have on them. Gartner predicts that by 2024, 40% of people would have started tricking tracking metrics that help collect this information to solve their privacy or other data management and protection concerns.

Many algorithms based on synthetic data generated from the data collected from the tracking metrics will be rendered useless and companies around the world will have to reconsider their marketing campaigns because they depend on this data to build buyer personas and plan target markets.

The high degree of personalization available in the business world will also take a hit because it is also based on the behavioural data collected.

Workers will become their own bosses

Gartner predicts that the rise of Hybrid working that we see now will remain and result in the traditional manager role being greatly altered. According to Gartner, by 2024, 30% of corporate teams will be without bosses.

This change has come in place as businesses look to increase business agility. The pandemic has made it more necessary than ever to do so.

The manager role will depart from the commander and controller based approach where everything had to be done through her/him towards a more management focused approach with focus on planning, and prioritising role with more focus on core business activities. 

This, if well executed, will result in higher efficiency, better time management and improved bottom line, but could increase the workload of the workers who not only have to do their work but also take over some responsibilities of the managers.

Increase in cyber crime and stronger retaliation

Businesses have always been working hard to ensure that their websites do not fall victim to cyber-crime. Data protection of both the data of the business and their customers is very important to them.CMS and other data fabrics of companies have also been victims of cyber crime, causing great losses to business. 

Stronger retaliation will deter cyber criminals due to the fear of consequences and reduce the fear of cyber crime in companies.

This will also result in higher consumer confidence, improving the online consumer market.

Poor-fit Consumers

Gartner predicts that many businesses try to keep their poor fit consumers on board with various marketing techniques or even improved products, but in the end they are just customers who increase by 2025, 75% of companies will break up their poor fit consumers. 

 costs and harm the reputation of a company

It is better for companies to refocus their attention on different target market than to try to keep their poor fit customers. It will result in improved profits. More conversions and optimal use of resources.

Africa will rival Asia as a top startup ecosystem

The increase in developer talent in Africa will improve investment in the region, businesses will be looking towards Africa for outsourcing, strategic partnerships and hiring.

Global competition will also increase due to the fresh blood infused into the market.

This will increase disposable income in Africa and make it a bigger consumer market as well and will increase marketing campaign focus on the African continent.

NFTs 

The rise of Non Fungible Tokens has been tremendous. Mcdonalds also just dropped their own NFT. NFTs provide users with unprecedented control over their work and insight into its life cycles. Previously, a sale meant a piece of art was gone for good, but with blockchain, you can keep track of it and benefit from it perpetually. It is a major move for artists to keep in touch with everyone who owns their work.

The nascent industry may appear full of questions rather than solutions to individuals seeking to make a career from creative works.

Improved Internet Access

By 2024, an additional billion people will have access to the internet. This is sure to improve the rate of digital transformation and bringing more people onto the internet will widen the consumer market online. 

Businesses have to prepare for this increase by improving the websites, server strength and marketing campaigns to capitalize on this increase.

With the Gartner It Symposium Xpo 2021 to take place soon virtually , where these issues will be discussed on a larger platform by leading IT experts and CIOs so if you do wish to know more on these predictions and their implications, be sure to tune in.

Through business assistance, several companies seek to improve their professional management. But we do know that before implementing this type of large-scale strategy, it is highly necessary to be aware of its role and the added benefits it will bring to your business. The trend towards business assistance has constantly been increasing due to the growing need for companies to respond to the latest technologies and market complexities to adapt to new changes in the market and remain competitive. And with the help of business assistance, you can easily delegate functions that are not quite significant for your company as such to the company you are outsourcing. By doing this, you will be able to dedicate your time and efforts exclusively to the core activities that are primarily the basis for production and profit maximization.

How can you tell when it's time to get business assistance?

The following signs are good indications:

  1. You always find yourself working long hours - If you spend your time working long hours almost all the time, then it is time to think about hiring a virtual assistant to help you with the work load. Repetitive tasks like answering customer service and social media comments are a few that you can outsource to your virtual assistant.
  2. Your business is losing clients because you can't answer them right away - When clients are prospecting they expect an answer to their queries right away. If you are having a tough time keeping up with all your emails, you lose potential clients.
  3. You need something done, and you don't have the skills for it - You may have a job that requires you set up a professional Shopify website but don't know enough about how to create it to make your business boom. You also need materials that need translating but do not know the language. It is during such times that you realize the value of having a virtual assistant to help you with your requirements.

Other advantages derived from business assistance, certainly make the cost of outsourcing worthwhile -

  1. Cost reduction - allows you to avoid fraud and decisions that compromise inessential expenses
  2. Better capital use and control of the workforce
  3. Dedicated focus towards the company’s efficient development that further allows you to acquire benefits in large-scale investments
  4. Access to the best talent, across the world

You can also obtain all these benefits by outsourcing your Bookkeeping and Virtual Assistance functions to NFT. We assure you to keep your confidential information secured and provide a high-quality service while you can completely dedicate yourself to your core activities.

Want to increase traffic and conversions? Strategies adopted are not giving desired results? NFT has put together an overview of effective marketing tactics that will glue the right customer on the right device at the right moment.

  1. Design your website in a way that makes it easy for your customers to get what they want - A poorly designed web store will always lose your customers. Even the simplest aspects such as font that is hard to read, confusing navigation, and unsegmented products. You need to have the right balance between visuals and texts and develop a clear value proposition. The experience of navigating through your store should be enriching for your customers, compelling them to return at a later time.
  2. Focus on site speed - You need to ensure that your website is “bang on” (eg. site speed, header tags, and interactive media). If you can get these right, you will certainly see a boost in your site’s visibility and click-through rates.
  3. Engage your online store visitors with live chat - This will allow you to have direct conversations with your customer and without much delay, you will be able to answer and address their concerns just when they’re planning to purchase at your store.
  4. Promote your customer reviews to build trust and recognition - Customer feedback can make your sales and help you gain the trust of potential customers.
  5. Reduce abandoned carts - If you’re unaware, every time a visitor abandons their cart without actually make a purchase, you lose money. To reduce the frequency of this, begin using email recovery campaigns that convince your customers to make a return visit and complete their pending purchase. You need to be able to entice them!

Looking for quick and effective solutions? NFT can help you make your website easily and quickly. With technology and user preferences changing rapidly, the team at NFT can design, build your website to cater to the correct target audience. Our great design will connect your website visitors with your ideas and product offerings. We fuse performance and style to deliver effective design for your business. Get in touch with us ASAP so that you don’t miss out on your potential customers.

Content creation is one of the most challenging tasks, and with today’s increasing usage of various social media platforms, it is getting even more tough to post relevant content that is effect for our SEO purpose.

But, as always, you have NFT to your rescue. We’ll give you a little insight into the type of content you can post on three major social media platforms for your business that will not only reach your customers but attract them and also engage them. Let’s be a little creative!

Instagram

  1. Show off with high quality product posts - Avoid making your photographs seem like an ad post, instead showcase them in an aspirational setting that is relatable to your target market, you should always aim to connect with them so make sure they can relate and picture themselves in.
  2. Produce exciting Instagram reels - A lot of businesses lack video content on their feed, but don’t know that it is one of the most crucial aspects of making you business stand out. So hurry and tap into this before your competitor does.
  3. Give your followers a little behind the scene sneak peek - Believe it or not, followers love behind the scenes content. It not only creates transparency, but builds trust where they get a hint of your operations.

Facebook

  1. Write creative descriptions for your posts - Your photographed product might be worth a thousands of dollars but if you do not have a witty description, it might not create that valuable impact it should. Put in extra thought next time, and see the difference yourself!
  2. Share random thoughts - A few inspirational messages, or general talks about the day helps your fans to relate with you. It leaves with a thought and builds up their interest in following your posts
  3. Post at the right time - Data analytics comes into picture here, it’s not easy to identify an optimal time but it is certainly worth your time to conduct some experiments. You could
    have the most expensive content put up, but it could go unnoticed. A little hint: you can use Facebook Insights to determine when your fans/followers are online.

LinkedIn

  1. Celebrating company wins and milestones - You should definitely give inside looks to your connections/followers about any achievement, success and show gratitude to them for  helping you achieve your goals.
  2. Get your video content out there - It is a myth that videos aren’t valuable on LinkedIn, the professional world of LinkedIn loves informative videos about your business, products and services.
  3. A strong Call to Action - Leave your followers with a thought to multiply the value of each post. The key to successful social media posts is to drive action not to create content that sits.

This can be quite overwhelming and time consuming to implement changes and be consistent
with them. Worry not, NFT provides Social Media Marketing services that shape your social media profiles and let your brand’s voice be heard. Get in touch with this, and convert your audience into promising customers. 

Almost everyday there’s a new headline about cyberattacks and their devastating losses that could potentially threaten the survival of your business in a snap. There are many such incidents that occur on a regular basis but go unnoticed simply because organizations do not know how to detect them. For instance, it is quite possible that even though your information is not being compromised, it is being threatened.

But like all other times, NFT is here to raise your understanding of such incidents only so that you are able to identify these security incidents right at the beginning and not compromise on the safety of your business.

Whenever you experience the following incidents, know that your information is being threatened.

  1. Traffic sent to or from unknown locations - if your company only operates in one country, but you notice traffic being sent to other countries is an indication of a malicious activity.
  2. Abnormal browsing behavior - you could notice this through repeated pop-ups, unforeseen redirects, or differences in the browser configuration that you are unaware of.
  3. Excessive consumption - if you begin to notice an unexpected increase in your server memory’s or hard drives’ performance beware because an attacker could be attempting to access them illegally.
  4. Unanticipated modifications - these could be in the form of unknown password changes, user account lockouts or unforeseen differences in group memberships.
  5. Anomalies in outbound network traffic - it is very important that you monitor traffic leaving your perimeters. Such incidents could include large company files being uploaded to personal cloud applications or being downloaded to external storage devices or even email messages being sent with large attachments outside the company without your permission.

All of these incidents could turn into a threatening cyber attack. Be responsible and beware by adopting cybersecurity services that can help your company stay secure. Spend a little today and save yourself f rom losing all that you’ve earned. NFT offers consulting services in all aspects of cybersecurity, f rom strategic planning to the most technical engineering challenges. Our team will make sure to design the perfect solution based on your company’s specific needs. So stop waiting, and contact us now!

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