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 firstname.lastname@example.org for more insights and wisdom on digital transformation, or call us at +61 2 9089 8875 to schedule a FREE consultation about your business.
|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.
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.
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.
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.
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.
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.
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.
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:
Other advantages derived from business assistance, certainly make the cost of outsourcing worthwhile -
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.
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!
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.
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!