Digital transformation of businesses – small or big, can follow an extensive process, which can take months, if not years to complete. The process of digital transformation can include several kinds of transformation such as business process, model or domain transformation, or even a large-scale organizational transformation. Despite the impact of COVID-19, the growth of digital transformation in businesses indicates spending of $1.3 trillion, which is likely to reach $2.4 trillion in 2024.
With such extensive impact and growth of digital transformation in the world of business, they can be lifelines for small businesses, which are a vital part of the economic ecosystem worldwide. Here is a short guide to help you through the process of initiating a successful digital transformation for your small business:
What is Digital Transformation?
Digital transformation as a concept refers to an organization’s ability to leverage advanced and emerging technologies for creating a better user experience for their customers. When implemented effectively, digital transformation can integrate technology with multiple verticals of the business to make the entire process more accurate, better, and faster. In the past decade, the need for businesses to digitize has grown exponentially, making digital transformation even more common nowadays – regardless of the size of the business. Even businesses that are not able to implement a large-scale transformation, now digitally enhance their processes to derive better results.
Benefits of Digital Transformation for Small Businesses
While digital transformation and the various aspects associated with it can make it seem like it is for large businesses and corporations who can afford to invest hundreds of thousands of dollars for implementing advanced technologies. But a lesser-known fact is that digital transformation can be implemented in all kinds of organizations, regardless of their size, and can impact the way they conduct business.
There are several benefits that small businesses can get from digital transformation and some of them are as follows:
- Automating Processes
One of the primary benefits that can be achieved by the digital transformation for small businesses is process automation. Small businesses can integrate technologies to automate several processes that might be currently operating manually. The automation of these processes can increase the efficiency within small businesses.
- Error Tracking and Prevention
When it comes to small businesses, partial or significant technological transformation can also help in tracking errors in real-time. It can also prevent human errors that can often cause major losses in companies and help the company build a mechanism for preventing errors in advance. Moreover, it can prevent errors from taking place at any stage of the business, and ensure that the company can ensure higher accuracy.
- Optimization of Resources
The third important benefit that small businesses can get through digitization and digital transformation is better optimization of resources. With better resource optimization, companies can make the best out of their current resources, and plan better for any resources that they want to invest in the future.
With the above benefits, it is clear that even if small businesses invest in digitizing their processes to a limited extent, they can improve their processes, and increase overall efficiency.
Top Ways to Digitally Transform Small Businesses
With the aforementioned benefits that small businesses can attain through digitization and digital transformation, there are certain ways that you can use to make it work in your favor. Here are some of the primary ones that you can consider:
Make it a Collaborative Process
A lot of companies miss out on crucial aspects of digital transformation by making it solely an IT project. Considering the change that a comprehensive digital transformation or digitization can trigger, it is important to consider other departments as well. Moreover, it is also important to provide necessary data and information to employees to encourage self-learning. To that end, it is also crucial to provide necessary training and adoption materials to the users.
Integrate the Business Systems
Managing the internal business systems is another important way to be considered for digitally empowering the company. A crucial part of creating seamless business systems is to integrate them with the digital transformation process. Creating an interoperable platform by unifying all the business applications and modules, and integrating advanced technologies within them is a great way to make your business systems more robust. It also eases the challenges that can otherwise arise while transforming business processes.
Seek Consultation and Expertise
One of the main things that you need to be implemented for digital transformation is bringing in the right expertise and set of tools that can help you adapt to the transformative changes easily. Moreover, you can also increase the odds of making the digital transformation more successful by seeking the right expertise, even from a third party. You can also use third-party applications that will facilitate digital adoption among the users of your company.
For instance, SAP, a popular SaaS company providing a suite of enterprise applications and modules for organizations provides a special application called SAP Enable Now, which is a well-defined digital adoption platform to help their users onboard the application and its various features. However, there are other SAP Enable Now competitors, which can also be used for the purpose, such as Walkme and Whatfix.
Keep Control on Budget and Time
When you are digitally transforming your business, it is fair to think that you want the very best for it. But even then, it is important to keep an account of the resources that drive the transformation process. One such aspect is managing the budget allotted for the transformation effectively and managing the timelines associated with them. This can ensure that you do not end up wasting your resources and that you can generate higher returns against your investment.
With these factors in mind, it is clear that the implementation of digital transformation can be quite influential across the organization. It can have implications for all kinds of users, which is why having robust processes and systems to promote digital adoption should also be considered. Moreover, even small businesses can implement digital transformation and digitization successfully, and reap the many benefits that it offers.
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