What is Digital Transformation, and how does this apply to you?
14th May 2021
Digital Transformation, it’s a phrase that is thrown around in business all the time. But what does it actually mean?
Put simply, digital transformation is the process of transforming a company’s services, culture, and customer experience through the adoption of digital technology. The aim is to integrate technology into every area of a business and fundamentally change how it operates, delivering greater value for customers.
When done right, digital transformation offers a myriad of advantages to willing companies. These include:
- Improved resource management and productivity,
- Better data collection and analytics, leading to meaningful customer insights,
- Encouraging collaboration and communication between existing teams within a company,
- Increasing the overall agility of the company.
That last one seems even more important given the effects of the pandemic. The past year has seen seismic shifts in consumer behaviour and how companies operate as a team. With digital transformation, companies can adjust to these shifts in real-time, becoming agile in the face of a dynamic market.
We think the advantages of digital transformation are plain to see. But don’t take our word for it, a report by the SAP Center for Business Insights and Oxford Economics found:
- 85% of organisations committed to digital transformation report increased market share,
- they expect 23% higher revenue compared to others in the next two years,
- and 80% say digital transformation has increased profitability.
Applying Digital Transformation to you
So, all this sounds great. Undertake a bit of digital transformation, and the world is your oyster, right?
Unfortunately, digital transformation is a complicated world with many pitfalls. The phrase itself isn’t helpful. It’s vague and can mean different things to different people. Sometimes it gets lazily reduced to a few strategies:
- Take your business paperless
- Move everything to the cloud
- Use data analytics
- Shoehorn some of those fancy buzzwords into your business model, machine learning, IoT. You’ll sound smart, at least.
While some of these work great for the right company, in truth, there isn’t a straightforward catch-all approach to digital transformation. There are as many digital transformation strategies as there are companies.
Research by McKinsey has shown the success rate for transformation projects remains consistently low, with less than 30% succeeding. Finding a strategy for your company takes significant research and planning; ensuring you succeed will likely require outside help.
One way to improve your transformation is by hiring experts like us. Since 2013 Telescopic has been at the forefront of digital transformation. We have worked with clients from start-ups to established international businesses, navigating them through the choppy waters of digital transformation.
How we apply Digital Transformation
At Telescopic, we know how to make technology work for the people that are actually using it. Digital transformation has no chance to succeed without the buy-in of the team. Telescopic begin work with each new client by performing extensive research. This includes workshops with all stakeholders.
We take a detailed look at your business operations to determine the existing digital systems and assess manual workflows that have the potential to be automated. This research is combined into our master plan for digitally transforming your business.
This will almost always mean integrating multiple new systems, which could be new third party SaaS or adopting new API into traditional software.
Communication is critical at every stage of the transformation. Our objective is clear:
- Listen and understand any potential concerns.
- Get employees on board to help drive transformation from within the company.
- Communicate with third parties and provide clear information on new systems.
Digital transformation often requires changing from long-standing business processes, which can be daunting regardless of your company’s size. The digital transformation path is a step by step process to reach a long term goal. It doesn’t happen overnight and often makes more sense when gradually introduced.
Telescopic define problems in human terms. Before a problem is solved, it has to be fully understood. How does the problem impact the real people encountering it? Does a change in system solve the problem they have? Or do they just require a change in behaviour?
The best engineering solutions miss the mark when they don’t solve the real underlying problem.
Digital transformation is a bit like planting trees. The best time to do it was a long time ago, but the 2nd best time to do it is right now. So get in touch with Telescopic today and learn how to take your business to the next level with digital transformation.