What is a Digital Company?
Many people believe that Digital Transformation is simply the implementation of new technologies in an existing organization. When a company becomes Digital, it experiences a shift, a new pace in the run of purchasing power and profit. You and your business become a leader when you seize this opportunity. Digital Transformation is not only an investment in new technologies, like Artificial Intelligence, Blockchain, Internet of things, but it’s a deep transformation of products and services, organization structures, development strategies, customer service, and corporate culture; how is this so?
It is not a new thing that Information Technology has reformed the mode of operation and the infrastructure of cooperation and business from the moment the wise business owners started integrating digital workspace into their business. Therefore, the update of business culture and remodeling businesses through digital means is how businesses arrived at the magnificent transformation you see today.
Alternatively stated, this is a revolutionary transformation of the organizational model of your business and its business processes. Your business is said to have gone through the refining process of Digital Transformation when you introduce technology to what you do and take advantage of it to run the business' external and internal operations. Do we all agree that Technology is a savior; doing well everywhere it goes, in this case, making life easy is the “Tagline”. When a business employs Digital hands to help run operations, there is bound to be a profound transformation. It's a win-win situation for you because, as a business owner, your technology-focused initiative will soar when you maximize the benefits of data assets.
How do you become a Digital Leader?
You need to know what Digital Leadership entails. It means that you, as the leader of the team, are tasked with the sole purpose of taking the business to the peak by utilizing the company's digital asset. A digital leader is always on the lookout for technology that can assist every operation in the business. A digital leader pays adequate attention to Digital information and everything that revolves around it.
The mode of running a business is a culture (the way it is done); digital technology in the business is another culture that a Digital leader must endeavor to integrate into the system. The challenge is for a Digital leader to identify how and when the new culture could work, check this against competitors’ actions.
Remember that I explained how the business's operation is conducted as a culture, so planning to bring a new culture may prove difficult because the new culture might not agree with some norms of the old. Here, a Digital leader needs to figure out which core beliefs can be modified or dropped. A leader must work with the team for support; this way, the burden is shared.
Digital leaders have to have the right mindset for today’s context. Successful digital leaders have six traits:
Thrive despite uncertainty
Quest for breakthrough business outcomes
Exploit new digital-era competitive levers
Start, experiment, learn and iterate
Cultivate creativity and a culture of innovation
Attract top-notch digital dexterity talent
A development program should include:
The organization can schedule 20 minutes once or twice a week to compare how much difference has happened since you integrated a new business process, take time to study the process and how effective it is, where it is lagging, and what needs to be done. You must be intentional about seeing this new digital transformation work because you will have doubts.
I’m here to tell you to remind yourself of the bigger picture, the endgame; you can’t give up or abolish digital transformation; no, it is the future. It is the next business estate. It is the next entry into the world business trade fair center. The best way to ingrain a new mindset is by dedicating time and resources to action. Experiential learning can strengthen a specific trait. For example, for cultivating creativity and innovation, consider hosting hacking events or touring companies known for those traits. Also, creating small achievable tasks with the new digital workspace to reinforce and encourage training and learning is a good way to drive home digital transformation.
Major areas of digital transformation?
The four foundations of a successful Digital Transformation
The first part focuses on employees, the core asset and life-blood of any organization, the essential core. Employees are the control system of any organization; when they fail, the system crashes. This is relative to the fact that it has to start with the employees if anything is done. Your company will become a digital company does not mean you won't need your employees anymore. They need to be on board, and they need to understand the new culture you plan to introduce to the organization. This is the part where the business culture, as well as the business workspace, is updated.
The second part focuses on customers and partners, the concentric circle to which businesses are so indelibly connected. This order is great and a simplified order that is easy to understand. This means that after we have updated the employees concerning the new culture, the next focus is the partners and customers, the organization's beneficiaries. While the employees are the body, the partners and customers are the limbs, without them, the body is crippled and useless. The aim here is to provide a digital workspace that will help the organization and make partnership easy and beneficial to the customers. A digital platform where customers can reach out to your company's front desk without having to drive for hours is a typical example of how integrating a digital workspace can help your customers.
The third part focuses on finance and operations, the levers of supply, demand, products, materials, P&L, and balance sheet. Here, the company will have to employ experts in areas like Technology Implementation Consultation, Developer services (infrastructure development and Enterprise content management system implementation. For a structural and organized growth of a new business that has just integrated a new digital culture such as digital workspace, digital database, digital market, and so on, they need all the help they can get to stand on their own feet. Here they learn how to use the new digital workspace to balance and process accounts and transactions, interact with customers, and even run ads.
Last but not least, the fourth section focuses on community: local constituencies, governments, investors, and other key stakeholders who the actions of an organization impact all feed into. Here, the action of the organization being referred to is Digital Transformation. The focus here is how the reinvention of the business model will affect the government and its policies, investors, and their stake.
Frequently asked questions about Digital Transformation:
Why does Digital Transformation matter?
It matters because the world is moving quickly, and digitalization is the new normal. Businesses, both small and big, are adopting the digital transformation, digital workspace, and digital culture. Digital transformation ensures everyone has a seat at the economy table, and it gives every business the global audience that it needs. Soon, businesses that can complete their Digital Transformation cycle will win and continue to win while they will relegate the ones that do not transform. However, it does not have to be so; take a Digital decision today.
Is Digital Transformation a must for all businesses?
Well, while it is a good upgrade, not all business needs it. A business that may not thrive without it; businesses that implement technology, machinery, and software must transform to remain valid and recognized.
Does a company need help when considering Digital Transformation?
Oh yes, a company needs help when it is about to embark on the Digital Transformation journey. The company needs to call for IT consulting and software development companies. It is necessary to follow the person who is familiar with the complex roads of Digital Transformation.
What are the disadvantages of Digital Transformation?
The outcome is not always predictable. Employees may not yield well to the new change because of personal reasons. It isn't easy because it requires lots of effort and planning, but it is possible. It is an investment, an investment that requires money, sometimes lots of money.
What are the Advantages of Digital Transformation?
Improved level of overall competence it is a global means of upgrading the company it secures a future for the company at large.
How to accelerate Digital Transformation?
Implementing the right Digital Strategy helps achieve more results with less resources. It’s important to work directly with professional IT service companies that help: define, implement, scale and optimize business processes.
It starts with:
Company infrastructure modernization, and it requires DevOps specialist, Now More than Ever.
Next it leads to Application development and modernization.
Digital Workspace implementation
And us a final optimizing and improving processes
What are the main software solutions and tools for digital transformation?
While there are many tools that help accelerate digital transformation, the main ones are:
Collaboration Management systems
Enterprise Content Management systems
Cloud Storage Systems
Recruitment Management Tools.
OCR: Data Extraction Tools
E-Forms: Form Automation
Workflow: Automate Your Business Process
Data & Access Security
To accelerate the progress for large and medium businesses of becoming a digital leader make it more effective to start with enterprise content management, that can cover several business areas at once.
Businesses lose about 20 to 30 percent in annual revenue due to inefficient processes. An efficient system will have cloud accessibility so you can run your business from anywhere on any device. Any enterprise content management system you choose should be easily integrated with your current applications. A lack of integration means you have to open and close more apps, copy and paste, or restart the entire process, leaving yourself open to frivolous distractions.
When your ECM software is integrated seamlessly into your document, accounting, social, and email software you save time and money for your organization.
Enterprise content management eliminates the need for excess paperwork and storage space dedicated to manual filing systems. The best software automates your workflow, eliminating repetitive steps, and gives you and your employees the freedom to work from anywhere.
What are the best enterprise content management systems?
What is an enterprise content management system?
A surprisingly important aspect of running a medium or large business is keeping track of the information your business needs to make key decisions, train new employees, and manage business relationships. Although many businesses have achieved these goals with employee-created content management systems that keep files relatively organized and sensitive information encrypted, these systems lack many of the built-in benefits of modern enterprise content management software. If you want to improve the way your business handles information, here are some reasons to invest in ECM software.
Keep Corporate Lingo Consistent
Medium and large businesses are made up of multiple teams that work relatively independently. Although this system works well for getting large volumes of work done, it has a major flaw: communication. Over time, the split between teams can grow as teams develop their own terms for the tasks they complete independent of other teams. The differences in team jargon can seriously hinder communication and cause problems during multi-team projects. To fix this issue permanently, your business needs to have a curated and easy-to-find repository of information about each team. Using an ECM program, your teams can document their terminology and work together to create a jargon glossary that will save time and hassle in the future.
Simplify Employee Training
As companies grow and change, hiring new employees keeps them fresh and productive. But training new employees is no simple feat. Although most managers have systems in place for employee training, these systems can be improved and monitored with ECM software. If all of the training documents for every team are stored and accessible in the same ECM program, finding the right training documents is simple. Even better, by using the ECM software during the training process, your new employees will quickly learn to turn to it for information whenever they need to communicate with another team or access sensitive customer or client information.
Keep Sensitive Information Secure
Although many of your employees should know how to encrypt documents to keep them safe, your documents won't necessarily be protected from leaks or other issues. Instead of keeping sensitive information encrypted but accessible, you can improve your information security by locking important documents behind passwords and employee access gates within ECM software. With multiple checks in place before any employee can access a sensitive document, you can make good on your promises to keep the data your business handles safe and secure at all times.
What are the features of an enterprise content management management system?
Enterprise content management is a system for managing your organization's digital and physical documents. US businesses alone spend about $25 to $35 billion a year filing, retrieving, and storing paper. An ECM system promotes a paperless environment and lets you get back to value-added tasks for your business.
Keep reading to discover the top features to look for in an enterprise content management system.
Intuitive Administrative Design
An enterprise content management system gathers your unstructured information, such as documents, invoices, pdfs, etc and stores them in a secure digital location. These documents can be scanned manually, created in-app, or uploaded and made available for anyone with access permission. Having an intuitive design reduces the headache that goes with learning new software. It will also provide customizable analytics for your business workflow.
In 2019, more than 4 billion records were exposed in data breaches. Look for a system with security as a top priority to keep your and your customers' information safe. Your documents should be easily searchable using a variety of tags or keywords with customizable levels of access.
Today's workers spend an equivalent of 69 days in hours of repetitive office work. This is time spent sending, receiving, searching for, or completing forms. With ECM software, repetitive tasks involving documentation are handled by the technology. Documents are auto-filled and flagged when a mistake is made or some else's approval is needed. This decreases the time lost to administrative mistakes and repurposes it for revenue-generating activities.
ECM software also allows you to track projects through various stages of completion. This helps business managers to identify workflow bottlenecks and gauge overall productivity for individual employees.