DIGITAL BUSINESS TRANSFORMATION TO STAY AHEAD OF THE COMPETITION

It’s a competitive market, and many businesses need to fundamentally improve the way they function and use technology better to remain ahead of the competition. The ways we do business, buy and work and live have changed profoundly with digital technologies. These have also altered society and nearly all business functions and industries continue to be impacted.

Due to the new ways of communicating, collaborating, executing and building bridges between people in digital technology, it affects the core of all business functions.

The Digital Path to Business

Digital Disruption

In addition to being one of the most hyped terminology over the last few years (as seems to be the case with digital transformation as such), digital disruption is generally used in the sense that an industry, a way of doing business or an environment  is strongly challenged by established (mostly tech) businesses, entrants or incumbents who have mastered digital business skills and come up with solutions, business models, etc.

Next to it and, emerging tools are used to transform how you do business. It also involves the application of innovative business models and the goal is to influence the value of existing products and services. Or, how can you do what you’re doing in a better way to make you more successful. Digital Disruption may be generalized to a specific field of business or enterprise as a whole – e.g. switching from ledger books or excel spreadsheets to cloud-based applications for the accounts is a digital disruption; as is the implementation of the Platform Economy.

Digital Business Automation

This is part of the digital transformation process. It could be defined as automating repetitive work, activities, processes, workflows and even decisions. Effective digital business automation demands the task, process and everything from one end to the next. It is really important to think about the impact of each automation on the rest of the process, workflow and business as a whole. There is no point in automating one aspect of your company if it means that another part would not be able to cope with increased efficiency and you are not ready to do so at the same time.

Digital Resilience

Digital resilience refers to the ability of a company to continue to function despite failure and to remain in business while mitigating customer impact, reputational damage and financial loss. Businesses need to concentrate on: protecting and increasing the top line; building agile operations; inspiring people; speed up data and digital technology adoption; improving cybersecurity; and enhancing finance.

Organizations that are resilient:

• Know their entire network, including data paths inside the network.
• Set targets, measurements and objectives for safety and response.
• Employ methodologies in handling transition and prioritise risk and intelligence for better decision-making.
• React to incidents quickly – while preserving operational readiness, reducing the risk of data loss and preventing additional damage.

The most important thing to concentrate on is the immense value that any successful company will consider by analysing the possibilities that the digital world provides them. The entire process can be exciting, overwhelming and rewarding, and challenging your company seems to be the way forward if you want to stay ahead of the competition.

In order to get ahead after the pandemic, Adopt Digital Transformation today

Why not take full advantage of digital transformation by being smarter with the use of technology? For those willing to explore how digital transformation will help their organisation grow and enhance workplace well-being, Trovend Technology provides a free , business solutions analysis.