THE IMPACT OF DIGITAL TECHNOLOGY ON OUR SMEs

 Cue From: Rasheedat Olutunde.

Digital transformation is the transformation of business and organizational strategy, activities, process, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way. Digital transformation is the key to keep ethic principles in mind and enables you to stay competitive, helps keep your mind awake at all time.

Digital transformation is a journey with multiple connected intermediary goals, in the end, striving towards continuous optimization across processes, divisions and the business ecosystem of a hyper-connected age where building the right bridges between front to back end office activities, Decision making, people, team, technology and other various part of department in an organization is key to succeed.

The strategy for business transformation:

  1. Expanding requirements for the digital development process
  2. Expanding product portfolio
  3. Growing process complexity
  4. Collaboration with multiple suppliers
  5. Multi-site development and production networks

 

How to implement a digital transformation strategy

Make digital transformation your top business priority in your business for the year

  • Stay agile
  • Decentralize
  • Know your customers
  • Make some research
  • Define goals

 

      Digital transformation areas

  • Business activities/functions: marketing, operations, human resources, administration, customer service, etc.

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  • Business processes: one or more connected operations, activities and sets to achieve a specific business goal.

 

  • Business models: How businesses function, from the go-to-market approach and value proposition to the ways it seeks to make money and effectively transforms its core business.

 

  • Business ecosystems: The networks of partners and stakeholders, such as regulatory or economic priorities. New business ecosystems are built between companies with various background upon the fabric of digital transformation, information, whereby data and actionable intelligence become innovation assets.

 

  • Business asset management: whereby the focus lies on traditional assets. Both customers and information need to be treated as real assets in all perspectives.

 

  • Organizational culture: whereby there must be a clear customer-centric, agile and hyper-aware goal which is achieved by acquiring core competencies across the board in areas such as digital maturity, leadership, knowledge worker silos, processes, business activities, collaboration and the IT-side of digital transformation.

 

  • Ecosystem and partnership models: Ecosystems will be key in as-a-service-economy and in achieving digital transformation success.

 

  • Customer, worker, and partner approach: Digital transformation puts people and strategy before technology. The changing behavior, expectations, and needs of any stakeholder are crucial whereby customer, worker empowerment, new workplace models, changing channel partner dynamics etc.

 

It’s important to note that digital technologies are never the sole answer to tackle any of these human aspects, from worker satisfaction to customer experience enhancement. The people involve should respect and empower other people in the first place, technology is an additional enabler and part of the equation of choice and fundamental needs.

 

 

 

 

 

 

 

 

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