Digital transformation is contributing to the rapidly changing business landscape and if organisations want to survive in this fast-evolving space they will need to understand and embrace the transformation.
According to a study sponsored by Microsoft and conducted by Harvard Business Review Analytic Services, digital transformation is occurring rapidly at a majority of public and private sector organisations.
As a business owner, you need to understand the opportunities and threats posed by these changes and you must be willing to digitally transform your business before it’s too late.
So, what does it mean to ‘Digitally Transform’ your business?
1. Adopting new technologies:
Embracing the ‘Digital Transformation” means you need to be aware of and embrace new technologies relevant to your industry.
Adopting new technologies can often increase the efficiency of business practice and therefore being early adopter can push you towards the front of your market.
2. Crafting new business models:
It’s one thing to simply ‘adopt’ new technologies but to completely ‘digitally transform’ your business requires a re-thinking of traditional business structures.
The Harvard Business Review study indicates that business leaders are not simply embracing new technologies to increase efficiency but are also using them to craft new business models.
Not only does this cut costs, but it puts their business at the forefront of the market allowing them to ward off potential disruptors and new competitors in their markets.
3. Be up-to-date with new digital services / technologies:
Digital transformation also requires an external business focus. Being aware of new technologies that offer unique services can often be a highly effective way of streamlining time-consuming tasks and cutting costs in areas that you haven’t considered previously.
I Want 2 WORK, a new on-line recruitment portal is a great demonstration of this strategy. This portal was created to address the issues involved with the current recruitment process and has been designed to save time, money and frustration for jobseekers and employers.
Adopting on-line portals such as I Want 2 Work into your business is a fantastic example of how new innovations can benefit your business. I Want 2 WORK eliminates the wasted time and money involved with the recruitment process and also creates access to talented potential staff, which can ultimately give your business that extra advantage over your competitors.
Ultimately, digital transformation involves the combination of up-to-date technologies and new innovative models. Survival in this new digitised environment will require business owners to adapt to and adopt these changes.