Friday, May 8, 2020

Looking to Implement A Digital Transition Strategy for Your Business? Here are 5 Tips!

You’ve probably realized that you need a strategy for ‘going digital’ efficiently. However, as prominent as the topic is, it's still a common challenge. Adaptability to new technology and staff competency towards the technology are a few of common challenges that business owners need to overcome as they realize how important digital and mobile platforms are, which are important for customer’s acquisition and retention.

Unfortunately, a large number of businesses lack an integrated strategy for expanding and effectively engaging with their audiences. System modernization is only one part of it.

If your company has no strategy in this arena, expect to lose out to more competent rivals. Transitioning to a new digital infrastructure doesn't have to be rocket science. Here are several tips to help you and your team get started.

1. Set Specific Objectives

A lot of people might view digital transformation as this fairly vague concept that doesn’t really mean anything other than having an internet connection and a couple of work apps. In reality, the transition to digital is quite comprehensive, as it can become rather overwhelming if you don’t have any clear objectives in place.

Discuss your company’s current goals and milestones with your team and work out how the digital landscape can bring you closer to these goals.

Take a look at your current customer journeys. Is there any room for improvement? What about customer acquisition? Are there any gaps that can be filled through the use of technology? Do you need an efficient customer onboarding solution? Is it time for your business to reinforce mobile biometric capabilities? Asking yourself these and other similar questions can help to bring your objectives into focus and make your path to digital clearer.

2. Identify Opportunities

Digital transformation brings opportunities to the table that may otherwise never have been possible. As leaders and business owners, our job is to have the vision and diligence to identify those opportunities and decide which ones should be acted upon. The COVID-19 pandemic has brought the concept of “social distancing” to the forefront. With the help of technology, your business could offer innovative solutions via a contactless digital process that prioritizes safety and convenience.

Traditional industries, such as those that involve middlemen, have transitioned into the digital sphere. While traditional middleman businesses in the food supply chain might be on the decline, digital middleman platforms like Lazada, Shopee, Foodpanda and Grab are, by now, prominent parts of many people’s lives.

3. Embrace Digital Identities

A digital identity can be described as a collection of characteristics associated with a uniquely identifiable individual, entity or brand. Companies need to begin leveraging on online representations because the vast majority of their interactions with consumers will likely take place through social media channels, digital networks and online platforms.

By embracing digital identities, companies can stay one step ahead of their competition in terms of reputability, reliability, trust and safety. Aspects like biometric authentication, facial and fingerprint recognition as well as other complex identity-driven innovations are now available on a large scale. This means that businesses need to integrate at least some of these aspects for improved cybersecurity and for the convenience of their customers.

4. Make Speed a Priority

System development must revolve around efficiency as a key element, and this can be achieved by making speed a priority. It’s important that companies tap into up-and-coming business opportunities at the right time. This can be challenging, due to the pace with which technology moves (there are even third-parties that specialize in keeping tabs on the latest and best innovations).

Internally, you and your team can optimize execution speed by staying on the same page. Keeping communication lines open can also make a difference. At the same time, it’s important to research technologies that can propel your business forward. There are many components available and these can help you transition to digital quickly and easily.

These include low-code development platforms that empower the delivery of applications with minimal hand-coding. Your team can build entire digital systems via such platforms, maximizing efficiency in the process.

5. Be Thorough about Training

The digital world changes often, with new systems and applications made up of a variety of solutions, as well as individual features. Train your people in the proper usage of new systems. Try to find ongoing support for newly-adopted systems. The human element in this shift should not be ignored.

Your business’ digital transition is probably not going to work if your team isn't ready for it, so focus on training efforts that include proper resources and guided approaches. Not only that, you should also encourage your team to take online classes for their self-improvement. Studies show that learning new skills can help in improving work performance and preserve memory.

Without a proper strategy for transitioning to a new digital infrastructure, your business might lag behind its competitors. Making speed a priority, identifying opportunities, and embracing digital identities could set it apart. On top of all that, remember that a digital transition strategy can falter if the people within your organization are not ready for it. Proper training and communication should not be ignored. 

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