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Digital Transformation: How To Reinvent Your Business

Digital Transformation: If you are a person who is up to date with technology issues, you have undoubtedly heard about digital transformation.

This term is in vogue worldwide and is not limited to technology companies, and all sectors should be immersed in this trend. However, even understanding the importance of this concept, not everyone knows exactly what digital transformation is, its benefits, and its impacts.

Some believe it’s about adopting IT assets to improve the customer experience. Some believe that digital transformation is something to be applied in the future, which is a mistaken view, as we are talking about a concept that should have the utmost attention from companies — a continuous process already running. If your company doesn’t care about this, know that your competitor is concerned and will come out ahead.

We made this post to help understand the importance of digital transformation, its impacts, and challenges for companies. Check out!

What Is Digital Transformation?

Digital transformation is when companies adopt technology as a driver of performance, increased reach, and improved results. More than a management change, there needs to be a structural change within companies, placing technology as a starting point for strategies and decision-making.

A big question presented by traditional managers is: does my company use social networks and a management system, or is it included in the digital transformation? Not necessarily! We are talking about a broader concept in which digital tools are part of it and not the whole.

Digital transformation requires a structural change in organizations, from which technology gains a central role in the management and not a superficial presence, as is the more traditional model. For this to be implemented, an investment of time and resources is required to create all the strategies according to the sector and size of your company, as digital transformation is democratic.

For companies that are already “digital natives,” this process becomes more simplified; however, for companies that emerged before the internet and created technological tools, this process can be a significant challenge, as the structural change can also be physical. The rules that guided business in the pre-digital era no longer apply.

What Is The Impact Of Digital Transformation On Companies?

Because it is a structural change in the company as a whole, and not just in the IT sector, it is necessary that the entire corporation is involved in this change. Management leaders such as the CEO and CMO should be responsible for enforcing this process.

One of the main barriers to applying digital transformation is the lack of leadership. When this change comes from the top, strategies and processes are disseminated better between sectors. See below, which are the main impacts and challenges that digital transformation imposes on companies.

Corporate Culture Change

Digital transformation will change how companies relate to technologies, as they will increasingly cease to be just tools and become the basis for strategic decisions. This causes a change in the organizational culture. For this strategy to be successful, it will be up to managers to create a culture based on learning and the company’s adaptability.

As technological changes happen at an ever-increasing speed, professionals must keep up to date to speed up implementation and understanding. The impact of this should be the culture of a learning routine, with investment in training that prepares the team for the following trends.

Change In Business Model

Another significant impact is the change in the business model since the company now has access to new audiences as the digital reach grows. In addition, there is the possibility of expanding the range of products and services, creating digital resources to expand this product or service efficiently.

There is a natural transition from the physical to the digital, partial or total. Many stores have started to invest in e-commerce to the same extent as their physical stores, for example. We cannot forget fintech, which services born in the digital world to compete with traditional institutions.

The physical and digital barriers become smaller, and this change, for managers stuck in the traditional model, can become a nightmare. This limit between the two environments must be controlled according to the demands of your company, defining how your business can be technologically transformed at specific points, adapting the experience, or offering 100% digital services.

Optimization In The Operational Process

As digital transformation changes management in all company sectors, the main impacts are not only on the customer experience; operational processes are optimized.

There is a considerable increase in productivity as, with digital tools, work becomes more fluid and integrated, increasing communication between sectors and creating unified databases, which facilitate management with the issuance of reports and access to metrics. For this optimization in the operational process, some points should be considered, such as:

  • more agility in communication — with the integration of the system in the company, the speed of communication and data exchange is increased, increasing the agility of the processes;
  • greater integration of sectors — to expand the concept of collaboration and increase harmony in the work environment;
  • decision-making based on data — digital tools help in the formation of very rich databases, which generate valuable information for management;
  • automation of activities — with the reduction in bureaucratic or repetitive activities, employees will be able to focus on strategic activities for the core business;
  • performance monitoring — with the use of analysis tools, the company can more accurately monitor the performance of the business, allowing the manager to make the right decisions.

Also Read: Know What Digital Transformation Is And Its Impact

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