By: Kathy Kent Toney, CEO & Founder of Kent Business Solutions
I spoke with someone the other day who mentioned they are seeing more blogs and articles around Digital Transformation (DX). There’s a good reason for that!
Forward-looking companies are embracing DX to remain competitive, and for a good reason. Here are some eye-opening statistics:
With this in mind, companies that don’t embrace DX efforts can experience the following consequences:
1. Inability to Meet Customer Expectations
Here’s a perfect example of how not embracing DX can lead to disaster:
Years ago, many of us were more than willing to hop in the car to grab a movie at Blockbuster, bring it home, and settle into our favorite armchairs to watch it. Now with a few clicks of a remote, we can watch a Netflix movie from the comfort of our homes.
Discerning companies, like Netflix, see the writing on the wall and change with the times. Blockbuster didn’t do this—they refused to go more digital, which led to their demise.
2. Higher Costs Associated with Manual, Inefficient Business Processes
Many employees manually fill out forms or use Excel spreadsheets to complete their work. Some of these tasks can be so repetitive that they are mind-numbing. Both scenarios can be time consuming.
With automated systems, employees can fill out forms that parse out correct information and tasks to other people next in the work queue. That way, people will know what they're supposed to be doing when they're supposed to be doing it. Furthermore, systems with artificial intelligence and bots running in the background can make repetitive decisions without employee intervention.
3. Higher Costs Associated with Maintaining Legacy Systems
Companies that refrain from updating their legacy systems to newer, more efficient technologies waste precious resources by pouring money into maintaining those systems. Organizations may find that the inefficient patchworking of outdated systems could cost more than implementing new, more efficient systems that could provide a greater Return on Investment.
Employee frustrations can also run higher around not having more intelligent, integrated systems at their disposal, and keeping employees happy in a tight business market is of utmost importance!
These are just a few examples of the consequences companies can face by not embracing DX. Organizations that prioritize DX projects in their budgets, choose the right software platforms to meet their needs, and successfully implement their initiatives are more likely to reap benefits that will help place them at the head of the pack.
This last sentence is crucial! Companies must choose the right platform and ensure proper management of the project to be successful.
If you're interested in learning how to do this right for your DX projects, check out Michael Cantu’s and my book, No-Nonsense Digital Transformation. It provides a step-by-step roadmap for preparing for and implementing digital transformation initiatives in your business so you can help ensure success even before you start.
If you’re interested in learning more, click the button below
By: Kathy Kent Toney, CEO & Founder of Kent Business Solutions
Digital transformation is a buzz word you hear a lot today, and its importance grows with the passage of time. The savviest CIOs and business leaders recognize this and are taking action.
A recent Gallup survey discovered that 60% of executives have line items in their budgets for purchasing virtual tools. With each passing day, the importance of digital transformation grows, and
And yet, many companies have been slow to embrace digital technologies, even though their use is trending upward. Just take a look at Blockbuster—their refusal to do so obviously didn’t end well! Their demise proves that embracing digital transformation is essential for businesses—not only to survive but thrive and grow.
You certainly don’t want to miss the digital transformation boat!
So, what sparks companies to start their digital technology journeys? Let’s see if you fall into one of these two categories:
1. A Company Wants to Solve a Problem
The way they’re doing things may be archaic, costing them money or customers. Employees may be complaining about the course of doing business as well. Unfortunately, some are often overwhelmed by these problems so that innovation becomes just a pipe dream.
Many of these companies have lots of innovative ideas, but being mired in these problems has often outweighed the ability to implement their ideas. When issues are taken care of first, employees are more often able to start implementing these ideas.
2. A Company Doesn't Necessarily Have a Problem—They Want to Get Better
They may be unsure how to proceed or search for outside help within a price point they can afford. It may be a complicated conversation for many of them to start with consultants—it may not come easy admitting they don’t have the answers to their challenges.
In the end, there are great opportunities for both the business and the consultant to achieve great results together. Here are some additional insights:
In our quickly changing world, it’s impossible to know everything; however, when business stakeholders can accept this fact, this is key in helping organizations ensure significant growth. By seeking help or insight through consultants who are experts in their field, organizations can gain exponential understanding and value.
Also, many companies may stop innovating due to uncertainty because it's human nature to relish solid parameters. However, it’s essential to keep an open mind amid unknowns to keep innovating.
For the consultant, it’s an opportunity to have honest conversations with prospective and current clients while outlining what’s possible. Organizations benefit from having another set of eyes from outside the business to look at their operations. The consultant’s diverse experience allows them to diagnose, suggest, and open opportunities for firms quickly. Doing so can cause a positive trickle-down effect with their customers and, ultimately, the bottom line.
What organization wouldn’t want that?
We're excited! It's inching closer—the launch of Michael Cantu’s and my paperback, No-Nonsense Digital Transformation. We plan to launch mid-August. Needless to say, we are pumped!
If you would like to learn more, click the button below.