Over the past year and a half, we have seen more than ever the importance of leveraging technology to run a successful business. But in reality, whether companies are remote or not, digital transformation can play a key role in achieving success for SMBs and businesses of every size.
What digital transformation entails is different for every business and every goal. Still, it loosely refers to implementing technologies to improve business processes, customer value, and improves overall innovation.
Digital transformation can have a significant impact on an SMB’s business. According to a report by Google and KPMG, SMBs that leverage more digital technologies can drive their profits up by nearly double compared to those that do not. What’s more, 79 percent of corporate strategies surveyed by Gartner said that digital transformation is a critical piece of driving new revenue streams for their business. In total, this presents a staggering 100 trillion dollar opportunity by 2025, according to some estimates.
Putting digital transformation into practice
Many businesses quickly embraced these principles over the past year and a half as they were forced to rapidly embrace remote work and the necessary technologies needed to support that transition. In many respects, this kick-started the digital transformation for many through the cloud, virtual environments, collaboration tools, and more.
Digital transformation can also look like adopting new digital presences, such as a website built with the customer in mind to move them along the sales cycle and fully leverages mobile technology. These efforts should be extended as part of an overall omnichannel strategy. It can also involve leveraging the power of data for predictive analytics to study customer behavior and optimize actions or automation to improve operational processes.
Getting started on a digital transformation journey
While there are clear benefits to embracing digital transformation strategies, it can be intimidating for an SMB business owner to figure out where to start. One place that is always helpful to start is to evaluate what peers or competitors in your specific industry are doing. It can also be helpful to discuss what areas of the business might be lagging behind competitors or operations that could be more optimized through technology.
Each of these efforts cannot be rolled out in a bubble. They require full buy-in and collaboration from the entire organization. In fact, 71 percent of leaders surveyed said they believe the workforce is essential in implementing digital transformation strategies. For that reason, it is beneficial for business owners to engage with their teams early in this process, collecting input and feedback on potential strategies and changes that might come their way.
Digital transformation brings incredible potential to businesses of all sizes — from SMB to large enterprises. However, they need to take concrete action to begin these processes if they want to grab hold of the opportunity at hand. Otherwise, they might be left behind as our digital world marches on.