Digital transformation: how does your business compare?

Digital transformation is one of the most common terms you’ll see in technology news today. But how does your business compare? Are you doing everything right to stay competitive? Learn how to assess your business’s digital readiness and discover ways to future-proof your company.

What is digital transformation, and what does it mean for your business?​

Digital transformation is a term that is thrown around a lot these days. You may have heard it from your colleagues or may have seen it in various articles or advertisements. But what does it really mean? Digitization is a huge buzzword right now. Usually, you won’t find the word “digitalization” anywhere on the business card. However, utilizing digitalization for your business becomes clearer when we look at successful companies. Take Adobe for example. Founded in Palo Alto, California in 1982, the company has been leveraging digitalization ever since, the head of Digital Transformation at Adobe Mark Alles launched the new “Digital First” strategy a few years ago. While the business seemed to be flourishing with this new approach. Nowadays, the company makes over $34 billion in revenue annually. Just think of how much growth a company like Adobe can have — with digital transformation. Digitalization is following the money. In other words, companies don’t just spend a lot of money on digitalization — they throw tons of money around as well. Most importantly, they learn from their mistakes. Lessons that they spread around to their team to increase their own profits or to improve the company’s digital transformation strategy.

How to measure your company’s digital maturity level

In order to measure your company’s digital maturity level, you have to first assess whether you’ve done any digital marketing at all. If you’re not doing any digital marketing, then you’re at level 0.If you’re doing some kind of digital marketing, then you’re at level 1 (or 2, or 3, or 4) — it all depends on how active you are on social media, providing videos to your customers in YouTube, having your Operations team create missions on, and more. Even if you’ve done tons of social media, lots of video production, and videos to your customers, there’s no point in presenting that information according to a traditional 10-point scale. There are different scales that you can utilize depending on your business and your goals. A less formal version of a 10-point digital scale is the Minimum Viable Product (MVP) scale. Businesses that are interested in future-proofing their digital transformation efforts can use the scale of their MVP to track whether they still follow 20% of the 25% digital habits that were critical during the initial implementation phase. To summarize, MVPs are the minimum viable products, as they can be implemented in an automated, automated fashion. To upgrade your digital scale, you’ll have to coordinate with employees and higher-ups and leverage an ongoing approach to checking digital readiness. It’s hard at the moment to launch a new service with a lot of potential, and the pandemic has left many people in fear or even questioning of their careers. But there’s no need to panic just yet — we just need to be strategic and make the plan for the upgrades we need. To make it easy for you, the inventory of digital habits we cover in this story is divided into three sections: Ever since the team was notified about the new operational procedures, everybody has been hard at it to implement them by the opening day.

Why digital transformation is important for businesses today?

Digital transformation is an important topic for businesses today because of how fast technology is advancing. Digital transformation isn’t just about keeping up with the technology, it’s about evolving your business to meet the needs of your customers. That means not only selling them products and services, but also helping them use technology to improve their lives. Businesses that invest in digital transformation have a distinct advantage because they have an app on almost everyone’s phone. An app is a tool your customers can use to have the kind of experience your business provides or is trying to offer. Redesigning your app can help your business stay competitive, even as other businesses try their hand at digital transformation. A concrete example of digital transformation would be transforming your app into make it easier for your customers to communicate with you, or make it so they can do business with you more efficiently. Essentially, every business has a need — they just don’t know it yet. Of course, you can already see the effects of digital transformation when you walk into a cafe and the welcome screens display personalized graphics and a live videoconferencing system. These elements make the customer feel like they’re meeting with someone they already know. One of the strongest arguments in favour of digital transformation is that you can create a lasting digital footprint on your customers. Let’s explore how you can measure the success of your digital transformation efforts, and how doing so will make your company more competitive. To evaluate and assess your digital transformation efforts, consider these questions: Providing the right value is valid, but so is providing value to customers in the right way. What is your value proposition? What services or products do you offer? What value do you offer that your competitors aren’t? This value will be reflected in how you age your profiles.

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How well placed is your retail business when it comes to its digital transformation? Today we’ll look at some of the ways your competitors might be complementing their bricks and mortar stores with online empires.

For some retailers, COVID-19 was the death knell for their business. For others, it gave a much-needed nudge to supplement in-store sales with thriving online hubs.

So how well did you transform your business compared to your competitors in 2020?

Well, Retail Express conducted a benchmarking study of 22,000 Australian and New Zealand retailers across multiple sectors throughout 2020.

It looked at something called “omni-channel” retail, which is defined as “an approach to sales that focuses on providing seamless customer experience whether the client is shopping online, from a mobile device, a laptop or in a brick-and-mortar store”.

The study’s key findings

Founder and CEO of Retail Express, Aaron Blackman, says “the quality of a retailer’s eCommerce store, Click & Collect services and home delivery speed have now become key factors in who consumers decide to shop with.”

And the study demonstrates significant opportunities for Australian retail businesses to improve, with less than a third of surveyed retailers offering key omni-channel practices:

Click and collect: 26% of retailers offer this service

Display stock in store on website: 14%

Display live inventory available for online orders: 3%

Ship from store: 21%

Cross-channel gift vouchers: 26%

Inter-store stock transfers: 21%

Pre-orders: 13%

Investing in tech moving forward

As a business owner, it’s important not to think of 2020 as a once-off. Instead, consider that disruption is the new normal.

As such, Mr Blackman says retailers should be constantly thinking of ways to improve their omni-channel offerings.

“Just offering online shopping with Click & Collect will no longer be a competitive advantage, same day Click & Collect, and the speed of home delivery will be the benchmark,” he suggests.

In 2021 and beyond, digital transformation will be a significant priority as retailers look for ways to adapt to future disruptions, adds Mr Blackman.

“Now is the time for retailers to plan and design a robust and flexible operating model including a review of current systems and technology looking for all possible efficiency gains,” he says.

Get in touch

If you think now is the time to invest in your digital offerings, then get in touch today to discuss your funding options.

Obtaining the right finance is an important step when it comes to implementing the right technology, processes and personnel to fund your business’s future.

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