Myth #5: Not all businesses are mature enough to embrace digital transformation
While this particular digital transformation myth may sound true for some organizations starting their innovation journey, the reality is that every business can embrace digital transformation. That is, presuming they choose the right technology to integrate into their organization’s ecosystem. A company’s level of technological maturity is what matters most here.
Where there’s uncertainty around whether digital transformation is the right path, it’s essential to run a technical feasibility study. This can help you assess the potential and impact a chosen technology can have on your business.
For example, suppose a particular technology won’t necessarily add any real business value just yet, you could still plan to implement it when the time is right—when there’s a viable use case and enough resources for you to drive the transformation.
Sometimes, the question of a company’s readiness for transformation arises when the leader driving the initiative is also responsible for certain other business functions and, therefore, can’t effectively handle the scope of the project. This puts the digital transformation at real risk. To avoid this, it’s essential to have a qualified IT department supporting the implementation of any new technologies. This may mean changing the way your IT team works and the way it interacts with your business leaders. Your IT department needs to become more agile and your business leaders more tech-savvy and willing to engage and cooperate more strategically with IT managers.
Myth #6: Digital transformation requires radical business model change
This is probably the most common misconception, perpetuated, again, by biased media coverage. In practice, things are a little different.
You might like to refer to Digital Master, which provides an in-depth analysis of the digital learning curve. It shows that, in reality, the companies most successful at implementing digital transformations are those that start by gaining expertise in digitally enhancing their existing business practices before considering a radical model shift. Another element to this common digital transformation myth is that if you don’t use a strategic business platform, you’ll be left behind. But not all companies need to build and integrate a custom platform to operate efficiently and remain competitive. In any case, radical changes to a business model entail substantial cost and time. And, in some cases, a good measure of luck.
Even without resorting to a complete overhaul, there are many opportunities to digitally modify or improve your business model—with fewer risks and costs. What’s more, these approaches can be just as effective.
For example, you might introduce data analysis to power your decision making, polish your customer experience, reimagine your existing services, or add new ones. Even smaller digital innovations can improve the scalability, security and flexibility of your services and products, within your current business ecosystem. We’re talking about smooth and gradual change which doesn’t cause significant disruption to the way you do business.
The key to any successful innovation is to really assess your capabilities. Otherwise, instead of improvements, you could be introducing harm.
Myth #7: It’s never too late to start a transformation
Sadly, this isn’t always true. In waiting too long, businesses may find that they’re no longer competitive and that their services aren’t capable of meeting modern consumer demands. And, as we’ve already mentioned, introducing drastic last-minute changes as a knee-jerk reaction to market trends can be potentially harmful.
Likewise, settling for stability may be damaging to your business. The world we live in changes so rapidly that flexibility and adaptability are vital if your business is to not only survive but to thrive.
Successful companies are capable of constantly rising to industry challenges. They accommodate peaks and troughs in demand and continuously optimize their operations for efficiency, safety, and resilience—leveraging digital technologies as crucial enablers.
To introduce timely innovations, you need to develop a deep awareness of your market’s digital landscape and also keep an eye on the leading industry players and technology innovations outside of your niche. Developing a strategic vision for your digital transformation, building a roadmap for its implementation and ensuring you have all the leadership capabilities and resources to make this project a success is vital.
Technological innovations can help you establish your unique selling point and reimagine your existing products and services to give you a competitive edge. But you need to make sure you are investing in technologies that have real potential for your business and can bring genuine value to your organization and your customers.
To eliminate technological uncertainty, start with extensive research and perform a feasibility study. If you lack resources and expertise in house, reach out to external vendors for specialist technology consulting. And, if needed, seek help with navigating deployment to guarantee the smooth uptake of any new technologies and processes while you adapt to change.
Exploring the efficiency and revenue-boosting benefits of emerging technologies for your business? Choose a trusted technology partner for your digital transformation. Contact us today.