The current COVID-19 crisis is just a large-scale reminder that companies are constantly facing changes that threaten their bottom line – some minor, some major.
By being agile, flexible and resilient, you will be better positioned to overcome these challenges as they arise, with minimal impact on your business.
For small and medium-sized businesses, digital transformation offers unimaginable opportunities to become more agile, grow and turn things around in the face of much larger competitors or disruptive events.
Here is a brief overview of 10 recommendations that SMEs should follow when embarking on their digital transformation:
- Design your company’s new strategy around digital transformation. Only by taking this approach, you will fully appreciate how digital solutions will be at the heart of your business.
- Any digital transformation starts with people. The transformation must be led by the owner or manager of the company.
- To transform your offering, you need to leverage the technology available in the cloud to automate your processes.
- While transforming your offering and workflows, you must also plan to transform demand generation.
- As you start to plan the new strategy, it’s critical to define the competencies required to lead this new organization. Don’t neglect the training of your employees and look for the profiles you are missing.
- Data is the coal of the fourth industrial revolution. By leveraging data in your organization, you can make informed strategic and operational decisions.
- Data changes your relationship with your customers, who have never had more information or power. Make the most of your data to expand your knowledge of your customers.
- Understand what new technologies can bring and explore new business models. If you had to recreate your business today, how would you do it?
- The world and society are changing at an unprecedented pace. SMEs need to introduce certain aspects of the start-up culture to attract and retain talent.
- To compete in new markets and GAFA (Google, Amazon, Facebook and Apple), it is vital to interact and collaborate across these digital ecosystems.
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