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Digital Transformation for a Successful Business Growth
Digital transformation is the utilization of technologies in order to initiate a process of innovation, optimization, and growth. The Manufacturer, UK based publication, in their Annual Manufacturing Report (AMR) 2018 stated that the argument to adopt digital technology has definitively won. Almost three-quarters of the industrial decision-makers surveyed agreed with the statement that there is a need to involve digital technologies for prosperity.
Companies should focus on established technologies for better manufacturing growth than on cutting-edge developments. The innovations in process distinguish the modern companies from the traditional ones. The companies who embrace digital transformation see almost a 10 percent rise in revenue and upwards of 25 percent in profit. The digital transformation can be achieved with the following strategies.
The first step is to create a long-term strategy; prepare a business strategy that starts with the customer, and ends with the organization. It definitely shouldn’t be the other way round where organizations are thinking to introduce new digital tools and needlessly change the way they interact with their customers. Secondly, the focus should be on overall improvement, not just a small or individual process; outcomes to be achieved, and a backward approach to realize what levers are required to achieve the same.
The third step is to encourage good behavior; a business strikes with customers only when it has an innovative streak proposing an idea that is creative and unique. By staying in tune with the mutating business landscape sharing ideas, information technology and operational technology should work together to help understand each other’s problems and overcome them. Fourth, the business should be more agile, which means coming up with new ideas and prototyping them to realize whether they can hold value or not. The fifth strategy is to build a network that can support with tools and methods for smart decision-making in the future. The need for businesses to have a digital strategy is not to gain a competitive edge but to survive in a fast-paced environment. Social media is the most obvious and effective channel for reaching customers as people spend their significant amount of time on social media today.