Because of the simultaneous rise of the sharing economy and affordable SaaS solutions, many SMBs have enjoyed success and proliferated.
FREMONT, CA: While SMBs and startups face many of the same operational challenges that enterprises do, such as fluctuating cash flow, missed revenue targets, customer service complaints, and low employee productivity, all of these issues have a much greater impact on the long-term viability of a small business than they do on the long-term viability of a large corporation.
In today's information era, the good news is that technology and the agile procedures that enable its deployment have become wonderful levelers. Here are four types of transformation:
Business process transformation
Enhanced or emerging technologies like AI and machine learning, AR/VR, and hybrid clouds and the analytics, services, and APIs, connected with these technologies, assist business processes. In the end, these mini-transformations lead to specific KPIs like improved product quality, lower cost per unit produced, or faster delivery.
Business model transformation
Today, there are dozens of examples of how technology allows companies to flip established business models on their shoulders while providing more value to customers. In addition, these organizations are continuing to accelerate change in their already transformed business models by utilizing the building blocks of process transformation, such as AI and analytics.
The capacity of a startup or small business to pivot – or branch out into other areas of business – is its most crucial survival skill. You don't always have to change your primary domain; you can expand your core offering by adding another product or service line utilizing technologies that you already know or use. New technology can open up previously unexplored prospects and new markets for your firm, especially if you have a lean operational structure. Perhaps more value is created by domain transformation than by any other type of company change.
Change is fueled by technology, but technology is driven by people. When you have agile workflows, decentralized decision-making, and an engaging business culture that encourages learning, testing, risk tolerance, and openness to change, you've achieved true digital transformation. But, most importantly, and this bears repeating, it must spring and flow from the top.