Four things business owners need to make digital transformation successful
Spenda
22 December - 4 min read
No matter what your professional background is, you likely know how popular digital transformation has become over the last two decades. Starting with the internet changing how information is gathered and shared, through to today’s technologies that enable you to digitise your business.
There are numerous benefits of integrating digital technologies in your organisation. These benefits include increasing your profits, getting paid faster and becoming more strategic in the way you run your business. Not only is selecting the right system important, but there are other factors you need to get right to ensure digital transformation in your business is valuable now and into the future. In this article, we share the key factors that will make digital transformation in your business a success.
1. Define the problem
According to a survey by McKinsey, less than 30 per cent of digital transformation projects in business are successful. With a whole-of-business view to digital transformation and a clearly defined approach, you’re more likely to have success in introducing new technology-driven systems in your business. So, before you jump on the latest trend in technology, take the time to review and understand the key challenges that your business is facing. Sure, bringing in a 3D printer to change the way you create products might seem forward-thinking, but getting the fundamentals right, such as cash flow will strengthen the foundations of your business.
2. Select the right systems and platforms for digital transformation
Once you’ve defined the problems you’re looking to solve, you need to select the systems and platforms that will deliver your desired outcome. Consider things such as price, the ability for the systems and tools to solve your problems, support offerings from vendors and cultural fit with your organisation. Booking a demo will give you a sense of how these companies can support your business on a day-to-day basis.
3. Effectively project manage transformation in your business
Understanding the most effective way to manage digital transformation in your business is critical. If integrating your chosen system in the company will have clear milestones and deadlines, a waterfall approach should be appropriate. If, however, the integration process is ambiguous, and you’re unsure how each stage of the project may impact your organisation, an agile approach may be more appropriate. This approach will allow you to change deliverables and deadlines as the project progresses. If you’re unsure about the best approach to integrating new systems in your business, ask the technical team when you book product demos to set some expectations around how introducing the system will work for your business.
4. Continuously review and improve your systems
The key to making digital transformation in your business a success is continuously reviewing and improving your systems. For example, if you’re implementing a system to manage debtors and another to look after your inventory management system, make sure these systems can share data in real-time to give you a more holistic view of your business. A certain debtor who consistently pays late may order some of your most expensive stock in large volumes. Reviewing this data in your inventory management system along with your payment system will give you the information you need to address late payments. Once this issue is resolved, you can use this same data to renegotiate how much this customer orders and when which allows you to come to an agreement that works best for both parties.
Implement the right systems to realise your vision
When you’re running a business and hitting constant roadblocks, it can feel easier to change course entirely, giving up on your original vision. Of course, sometimes pivoting is necessary, but what if it’s the systems in your business that are the problem, not the business model itself? Spenda’s suite of products empowers business owners and leaders with the tools they need to get paid faster and become more profitable through powerful payment solutions and real-time data integration for strong commercial decision making.
Contact Spenda and learn more about digital transformation for your business and how you can introduce the right tools and processes for better management of your strategy and operations.
Related Articles
For businesses across all industries, improved accounts payable and accounts receivable processes can deliver efficiencies that drive growth. This growth comes from upgrading payment systems and processes to improve productivity and strengthen cash flow.
Introducing the improved Spenda Accounts Payable (AP) solution which comes equipped with a new self-guided set up, enabling users to easily onboard themselves and quickly streamline their payables.
Having the ability to use ESD can boost everyone’s cash flow and improve trading relationships. Keep reading for an overview of ESD and how they work.
