Digital Transformation is replacing old technology with new technology.
If there is ever a procrastinator in the room in small business, it is definitely surrounding new technology. The fear of losing business and a comment other said is: Why fix what isn't broken?
Hmmm. Good point, however, let's talk about tools for a moment. Right at this moment, I have a leak in my kitchen. It's been that way a couple of weeks. Why? Well, I assumed it wasn't a big deal. It's not. Until this morning I went into the kitchen and stepped in a puddle.
JK- it could have turned into this. You know it? :)
After a bit of investigation, I discover that there is a very small drip. Very small. I had to really search but guess what? It is constant. It is not building up, pushing through, then sits still for a moment. No. It is consistent. What do you think is going to happen when I get my water bill? How about the flooring? What about it being Spring and standing water with mosquitos here in the South?
That's what happens in business. "It's not broken. I don't need to fix it."It's a wait and see game.
Then there are those that take action. Like I have heard people say: Take Massive Action! Well, these business owners KNOW they need to bring in new technology but it's hard to know how!
I ain't scared!!!
How is that done? Companies today are transforming their businesses in these five ways: People, Processes, Strategy, Structure, and Technology.
Every single one of those five ways to transform your business all use some form of technology to scale business.
The first technology surrounding people is often overlooked. Not sure why. I mean, it is the people running the technologies so they are pretty important. Ya know;)
What tool would be useful in hiring the right talent, placing them in their strengths, and achieving great collaboration? That particular tool is called Predictive Index. Now, they have been around A LONG TIME. Remember when Apple had this logo? Yeah, before that.
What Predictive Index does is measure behavioral drives to help business leaders understand the needs of a specific role, team, project, or business strategy. They also collect candidate or employee “people data”. Pretty awesome stuff, right? Yeah, I thought so, too!
Coming in at #2, is Processes. Points of improving your processes are: efficiency, improving the customer experience, improving product quality, decreasing cost, and reducing development costs are just a few of the advantages of digital transformation of processes.
Strategy is the third way that companies transform their business. How? Go back to your SWOT: Strengths, Weaknesses, Opportunities, and Threats. What are your current strengths that could be amplified even more? Where are your weaknesses?Remember when we talked about the leak at the beginning? Where is the drip for you? What are some opportunities you have uncovered and are considering but you don't have the right technologies in place to get there? Last, your threats. What are your customers using? Do you know the technologies they have in place? Are they really growing? Are you at pace with them for your industry or are you lagging behind? Do you want to work on that? How can you work on that?
The fourth way is Structure. Transforming business structure requires a clear and flat structure, clear accountable roles, hands on governance, robust communities of practice, active partnerships and ecosystem, open physical and virtual environment, and fit-for-purpose accountable cells according to McKinsey.
Finally, Technology is the fifth way to transform your business by utilizing next gen tech. The final frontier on your face off with fear of change.
What tools are you thinking of using and how will you implement them?
Share your thoughts about how you will use at least one of the five ways to digitally transform your business.
If you need an accountability partner, I'm it :)