4 models for digital transformation
As new tech platforms emerge as competitors, and client expectations exponentially evolve, the transformation momentum is becoming increasingly urgent.
But what does it really take to digitise your business, and make the most of the technology that's already available?
Brian Pereira, Chief Reign Maker with technology consultancy Digital Reign, supports many organisations with this process – from government departments to small businesses.
“The digital part is easy. Making it smart is a little more difficult,” he says. Depending on what you are trying to achieve, there are four models for change to consider.
1. Transformation by increment
Pereira believes this is a successful approach for smaller businesses. It allows you to focus on specific pain points in your business, and look for quick wins.
“Find digital tools and apps to support you by asking other businesses in your sector, or your trusted advisers. For example, digitising paper processes and application forms, or automating back office functions like accounts payable.”
This sounds relatively simple, but the impact can be quite transformative. A recent global study from IDC and Cisco found that for the 63% of businesses still at early or manual stages in their digital development, there is significant upside in revenue, profit, customer retention and productivity growth.1
“Back office process technology is already mature, so small businesses can access the same invoice processing or payroll software as an enterprise without having to pay for the infrastructure. If accounts payable is currently being handled by multiple hands, you could save 15% to 30% on costs in the first year.”
According to Pereira, strata is one sector on the path to major disruption and automating accounts payable is a ‘quick win’ response.