What digital transformation means for Australian businesses
Friday June 15, 2018
The rapid advances we've seen in technology over the last decade have created an environment where organisations constantly need to adapt. As a result, it's more important than ever for businesses to invest in their own evolution through innovative recruitment strategies and by embracing new tech.
This is sometime known as 'digital transformation' - a buzzphrase that's bandied about in every industry imaginable. But what does this really mean for Australian businesses, and how can organisations ensure that the process is successful?
Digital transformation is the shift towards new ways of working that utilise the latest technology.
What digital transformation means for businesses
Defined simply, digital transformation is the process of moving away from traditional modes of operation towards new ways of working that utilise the latest technology. One of the most common examples of this is utilising data analytics to offer individual customers a tailored experience, rather than attempting to fit every consumer interaction to the same series of steps, or spending a large amount of time and money on dedicated staff.
By this definition, digital transformation means different things to different organisations. What constitutes an advancement for a bank will be wildly different to a retail business, but the shared core is an overall goal of reducing costs and improving the customer experience through implementation of new technology.
If you still doubt the benefits of digital transformation, consider that recent data from the International Data Corporation (IDC) predicts the ethos to be able to generate roughly US$18 trillion worth of additional value to businesses.
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Tips for successful digital transformation
Successful digital transformation relies on a few key factors, with perhaps the most important being a willingness to change. Organisations that fail to recognise the need for evolution are highly susceptible to being overtaken by competitors that offer a better service. For proof, look no further than the disruption caused by Airbnb and Uber in the hospitality and transport sectors.
The desire to adapt and improve goes hand-in-hand with the technology used to transform a product or service, and there are two key ways for businesses to ensure they're on the right foot when it comes to creating the right culture for digital transformation. The first is buy-in from management, which ensures digital transformation remains a priority at all levels within a company. The second is having the right employees in place to manage the transitional period and embed new tools and processes into an organisation's day-to-day operations.
For more information on how the right employees can help your business thrive in a new digital world, contact The Recruitment Company today.