The 4 Reasons Your Company Really Needs to Go Digital
May 5, 2016
to a study conducted by the Global Center for Digital Business Transformation,
up to 45 percent of C-level executives don’t consider digital disruption
(game-changing technological innovation) to be an issue that merits the
attention of board-level employees. Only a quarter of respondents said they
were actively preparing to handle the phenomenon, which experts suggest will
impact the profits and market standings of almost 33 percent of top-20
companies across every industry in just a few years.
is about more than just keeping up with the competition, though. The rate of
technological progress has made this issue much larger in scale. While going digital
may be an intimidating prospect, creating and applying a digital plan now may
mean the difference between the survival and failure of your company later.
Executives need to think seriously about digitizing their own companies for the
1. Because we’re already facing a
shortage of digital leaders
standard IT team is no longer capable of making all choices about technological
implementation, because the subject no longer only affects them. By next year,
analysts predict that the chief marketing officer of a company will require a
larger IT budget than the chief information officer. Additionally, CIO’s now
have such a significant amount of work to do that their expertise is required
for too many areas of business at one time. Technologies and ideas that would
help a company stay relevant in the face of disruptive competitors are already starting
to fall through the cracks.
a digital overhaul of your company means creating a solid foundation to build
on as innovative advancements affect your industry. Researching and adopting
the latest digital practices for your business now means less risk in the
future. Executives who choose to stick with outdated business practices until they
are forced to change will struggle to stay afloat when surrounded by more
2. Because going digital is going to
save you money
can automate most day-to-day business tasks, thereby freeing up the time of
employees who could be refocused to accomplish more important jobs. Additionally,
many outdated business practices, like keeping paper records, require more
funds to produce, more time to create, and more space to store. Going digital
through electronic records and automation practices helps your company to do
more things using fewer resources.
your firm is also a cost-effective way to inspire the best work out of your
employees. With the right people in place, new technologies will help skilled
employees work faster, smarter, and more creatively. They will also create a deeper level of communication between
workers. For example, advanced collaboration tools can lead to the quick spread
of concepts between employees, increasing the speed at which tasks can be
accomplished, thus cutting costs and driving progress.
3. Because it makes you look capable
the best-case scenario, those companies that don’t make the necessary changes
to equip themselves for the digital revolution will appear “late to the party,”
scrambling to catch up to more digitally-savvy companies. The leading firms of
today that don’t align their practices to accommodate a digital future will also
appear to be a less reliable choice for consumers. This can have a heavy impact
on a company’s bottom line.
to digital practices increases your firm’s adaptability, which is essential to
the future of all businesses. Adaptability includes the capacity for
experimentation, the management of complex systems, the ability to recognize
and act on signals of change, and a fluidity of business structure that allows
people within a company to use their talents to the best of their abilities.
will want to work with other companies that have the potential to deftly
navigate unforeseen issues, and customers will always want to buy from
companies that offer them the most modern products.
4. Because the digital revolution is
not going away
claims about technological developments that will bring major changes to the
economy are nothing new. It’s understandable that many business leaders are
skeptical about making significant changes to adapt to a movement that has yet reach
its tipping point.
the truth of the matter is that the digital revolution is only gaining
momentum, and its effects are here to stay. While computers were initially
considered to be novelty items, today they are essential components in nearly
every aspect of our lives. Social media has altered the way that people connect
and relate to each other and to businesses, computerized data collection has
allowed companies new, deeper insight into what drives consumers, and cloud
computing has vastly expanded our capacity for storing and processing that
executives who want to see their companies flourish would do well to push past
the intimidation of going digital and take the plunge. In this technologically
advanced information age, the only real risk is not taking one.