The Rising Importance of Digital Transformation

Would you like to be running a business that is reducing costs, yet continually improving and expanding? A business that is highly competitive, no matter where in the world it is? And most importantly, dramatically improving customer experience? 

If you do and you believe that doesn’t currently sound like your business, the good news is you can, if you embrace the unstoppable rise of digital transformation. Put simply, digital transformation is the use of digital technology in all areas of business so that it fundamentally changes the way you do business. It is not about making one or two separate changes and thinking you’ve ticked the digital box. You haven’t. You’ll still be working in an environment of individual silos, unwittingly duplicating work and continuing with deeply entrenched business inefficiencies, being left behind by the digitally transformed competition. Digital transformation involves taking a strategic view of the whole business and literally transforming the way it is run, from top to bottom. 

So what does this have to do with an average sized Guernsey business that has done very well in the past and thinks it can ride out the fluctuating local economy? The short answer is: everything. 

Digital connectivity has opened up a world of global opportunities for Guernsey-based businesses. However, what it’s also done is highlight how some of them are not ready to meet that demand when competing against others who are far more technologically able. It’s shone an unwelcome spotlight on the vulnerabilities of those businesses who continue to do things the way they’ve always done it, simply because it’s always worked for them in the past. 

All the statistics are showing the pressing importance of digital transformation. A recent Microsoft report on digital transformation revealed 53% of UK businesses and IT leaders say their industries will face significant digital disruption within the next two years but crucially, only 47% say they have no digital transformation strategy in place. 

However, there needs to be a cultural change with some businesses in Guernsey, if they are to not only survive but have a viable and prosperous future.  You can’t have a successful change of technological infrastructure and processes without a cultural change and that starts from the top, working its way down, throughout the whole business. Yet many people running these businesses and sitting on these Boards have an understanding of office technology that probably goes no further than knowing they need a computer with email and a mobile phone. As a recent article on forbes.com said: ‘digital transformation is the vehicle, strategy is the fuel.’ 

Meanwhile, the workforce entering the market now, Generation Z, is the demographic most associated with technology. They’re looking to work for organisations that are modern and tech-savvy and if not, they’ll look elsewhere.

We’ve been advising businesses for a number of years now on how they can digitally transform and have noticed a definite increase in interest in the last few months. They’re really beginning to understand the incredibly exciting and useful technologies available to them, such as data modelling, business intelligence, client portals and automation. They all help a business to save time and money and ultimately, dramatically improve the customer experience which should be at the heart of any digital transformation strategy. 

Download our infographic showing the benefits of embracing digital transformation here.