According to salesforce.com, approximately “two-thirds of the CEOs of Global 2000 companies will have digital transformation at the center of their corporate strategy. But many still have a long way to go, as currently, only 10% of companies describe themselves as fully digital.” The future is approaching, and if your business hopes to thrive in it, it needs to start adapting today.
If you want your MSB to succeed in this changing landscape, you’re going to need to build a digital transformation framework that can guide you into a future of success and evolution. Here are the first steps you should take toward that goal.
Set a Strategic Budget
Even if they’re not wholly dependent on it, it’s nearly impossible for a business to exist today without using and relying on technology in one way or another. However, for MSBs, embracing the digital landscape is as close to mandatory as it has ever been. Pursuing a digital transformation isn’t cheap though, and if your company wants to do it without overspending, it’s going to need a budget.
Thankfully, your digital transformation framework doesn’t have to happen overnight. Like iCorps says, “Many organizations take a multi-year journey, tackling the initiatives they believe are most critical right away and creating a road map to accomplish the rest within a reasonable budget that works for their business.” Additionally, “digital transformation doesn’t require businesses to move every process to the cloud, nor does it require them to invest millions of dollars in brand-new tech.”
While digital transformation will ultimately save your business time and money, the process of getting to that eventual payoff can be difficult to predict. Forbes explains how “the transformation involves running the initiatives across multiple departments or business units in a continual, iterative journey.” This means that “some of these initiatives must be viewed in the context of a portfolio rather than individual projects or initiatives that pay for themselves.”
For a business to set the right kind of budget and timeline for their digital transformation framework, they will likely need to reconceptualize their idea of a strategic budget. It’s not as black-and-white as a flat-fee paid upfront followed by a clearly defined ROI, but rather, a gradual cost of transition and advancement that will produce a gradual growth of profit and streamlined efficiency.
Partner with a Third-Party
For many businesses, digital transformation can be daunting. The ongoing iterative process and the hard-to-pinpoint price of admission can leave a business feeling out of its depth. This is where the value of third-party partners come into play. With the right strategic partners, you can augment your MSB’s in-house transformation initiatives, effectively acknowledge and address roadblocks, and ultimately, help you and your employees achieve a seamless and timely transition into a digital environment.
When you harness the expertise of a third-party partner, your MSB can save valuable man-hours and bypass part of the potentially tedious or time-consuming iterative process. This will save you money, and also help your company better optimize your digital transformation investments and infrastructure for later success.
A third-party partner is not only able to help you find the right cloud migration and digital transformation software and strategy for your business, but they can also assist you in the transitional migration process as well. This way you can ensure that the deployment of all your new services and technologies are operating at peak efficiency and scalability.
Talk to Your Employees
One of the unfortunate side-effects of this trend toward digital transformation is the anxiety that some employees can experience. It’s not uncommon for people to be apprehensive about change, especially when it has the potential to be as broad and dynamic as digital transformation, but it also doesn’t have to be an issue your MSB faces.
While Business Wire reports that “One-third of millennials (35 percent) think automation will take over their future job,” they also claim that approximately two-thirds of Millennials who have jobs that involve managing or working alongside automation feel “‘very confident’ they can achieve their career goals, compared to 37 percent of those who do not deal with automation.”
This tells us that, although job security is on the minds of employees, it doesn’t have to be a source of anxiety for them. Digital transformation is meant to improve the lives and productivity of a business and all of its employees. Speaking directly to your employees about the benefits this transformation can provide will be a great first step in encouraging them that their jobs are safe and your business moving toward progress.
Try and include your business in the decisions and developments you face in your digital transformation process. The more educated your business is, the better prepared they may feel for the changes and adaptations they’ll need to make in order to continue to grow and evolve alongside the company.