Digital transformation may seem like a trendy phrase, but when it comes to battling day-to-day tasks, it’s a game changer. Companies want and need a fundamental change on business practices, such as financial reporting. However, while technology and standards are rapidly evolving, we continue to see businesses struggle with fundamental processes.
Investing in digital, data, and analytics can help you find efficiencies within your business, reduce operational costs, and maximise revenue growth. Let’s look at some key steps and best practices to help you succeed in this area.
Identify your Business Goals
Firstly, you need to know your ‘why’. What are the outcomes you are trying to achieve? With advances in technology, we have the opportunity to reimagine how basic tasks and reports like payroll, sales performance, timesheets, and accounts receivable can be generated without running a gauntlet of outdated and time-consuming processes. That being said, businesses must remember that technology is, at its core, a tool to assist in the operations of a business. By understanding the business pain points, businesses can set a clear and measurable goal they want to achieve through digitalisation within a defined timeframe.
Encourage Collaborative Teams
Digital transformation is essentially a team effort, with employees of various skillsets working in synergy towards a defined goal. Projects will require synchronised efforts from all your employees, especially those from IT management. Transparency in the goals you are trying to achieve is key to building a positive team culture that ultimately supports the project goals.
Prioritising an Adaptable Team Culture
Speaking of workplace culture… it is one of the most important pillars for a successful digital transformation strategy. Introducing new technology, processes, and projects into a business always involves some degree of risk in terms of how a workplace will respond. We recommend encouraging a sense of community to increase productivity while remaining open-minded when searching for more effective methods.
Start Small, Stay Strategic
Remember, it’s called transformation for a reason; it takes time, so don’t expect to change everything overnight. Identifying the proof-of-concept in digital projects is crucial for recognising your return on investment (ROI) and will set the stage for future success.
Reduce risks by breaking down larger projects into smaller more palatable tasks. You’re more likely to succeed by achieving a series of manageable goals than trying to change too much too soon. Remember, success breeds success… so build a positive track record on smaller projects and celebrate your wins.
Dedicate Resources… and Measure ROI
Digital projects become increasingly difficult when appointed to employees with too many distractions. We recommend strengthening your core competencies and appointing a full-time leader to execute the transformation. Those with expertise have learned what not to do – and that’s helpful when augmenting and enabling your digital strategy.
Additionally, it is best practice to forecast your Return on Investment for digital transformations. Forecasting your ROI with a modest financial investment into a best-of-breed system will ensure that the outcomes of your digital transformation are accelerated, and more defined than engaging with an integrated system.
Speed is of the Essence
You should aim to quickly translate ideas into tools that can be used in the workforce. Here’s why – we are always looking for ways to streamline processes and optimise efficiency. By outlining ‘best practices’, it is faster, easier and a more efficient way to drive enhanced performance.
Seek out Expertise
You can have the right technology but not the right person to implement it. Businesses should appoint individuals with expertise in data engineering, analytics, design, user experience, and quality assurance. Your challenges will change over time, so appoint a project leader who will ensure the appropriate solutions. We recommend engaging an experienced consultant to help guide the process and make the transition between ‘old’ and ‘new’ processes as seamless as possible.
Now is the perfect time to invest in technological opportunities… but ensure to follow these best practices!
Beyond Advisors offers professional advice for businesses of all shapes and sizes. For any help or assistance on digital transformation, you can get in touch with our helpful team and open your doors to success.