Digital Transformation Can Help Your Business Re-Invent Itself, Avoid Disruption And GROW Exponentially.
The time to reconsider your position and to speed up your efforts on digital transformation is now, not tomorrow. Whether it’s potential disruption from competitors, the never-ending power load shedding or the COVID-19 pandemic, your business needs to fully exploit digital transformation to win in this very challenging economic environment.
We support our clients to bring their strategies to life through RAPID Deployment of the most appropriate and transformative digital technology to ensure you:
innovate unique and compelling value propositions, fast,
streamline business processes,
attract and retain high-performance talent,
provide exceptional customer experiences, and
maintain a sustainable competitive advantage in your chosen industry.
What is digital transformation?
Today, business leaders like you have to better position and future-proof their businesses – not just to avoid failure, but to significantly improve the probability of growth and success. One way to do so is through digital transformation.
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing and improving the way the business operates and delivers value to its stakeholders, customers and communities. Moreover, it represents a cultural change that requires organizations to continually challenge the status quo and get comfortable with failure as part of its ‘build – test – learn – grow’ journey.
The following research, from Accenture, supports the need for businesses to intensify their digital transformation efforts:
3% of South African companies made significant progress in digital capabilities but failed to translate that into financial strength. This is compared to 6% globally.
70% are considered laggards in terms of digitalisation.
Only 2% of South African companies are identified as digital leaders compared with 18% globally.
Digital high performers enjoy, on average, 32% higher revenue growth, compared to other companies
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Why the need for digital transformation?
The stats noted above clearly means that it is more important than ever to prioritise the relevance of your value proposition and the sustainability of your business. To achieve this, you must look at two fundamental dynamics:
1. Evolving customer preferences, and
Evolving customer preferences
The way in which customers find, buy and use products and services has evolved significantly over the last decade. Their expectations are driven by:
The subscription economy;
Product and service personalisation; and
Stiff global competition.
Businesses which wish to continue growing their customer base must align to these trends and changes.
In order to cater to evolving customer expectations and remain relevant, businesses must adapt to, meet and deliver on these expectations. Because these expectations are driven primarily by the internet and technology, businesses also need to adapt their technology accordingly.
This has resulted in us arriving at an inflection point.
An inflection point is a phenomenon or event that significantly alters circumstances or the progress of a company, industry, economy or political situation. The change is either significantly positive or significantly negative. It is decisive and almost nothing escapes its impact.
The inflection point that we are referring to is the meeting point between business and technology and how these two dynamics work together. Technology has significantly changed the circumstances in which businesses, industries and entire economies need to operate.
The cause of the inflection point results in digital disruption.
This inflection point means that, irrespective of the industry you’re in or what function of business you manage, those who embrace technology and digital transformation stand a better chance of thriving. Companies that don’t effectively embrace and fully implement technology will simply fail to prosper.
No company is immune to the threat of digital disruption.
Digital disruption occurs when the changes in the competitive environment, that result from the use of digital technologies by new market entrants or established competitors, undermine the viability of your product and service portfolio and/or your go-to-market strategy.
Disruption ensues when a new business model or value proposition in the market is at odds with yours. This new business model or value proposition may come from a competitor or even from inside your own business.
The disruption results in your competitors enabling customers to achieve their desired results in a better, faster, cheaper, smarter, easier way. In other words, it helps customers to:
Reduce certain steps in the process;
Improve the quality of the process and/or experience;
Increase their knowledge; and
Create better revenue growth opportunities.
Our Digital Technology Partners
Companies that digitally transform position themselves to take advantage of amazing benefits.
According to Cisco, companies that have digitally transformed their operations experienced these successes:
41% have increased market share because they stay ahead of the competition.
30% have increased customer revenue because they create new customer experiences and can provide the market with greater value.
37% have increased employee morale because they create more engaging workplaces and can drive workforce innovation and engagement.