Back in 2011, Dell presented a case study on its Digital Transformation initiatives and showcased how they were able to increase their sales by 100%, within a year.
All they did was adopt cutting edge digital tools such as Analytics: they listened more keenly to their customers, tested and measured their sales process, revamped their targeting, and the results which they got stunned the corporate world.
This is one of the thousands of examples we can show right now, which compels us to decode Digital Transformation and discover its secrets. There are some stunning case studies of digital transformation in banking, healthcare, finance, manufacturing and more sectors, which have been executed using simple tools and techniques, deriving big, massive results.
And once you understand the relevance and importance of Digital Transformation, we will showcase a few easy to implement Digital Transformation Strategies, for small businesses.
Let’s begin your journey of Digital Transformation!
What Exactly Is Digital Transformation?
Digital Transformation is the process of implementing digital strategies, to accomplish business tasks and execute business processes, for more productivity and more results. It’s a realignment of your focus in terms of technology and digital medium, and brings about a paradigm change in the way you conduct your business, serve your customers, and manage your employees.
A good example of Digital Transformation will be Cloud technology. It is not only applicable to hi-fi technology companies but even MSMEs are using cloud technology unknowingly. You may be using google forms, google sheets, emails, WhatsApp, etc in your business. All these tools are backed by cloud technologies.
As per IDC, Digital Transformation is a trillion-dollar industry.
By 2022, companies all across the world will spend approximately $1.9 trillion for executing and embracing Digital Transformation in Manufacturing, Logistics, Healthcare, Services, and more sectors.
Why Is Digital Transformation For SMEs Important?
Small businesses can transform their entire business model via digital, and not only increase their sales and revenues but also deliver a cutting-edge user experience to their customers. Digital transformation is a significant shift in the culture of conducting business, and small businesses stand to benefit the most, from this big, paradigm change.
They can understand and analyze their customers better, know about their needs, their problems in a better way, monitor their competition without investing much time, resources, and churn out more revenues without spending a fortune on advertising and sales.
Some of the ways Digital Transformation helps small businesses:
- They can make informed, instant and bold decisions based on real-time data and insights
- Entirely operate their business digitally, and thus become location-independent
- Reduce operational errors & increase efficiency
- Manage and motivate their employees in a better way
- Increase sales without spending more on marketing
- Connect with their customers digitally
- Streamline supply chain, predict demand, observe and monitor trends seamlessly
- Monitor their competitors digitally and stay one step ahead
- Run their business 24*7, without hiring more staff
However, implementing Digital Transformation is the toughest part, since it can alter the entire business model, and modify most of the business processes, it brings about a radical change. The secret lies in selecting the best Digital Transformation Strategy, customized and tailor-made for small businesses and their specific needs.
3 Easy, Doable Digital Transformation Strategies For Small Businesses
1. Digital Strategy For Customer Acquisition
One of the biggest reasons why Digital Transformation for Small Businesses is more important than ever is that every customer is now digital.
The smartphone boom and cheap Internet means that almost 100% of your customers are now online, and this changes the way you are acquiring new customers.
As part of the digital transformation strategies, small businesses can now use more digital and tech-enabled tools to acquire their customers, which are not only cheaper but more efficient. Examples being online lead generation, email marketing and using online surveys to tap into the pulse of your customers.
2. Digital Strategy For Communication & Social Media
No doubt direct mail and newspaper ads worked once upon a time, but now, social media is the new news and awareness platform, and emails, mobile messengers are the new communication medium.
One of the fastest ways for small businesses to deploy digital transformation strategies is by adopting social media channels, websites, and messengers to spread their message and create more awareness.
A Good example can be Digital Transformation in Financial Services and consulting, wherein small enterprises are sharing finance tips and stock market predictions via Whatsapp messages, and creating a community of their loyal customers.
3. Digital Strategy For IT Infrastructure
As shared earlier, Cloud computing has changed everything related to IT infrastructure, especially for small businesses.
Thanks to being digital, and Cloud, small businesses need not own expensive hardware and servers to manage their IT needs, nor do they need to spend heavily on fancy ‘dedicated servers’, when fully elastic and flexible Cloud servers exist, with Pay as you Use model.
For example, while implementing Digital Transformation in Healthcare, consultants found that using Cloud-based storage and data access systems reduced their expenses, and enabled all the concerned entities to access their data seamlessly.
If you are searching for a Digital Transformation Consulting Services, then MSMEx can provide you with the right resources, at the right time.
MSMEx provides a unique platform for entrepreneurs, small business owners and SMEs to book consultancy of experienced, seasonal and expert Business Advisors and coaches. You can start your digital transformation journey right away!
Book your slot here at MSMEx.
Sources: 1 (Dell Case Study)