Leveraging emerging technologies to create new value
We hear the phrase Digital Transformation quite frequently these days but few small to mid sized business owners and their executive teams truly know what this is. And not understanding it could be causing a future risk to your company value.
An easy way to think about Digital Transformation is it’s your company opportunity to leverage one or more evolving technologies to transform positive change in your business. We live in an era with multiple technologies evolving and converging such as advancements in 3D printing, Artificial Intelligence, Virtual or Augmented Reality and the list goes on. What these all have in common is they individually or in some cases collectively are enabling business owners to transform their companies in ways that are building new value.
But the uncertainty for many owners goes beyond what Digital Transformation means. It then extends to understanding how to leverage these emerging technologies for the betterment of your business. I encourage business owners and CEO’s not to get lost or scared off by the technologies themselves but to first think about what their business strategic need is. Is the strategic need of your business to drive more revenue, or is the need for a more efficient and effective model for producing your products or delivering your services or might it be that you need to create a better customer experience? Digital transformation starts by first answering this question. Once you answer this, then you can move to learning which evolving technologies can serve as the enabler to your business need. Don’t think of technologies as your end game…your end game is the strategic need your business has. Then look to leverage technologies as the enabler to that end game and this then becomes the digital transformation for your business.
For many business owners, they realize their teams don’t have the experience to navigate a digital transformation. Get some external help from a trusted advisor that can guide you through navigating your digital transformation. Doing so can help your business avoid being disrupted and possibly find ways your business could be a disrupter in the market. Digital transformation could accelerate your pathway to building the value of your business in the eyes of your future acquirer. And as always, if you want to get on a phone call and get our insights to help take away your uncertainty, just let us know.
