Opinion

Challenges Of A Digital Transformation For Your Business

Digital transfornation - cfamedia

Are you a small business owner, with plans to make the next digital transformation move, in your technology development?

You need to be prepared, to face these truths.

Technology has come to stay and it has changed the way things are done, in all aspects of life. Running a business is, not left out of it.

The landscape of business, especially, the small scaled ones, have got their operations, simply streamlined, with improved productivity to compete with the big guns.

For the past years, no doubt that technology has changed the processes of business, in different ways;

  • Improvement in growth rate
  • Business model evolution
  • Workplace transformation
  • Survival

With these visible effects, technology has got on the modern business landscape. Its penetration is, still, not maximum.

The question is; why is this a challenge, especially, to business founders and entrepreneurs?

Some business leaders, go headlong, into this technology transformation, without having a well-defined strategy, to deal with it.

Digital transformation, enhanced by technology, can be a daunting process and many business CEOs, are not just prepared for it.

Consider the following five truths, to get yourself assured, of overcoming the challenges that, technological transformation might bring:

Transformation Is Difficult

The IT projects that you embark on, would, usually, take longer to be executed, as it costs you more.

The combined work of mentally exerting the brain, in your first digital process and the whole transformation itself, would test your resolve, as well as that of your team.

You Will Spend Big

In embracing digital transformation, it would be unwise, not to invest in technological applications and talents, that can enhance the expected transformation.

They are key factors, for your business. You need to realise that, technology is expensive and will, definitely, cost you, even, above what you envisaged.

Live with the truth that, digital transformation, enhanced by technology, comes at a cost that you have to bear.

Get Used To This Pace

Changes keep on coming up on technological transformation, at a fast pace and it is not slowing down anytime soon.

Artificial intelligence, (AI) and blockchain technology, are part of the newest technological evolution.

The pressure to keep up, with the pace, would be on the business, more, but you can always get your way around it, once you set out, with a clear strategy.

A Tight Cybersecurity

Digital transformation - cfamedia

Digital transformation, also, comes with the management of your clients’ data, online and this comes with its risk of cyberattacks. These attacks can compromise your financial assets.

On a daily basis, threats to cybersecurity, are getting bigger, as hackers, continually, seek to exploit loopholes, in your cybersecurity apparatus.

Going digital, through technology, your business works, fully, on data and you need to give it, the maximum protection, it really deserves.

It Is Still About People

Digital transformation - cfamedia

One cannot overemphasize the power of technology, in bringing about, digital transformation.

Nevertheless, it is only useful, if it empowers business executives, to make better decisions that, translates to, improved productivity.

How well you use technology, is defined, by, how your customers engage with you, through it and how best your team makes use of it, for business interaction.

Digital transformation, through technology, is a leading concept and it can, only, be successful, if you, as a business leader, bring about the necessary behavioral changes that, your team would embrace.


Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.

Thanks for Contributing!

Tweet
Pin
Share