The Cost Of Implementing The Wrong Digital Tools
July 20, 2021
It is no longer a question of if your business should undergo digital transformation, but how. To stay competitive, you must adopt new technologies that increase the efficiency of your business, provide more value to customers and improve your cost competitiveness in the market.
Digital transformation cannot be an afterthought and having a clear roadmap for implementing your digital tools is crucial.
We know there is an upfront cost to your business in setting up your digital tools, but have you considered the longer-term cost of not reviewing your business, planning your investment based on need in your business and implementing the right digital strategy for you?
This cost can be in revenue lost as well as higher operational costs over time.
What Is Digital Transformation?
Digital transformation involves implementing technology into all aspects of your business to fundamentally change how you operate and deliver value to customers.
It is not a one-off implementation of digital tools, but a continuous investment in technology to improve your business and adapt to changing customer expectations.
Here are just a few examples of what digital transformation could offer you:
- Your digital tools can start collecting data about customer buying habits that will allow you to make informed business decisions,
- You can automate some of your business tasks such as invoicing, freeing up more time and money to drive sales, and/or
- You could start an online shop or take online bookings to provide your customers with different ways to purchase and enabling you to reach a wider market.
These examples are just the basics, there are endless opportunities for digital transformation in your business.
The Cost Of Not Adopting Digital Technology
Implementing new technology may put you out of your comfort zone, but it is a necessary step in ensuring the sustainability of your business. The use of technology is not a trend that will pass – your business must keep up with customer expectations to go digital.
Some of the major consequences of failing to undergo digital transformation can include:
- Your business loses relevance,
- Your business loses its competitive advantage,
- Your business has higher costs and less revenue,
- Your business will struggle to grow, and
- You won’t collect data that can allow you to make the best business decisions.
In the post-COVID business environment, your business cannot afford to be left behind in digital transformation.
The Cost Of Choosing The Wrong Digital Technology
It is important that business owners not only implement digital transformation but treat it as an ongoing process of improvement. For each digital tool your business implements, you must be able to identify a clear benefit on how it will improve your operations or address a customer’s need, want, or expectation.
If you do not choose your technology thoughtfully, your business will be wasting money on unused software subscriptions or inefficient processes.
To start, you should look at every aspect of your business and find ways that it can be digitised and what you will need from your technology to do this it successfully. In doing this, you will know what you need to improve your business, and how to choose the right software the first time.
If you rush into digital transformation without a strategy, you will end up making poor decisions that will hinder your business by wasting precious time and money.
Digital transformation is a must for business owners. However, it is important that business owners get it right the first time and plan strategically for how they will implement new technologies.
Secure your spot at our workshop on “How To Choose The Right Digital Tools To Improve Your Business” on Wednesday the 28th of July here.
2 Cantonment Street,
Fremantle WA 6160
(Level 1, Behind The Church)
PO Box 1616, Fremantle WA 6959