When striving to empower your organisation to perform better, opportunities must not only be identified, but also acted upon. With the right solutions, and adequate expertise, software solutions provide businesses with the ability to capitalise on digital transformation opportunities in a proactive way. In a reactive environment, digitisation prospects are often lost for a lack of speed, leaving the business trailing behind.
“Every industry holds unique digital transformation opportunities,” says Heilet Scholtz, Executive at EOH Infor Services, Infor’s Master Partner in Africa. Infor advises that, whether the business operates in manufacturing, healthcare, facilities management, asset management or hospitality, nearly every business on the globe has been touched by technological change. “These ongoing, and often unexpected, disruptions are impacting how business is conducted. Increased competition is a powerful motivator for embracing digital transformation, as are the potential revenue opportunities.”
Here’s how to prioritise these transformation opportunities to avoid falling behind:
1. Set objectives
Scholtz advises that it is critical to determine what the right solutions are, to leverage technology to meet objectives set. Before pursuing ideas or opportunities, management must determine whether they align with business objectives.
- Operational efficiency
- Customer engagement
- Employee engagement
2. Determine the value of the opportunity
- Will it increase sales, conversions and gross margin return on investment?
- Will it give shareholders greater value?
- Will it decrease costs?
- Will it improve customer satisfaction?
- Will it bolster operational efficiency?
3. Can you map the ROI presented by the opportunity?
To make the effort of pursuit worthwhile, opportunities must have high business value. The easier, more affordable and the faster they are to implement the better. To determine whether the opportunity at hand offers these benefits, you must quantify and measure the value of the opportunities against the potential ROI that those opportunities can deliver.
- Scope the impact of each opportunity
- Compare it against the potential value
- Establish priorities
4. Choose beneficial partnerships
“Eighty-eight percent of firms use a third-party solution provider for at least one component of their digital transformation,” according to an Accenture Interactive-commissioned Forrester study.
Choose a partner that can:
- Strategise while assessing business value
- Prioritise and roadmap responses
- Build and prototype solutions to keep things moving
- Successfully implement digital opportunities
- Take you from ideation to execution
5. Why bother?
- Businesses operating during the Fourth Industrial Revolution must outpace digital disruption and stay competitive. As the business environment rapidly evolves, according to the Accenture Interactive-commissioned Forrester study, “Only 5% of organisations feel that they have mastered digital to a point of differentiation from their competitors.” If your business is one of that 5%, you will rise above the competition.
To enquire about EOH Infor Services digital solutions, CLICK HERE.