The key to success in business is adaptation. No matter where you look, this has always been historically true. Companies that relied on modern technologies of their day often stayed ahead of competitors. In the last decade, this meant being more technologically savvy and leaning. Digital transformation and technology presents a unique challenge for businesses however. It’s rapid pace of change can be a little overwhelming for some who don’t understand it’s value. Indeed, technologies and approaches that were effective a few years ago may not have the same claim today. Companies need only look at how the business environment has changed in the last year to see how this holds true. This often means that companies need to also adapt and evolve alongside technologies.
This is not as simple as pushing a button however. Change is hard, sometimes even pushed back on. Companies that relied on their current approaches sometimes believe they shouldn’t mess with a good thing. It’s quite understandable to fall back and rely on traditional strategies that brought success in the first place. At the same time however, the need to be digitally present and aware is now much greater. Business success today means tapping into a broader, more global market than ever before. In more blunt terms, companies that do not grow and adapt to these changes will have almost no chance of staying competitive.
Digital transformation should start at the highest level of any company. If you have a senior position in your business, understanding digital transformation is a must. By being more receptive and welcome to the idea, you already take the first step in maintaining global competitiveness.
Data and Insights As Commodities
Data as a whole is considered the biggest resource in today’s connected business environment. For companies to stay competitive, they must be aware of how important data accuracy is. We’ve come across stories about the amount of data needed to be processed currently and how it will surely increase in the coming years. By being aware and ahead of this, companies can make real-time decisions through digital data visualization.
Conversely, companies that do not adapt digitally will struggle on how to handle the weight of this data. This includes preserving data integrity. Ideally, having a data-centric organisation that works from one source of information requires a holistic understanding of the business’ data needs and output from a strategic and operational point of view. Having visibility to this information allows for better data-driven decisions and determining future data needs for digital transformation.
Digital Transformation as a Modern Approach
Let’s look at one concrete example. Historically, offshored and outsourced finance roles initially focused on administrative tasks. At the start, companies were only looking at cash flow accounting and how to report these figures to stakeholders. Today, offshore teams can take on key finance roles. These roles act in a consultative capacity that set objectives and solve issues across the business. By providing accurate forecasting and budgeting data, finance roles have steadily evolved into what they can truly bring. These roles help set objectives across the business by providing accurate forecasting and budgeting data. This is done through a centralised data flow that includes finance, marketing, sales, and pricing.
So what does this show us? As a business in any industry evolves, so too must the roles of those in the company. In this case, CFOs should be able to create strategic decisions based on a company’s financial outlook data. Their views of cost and revenue drivers for protecting profit margin are valuable as they help grow the organization. Through access to real-time information, CFOs can effectively make better data-driven decisions.They will have the most comprehensive visibility into their organisation’s data foundations. They also determine any future data needs for digital transformation and resource requirements. As a result, they become a company’s eyes and ears on the ground, while also helping them transform into business leaders.
Becoming a leader in digital transformation allows for the adaptation of modern functions to modern solutions. More than that, it sets up companies – and those behind it – as agents of change. This goes for any vital part of a business and the key decision process they go through.
As exciting as it sounds, it’s important to remember that digital transformation does not happen overnight. Like with all good things, it is a gradual process that requires commitment and focus from everyone in a company. Whether you’re a CEO, CFO or a fresh hire, digital transformation must be accepted for it to be fully effective. Only then can it be adapted as a new business model that uses a different kind of customer engagement. Through offshoring, adapting to these fast-paced changes has never been easier and more productive. As noted earlier, this kind of change can be difficult to adapt at first. But overtime, it will benefit everyone and bring success in the long run.