Digital transformation for businesses: A must for productivity
Back in the 19th century, the industrial revolution completely transformed society. But businesspeople at the time were reluctant to invest in new technology and to question their ways of working. Proof that it wasn't a passing fad: very few businesses today could go without electricity! The digital transformation is forcing today's organizations—those that want to stay competitive and meet the growing needs of the population, at least—to evolve in a similar way. Here's how.
What is digital transformation?
Businesses in all industries are managing to do their same work more effectively by embracing digital transformation. To stay in the race, your organization must progress at least as quickly as your competitors.
Digital transformation is a company-wide effort to integrate technology and use data in its operations to increase productivity and stimulate growth.
In an economic environment marked by protectionism and procurement challenges, digital transformation creates even more value by optimizing the resources available, whether material or human. This approach allows organizations of all sizes to remain competitive with foreign companies that enjoy competitive advantages like a large, low-cost workforce.
Some (false) obstacles to digital transformation for business
The same concerns resurface every time there's a major change that shakes up industries. Here are some of the objections – and why it's important to overcome them.
"It doesn't make sense for our industry."
Whether you run a service business, a manufacturing group or a retail business, there's always a way to increase efficiency. It could be by automating some routine tasks, collecting relevant data to guide decision-making, or integrating innovative technology tailored to your needs.
"It's too complicated and we don't have the right knowledge."
Surround yourself with people who have the expertise to guide your thinking. Your Desjardins Business account manager can put you in touch with experienced partners whose expertise matches your needs. And someone in charge of digital transformation at another competitor company could be willing to discuss their own experience with you.
"It's too expensive."
Digital transformation isn't an expense; it's an investment that generates a measurable return. Increased productivity, reduced losses and better employee retention: it all has value that directly contributes to your profits.
"We're selling the company soon; getting into a big project just isn't worth it."
Investing in digital transformation makes your business more attractive to the next generation and adds value. And keep in mind that business transfers can take several years and include many challenges, all with no guarantee of success. It would be unfortunate to pump the brakes and lose momentum, only to see a transaction fall through for reasons outside your control.
Digital transformation also gives a new generation of business successors the opportunity to make their mark and guide mature organizations to the next stage of their growth.
Some simple digital transformation projects
- Add a chatbot to answer your clients' questions at any time on your website.
- Automate repetitive administrative tasks like sending invoices.
- Scan all project forms and centralize data access on the cloud.
- Document your business processes using an online platform to train new employees.
- Use surveys to gather feedback from your clients to improve your products and services.
- Automate, remotely monitor and analyze data to streamline manufacturing procedures, control inventory and ensure worker safety.
- Use predictive maintenance strategies to identify and stop potential problems before they arise to reduce downtime and increase efficiency.
How can you get your digital transformation started?
Your Desjardins Business account manager can help you with every step of the process, whether it's to fill a need you've identified or to finalize your selection of a new management software or complex piece of equipment. Tech partners, potential suppliers and other business owners can also be part of the conversation and provide insights to enrich your reflection process.
Learn more about our flexible financing solutions and the many funds available to help you reach your goals and speed up your business's growth.