The Digital Transformation is upon us. Almost everything that we do on a daily basis will have fundamentally changed by 2020. Are you ready for these changes? Is your company prepared to do business in a whole new way?
According to numerous surveys and studies, there will be more than 75 billion Internet-connected devices by 2020. Our cars, household appliances, clothes, pets, businesses, and more will all be connected to the Internet in some way, shape, or form. Most of the information we use every day will be stored in the cloud and accessed from our phones, watches, computers, and wearable devices.
The amount of data created in 2020 from all of these devices will be staggering! As a leader in business, how can you prepare for this massive transformation? In what ways can you get your company out in front of the wave? Here are four steps you can take to prepare your company for the digital transformation:
- Hire the best team for the future. In a study from Oxford Economics and SAP, only 39% of respondents say they use quantifiable metrics and benchmarking as part of their workforce development strategy; 42% know how to extract meaningful insights from the data available to them. These aren’t winning percentages for a company getting ready to digitally transform itself. Work with your HR and IT teams to build an assessment model for recruiting the best employees. The model should prioritize competencies, capture data points that assess cultural alignment for both frontline positions and leadership roles, and become predictive to drive success.
- Find the best partners. In most cases business success comes from building the best team and finding the best partners. We take great pride in the companies that have chosen SAP to be their partner, and we will do everything we can to help them achieve their business goals. When selecting your partners, both large and small, you should expect a similar commitment.
- Create measurable goals with milestones. The best way to improve at something is to create measurable goals and chart your progress. Outline and develop a keen understanding of each step and milestone in your digital transformation journey. Integrate regular reporting into internal and external processes to stay on top of progress.
- Watch economic indicators. Business intelligence and performance management applications can provide a way for your company to analyze real-time information to support business decisions with statistical analysis, forecasting and other corporate data. Mobile and internet connectivity will continue to benefit all economies but hyper-connectivity is the new norm for businesses around the globe. Keep your eye on how global economies using mobile and Internet tools as well as other resources to gauge economic trends. Utilize tools that help you cut down on response time. For example, SAP HANA is helping one major airline crunch petabytes of data to cut response time to unanticipated events from 6 hours to less than a minute. Solutions like this can help your company act quickly to unexpected issues, allowing you to focus on your priorities.
Regardless of the approach taken to digital transforming your company, the one constant in your journey will be change. Flexibility and resourcefulness will help your company stay on top of the trends and on track to success.
To learn more about the digital transformation and how the SME market is leading the charge, tune into the SAP SME Summit on November 10th in NYC. This event will offer unique insights into how SAP and our partners are enabling SMEs to grow and prosper. Hear directly from SAP SME customers on how they are embracing the digital transformation. Catch all the action on the live-stream from the SAP Small Biz Periscope account beginning at 10:50 AM EST on Nov 10. We’ll also have a live TweetChat and blab during the event where we’ll talk with small business expert Brian Moran and digital transformation expert, Daniel Newman, about why the Digital Transformation is a giant opportunity for SMEs.
Want more insight on today’s evolving business environment? See Digital Transformation Isn’t Just A Technology Thing, It’s A People Thing.