Digital technology is changing everything we know at such a fast pace, and companies are trying to adapt as quickly as possible to take advantage of the numerous benefits it promises. Their competition is already making the most of the digital revolution, and there’s no reason they can’t do so also.
Small and midsize businesses (SMBs) looking to implement digital technology solutions or niche-market ideas are likely to encounter a few challenges on their journey. Following are the most common digital transformation challenges for SMBs and ideas on how to overcome them.
Communicate with your employees
If you’re planning on implementing digital technology solutions into your business, the biggest mistake is not properly communicating the decision with your employees. According to Business Wire, 35% of millennials are scared that digital transformation will eventually cost them their jobs. Discussing this issue with your employees will help them feel better and more comfortable about their jobs. If you’ve already decided on which technology you will implement, make sure you explain to your employees why the company chose this option and what it will provide for the business.
Plan a cost-effective strategy
Plan your costs for digitizing your business. Not having control over your spending will undoubtedly lead to overspending your budget as costs escalate. Without a cost strategy, SMBs will have to spend more money than they planned, which will affect the company’s overall business results and the success of the implementation.
Work with the right experts
This might seem obvious, but choosing a technology partner that doesn’t understand (or ignores) your needs and goals can lead to unexpected costs and severe damage to your business. Larger companies can afford to choose the best players in the game, but smaller companies often don’t have that luxury. In other words, it’s crucial to do your research and find a suitable partner company. A good partner will recommend solutions that are within your budget and compatible with your infrastructure. Ask if they have worked with SMBs before; that experience may be helpful when working with your company.
Collect vital data
Focus on the data you need to understand your customers, employees, and partners in order to design products that will answer their needs. Think about APIs and whether your business systems will need to communicate through them. Your business will need support if you want a successful implementation that allows you to move to another digital transformation project.
Build the right technology stack
Build your technology stack on a software-as-a-service (SaaS) model. This makes it harder for your competitors to compete with you; it will help you with your purpose; and it’s an excellent solution to account for factors like security and scale. Make sure the stack allows your employees to work where they want in the way they want. This will significantly increase your team’s productivity, which leads to enormous benefits for your business.
Implementing a highly beneficial digital technology solution is a must in today’s digitalized world. However, the way you implement your technology is as important as the specific technology you decide to use. There are many challenges when talking about digital transformation for SMBs, but they can easily be solved with a detailed strategy and plenty of research. You must invest your money, time, or any other resource efficiently, in a well-structured manner, to gain the benefits of digital technologies.