Making Sense of Digital Transformation as a Small Business

Even before the term "transformation" was juxtaposed with digital to weld into digital transformation and the combined force became a buzzword, we have often used it to celebrate someone's journey leading to a newer, refined self.

Businesses, too, almost follow a human-like trajectory. They rise; they fall and sometimes resiliently transform to survive.

In all interpretations, the capacity to transform is either present or has to be created as a necessary condition for sustained growth.

The buzz around digital transformation is not new, and it's reaching a crescendo as we enter 2024. Everyone is talking about it, from influencers and industry experts on Linkedin to thought leaders in digital forums.

There's a mix of excitement and apprehension even in ringside viewers.

Mckinsey reports that an overwhelming 64% of organizations admit they need to build new digital businesses to stay competitive in 2024 and beyond.

But what exactly does it mean? And does the definition include every business, most notably small businesses?

At Proquantic, we believe in taking a fresher perspective on technologies and innovations defining the century. Let's check it out.

Defining it

Let's chuck the jargon and get straight to the basics.

If, as a business, you are integrating the latest digital technologies into different aspects of your business or organization in a way that fundamentally restructures operations, processes, and people to the extent that it may disrupt traditional methods and bring value to your customers in a new way, you have put your business on the road to digital transformation.

Examples abound. It could be as simple as introducing an ordering app for your small eatery business or automating customer service that brings more business and value to your customers to going all out and embedding cool technologies of the day like IoT, artificial intelligence, cloud computing, data analytics, etc.

Going digital would mean different things to different organizations, depending on their future goals and aspirations.

Oh well! At the end of it, looking back, you can confidently say- "My business is digitally transformed." A new avatar.

*Read more about Dubai's tryst with digital transformation

Small Businesses in the Spotlight

According to a Small Business Digital Transformation survey, small businesses engaged in digital transformation saw eight times the revenue growth of those without digital efforts.

That sounds good to go for. But as a small business, you might still be in the doldrums!

Lots of questions or confusion prevails around how to go about it. How do I take my first step? Also, with limited resources, you would want to stay out of the gimmick. We understand.

No matter where your business is today, acknowledging the digital culture and adopting it, which does not imply overnight changes, opens doors to a digital transition, even if it's one small step at a time.

Getting ahead would require two things-

1. The will to set the digital transformation wheel for your business in motion and
2. The right kind of expertise.

So what's the next step?

Getting into the act!

Before starting, you need to know what's blocking your way! It could be a lengthy production process, hiccups in customer handling, or something as ubiquitous as the absence of secure digital payments.

Could you dig them out?

• As a business owner, seek inputs from the team. Talk to everyone!
• Discuss the most significant challenges your company faces with your team. Are you sitting on those, or do you have any previous instances of working on them? What were the results?
• Encourage your company to recognize and acknowledge its issues. Do not hide it.
• Club the pain points together.

Sketching the plan

Once you know the issues, what are the options available to you?

• Categorise identified change spots into short-term and long-term changes. Break them into sub-categories.
• Ask questions on how a particular technology maps to your needs
• Compare with other organizations in the same field. Find out what they did to get around.
• Obviously, this cannot be a solo effort. It's a new territory. Watch your steps. Consult experts and digital agencies. Do not invest yet.

Data's Determining Role

Data and digitalization go hand in hand. Data analysis is crucial to decision-making. On a fundamental level, even your customers are doing it before an online purchase - analyzing the ratings, customer reviews, and price of products.

• What's your customer base? Details like the demographic you serve, their financial profile, their age group, etc. What motivates them to buy a particular product or service?
• Do you have a basic system to collect and organize customer information (contact details, purchase history, preferences)?
• Have you implemented a customer relationship management (CRM) system to track interactions and improve customer engagement?
• If you are on social media, are you tracking the metrics?

How can we help you?

Remember, embracing digitalization is a welcome step. There's less to worry about if you have a sound strategy. You will learn, adapt, and brace for challenges.

Reports also suggest that larger organizations struggle more with digital transformation because of their businesses' sheer size and scale. It is comparatively more accessible for small companies and mid-sized enterprises.?

Here, Proquantic will be a trusted partner, helping you all along the way. We review and create the digital strategy, suggest tools and technology your business needs, and smoothly let you into a new world of digital opportunities.

Small businesses leverage our proven expertise, taking their first confident step towards growth and transformation.