You’ve likely heard the term “digital transformation” being used lately, but do you understand what it entails? In today’s episode of #CoffeeWithKampas, EMPIST Founder and CEO John Kampas discusses what exactly Digital Transformation is and why it’s important for your business.
Hi, this is John Kampas, Founder and CEO of EMPIST. You’ve likely heard the term “digital transformation” being used lately, but you may have questions about what exactly it is. That’s why on today’s Coffee with Kampas, I want to talk to you about what Digital Transformation is and why it’s important for your business.
So, what is digital transformation? In my opinion, it’s the difference between innovation and extinction.
It isn’t just about having an online presence for your business. It isn’t just about digitizing existing systems or software, either. It’s about integrating every possible area of your business with digital technology. Depending on how antiquated your systems are now, accomplishing this might require you to do a complete overhaul of your business.
So, how do you implement a good Digital Transformation strategy? It needs to be a strategic, planned and organizational change. This can’t be done ad hoc in departmental silos. It must be done through company-wide, strategic thinking.
While digital transformation is enabled by technology, merely upgrading your technology does not qualify as a Digital transformation for your business. It requires a different way of thinking entirely. If you believe technology spend is a business expense, you will struggle with this. Technology should not be considered an expense but rather an investment in your business to compete and provide your customers the experience they deserve.
Digital transformation doesn’t happen overnight, either. It is an ongoing initiative that can take more than a year to complete (depending on the size of your company), so don’t expect immediate results. For example, Microsoft took 5 years to complete their digital transformation strategy. They moved the focus away from traditional software to cloud for both personal and enterprise use. Although it took 5 years to complete, it has paid dividends to their shareholders with a whopping 258% increase in stock price. This change has transformed their business for the better.
To quote Albert Einstein, “imagination is more important than knowledge”. You need to imagine how your business can leverage technology to differentiate itself from the competition. How it will survive industry disruptors who come into the market. Ask yourself why your customers do business with you. Be forward thinking and anticipate their needs.
If you need any help with your Digital Transformation strategy, please don’t hesitate to contact me directly.