Digital transformation, in simple words, means using digital technology to conduct business activities. It means introducing technology to your company so that your operations become more effective.
In Singapore, the city-state known as the ‘smartest city’ in the world, digital transformation is very necessary for a firms growth. You see, in the country, almost all of the successful companies use digital technology extensively, so you will also need to make use of the innovation if you are to compete against other businesses.
Furthermore, customers also have expectations these days- for example, they want to see advertisements in their social media and use an ecommerce store to buy stuff. If you can’t provide that, it decreases your sales and doesn’t let you build more value as a brand.
The Challenge for SMEs
Digital Transformation is easier said than done, especially for small and medium enterprises with limited budget and expertise. Established firms have separate departments for IT, but for companies that can’t afford to do that, the concept of introducing technology to their brick and mortar business can be overwhelming.
Furthermore, if a company has a limited budget and is willing to spend it on technology, they may not have enough expertise on where to spend. For example, they can use that finance to buy accounting software. On the other hand, they can rather spend on online marketing. Contrarily, they may need both and may need to distribute their money equally on the activities.
This increases the value of a corporate service provider in Singapore, who can assist firms make similar decisions.
Remember, digital transformation, more or less, means changing the entire way that a company operates. You will need to do extensive research, spend time making plans, implement and experiment with strategies, and modify the activities as per the results and needs of the market.
The best way to get through this is to work with a digital advisory firm. They can look into your issues and goals, and help you make a definite plan and also let you outsource their IT skills and equipment to maximize your growth.