What Is Digital Transformation And What Does It Really Mean For Your Business?

What Is Digital Transformation?

The Global Center for Digital Transformation says that “organizational change is the foundation of digital business transformation”. That’s because changing the nature of an organisation means changing the way people work, challenging their mindsets and the daily work processes and strategies that they rely upon. While these present the most difficult problems, they also yield the most worthwhile rewards, allowing a business to become more efficient, data-driven and nimble, taking advantage of more business opportunities.

Define ‘digital’ in digital transformation

While the focus is on changing how the business works at every level, technology underpins all digital transformation projects. But what technology?

Obviously this changes as time goes on, but typically businesses want to adopt technologies that help them harness and make sense of the vast quantities of data they are sitting on, as well as preparing for trends like the Internet of Things (IoT) and mobile.

That means analytics tools are high up on the agenda, as well as cloud computing, which lets you store data outside your own data centre, potentially closing this down. You might also want to focus on collaborative tools, like file-sharing, mobile devices, and apps, that let your employees work wherever they are, and which give them instant access to information – especially useful for salespeople visiting customers, for instance.

What Digital Transformation Means For Your Business?

Accepting and moving toward digital transformation doesn’t simply mean jumping on every technological bandwagon that comes along. Doing that is like putting a bunch of cut up vegetables in a pot and calling it soup. Unless you put the right ingredients in the pot and turn on the stove, you’ll never make soup-at least not soup that anyone wants to eat. Instead, each company has to spend some time thinking about what digital transformation really means for them.

Companies need to think about transitioning core business processes and digitalizing the client/business process first. They have to think about which applications, platforms, and solutions fit into their culture, daily operations, and budget. There is unfortunately no cookie cutter solution that businesses can opt into. It’s a process that requires personalization and a knack for following trends.

Digital Disruption And Focusing On The Consumer

Digital disruption is another key term that describes what digital transformation can do in society at large. Smartphones created a disruption, Uber created a disruption, and wearable technology continues to create disruptions. With each key technological advancement, the daily lives of consumers change a little more. The norm is shaken up, and the advancement adds value to consumers. Businesses that take advantage of the new changes, and who understand how these changes affect daily life, can modify their practices to meet the needs of the consumer.

Consumer-centrism is one way to ensure that you’re meeting the demands of the digital age. Knowing where your customers are interacting online and how you can meet them on their own turf will enhance your ability to make their lives easier and to make sales. Every business has to think about digital transformation and the power of disruptions now. There is no longer time to take baby steps and get your feet wet. It’s a sink or swim environment for many businesses.

Planning Ahead For Digital Transformation

Digital transformation is both an end result and an ongoing process. You have to make the initial move, and then you must continue to evolve or be forced out. There is no quick fix for digital transformation. When you sit down with your team to discuss your company’s digital future, think about the near future, but also the long-term goals of your company. To maintain relevancy, you will need to implement digital solutions that keep your company moving forward into the digital era and not standing still or moving backwards.

At every step, think about the business experience. What can you implement to streamline in-house operations? What can you implement to facilitate customer interactions? These aspects that will drive your digital transformation. For some companies that may mean adopting an integrated payment solution so that customers can login to an online portal and pay their bills. For others, it may mean getting on social media and posting relevant content on a regular basis. Any move to the digital space is part of the digital transformation.

Over the long term, the digital experience will shift. How can you make changing an easier part of the business process? Transparency, a group mission toward digital relevance, and constant listening to customer behaviors may all be important for shifting your company’s focus away from legacy business practices and to a more digital oriented future.

If your business is seeking to get into the race of digital transformation, it is important to act right now. Late adopters can have serious disadvantages since the competition is already in the domain. If you are looking to adopt a business model that utilizes a digital core, we can help. Embrace the digital transformation with the best developers to get to the forefront of change.

New Payment Technology Solutions for 2012

There are different payment solutions for different businesses online and different security levels.

When selecting a provider online you should consider 10 different variables.

1. How often are you going to need to use this service?

2. Is the payment system mainly used for credit card merchant services?

3. Do you want to use the system for transferring money?

4. What level of security do you want to have on your payment solution?

5. Do you want to use the system for a specific technology, like selling gaming online?

6. How often are your transactions processed? Monthly, weekly, annually?

Different systems will have different fees depending on usage and volumes.

7. What countries do you want to have your payment solutions available?

8. What currencies do you want to be able to operate in?

9. How big is your payment solutions budget on a monthly or annual basis?

10. How many people are responsible for your payment solutions department?

Now we will review 3 different types companies in this industry you may be interested in briefly and the differences between them.

BOXPAY

Boxpay.com is a solution for mobile technology and gamers. They give E-Business payment solutions technology for their digital wares. This is done through the use of your phone instead of a credit card. Using SMS and Direct Carrier billing. It is available in 35 countries and four continents. For more information on the company take a look at the link above.

00PAY

OOPay.com is a solution for offshore payment solutions. On this site you can accept payments for a variety of credit cards to sell products/services for your business. It is available in 27 different currencies for Merchant Accounts and has a low service fee. There are many benefits to this service and it has an easy application process. For more information see the link above.

PAYPAL

Of course one of the most trusted and used sites is paypal.com that has been around for several years. You can use paypal to send money, buy and sell services and send payments by email. There are over 269M people that use paypal. You can also use your I Phone, Android or Blackberry to have payment technology systems on your phone. Using secure payment technology you can sign up, choose your bank for security and shop online. For more information on paypal see link below.

paypal.com

Enjoy developing your website and make sure to do some research before selecting your payment solutions system, price is not the only decision to base your solution on as per review above and the type of business you operate online.

Service Industry Challenges – How to Step Beyond the Subjective Nature of the Industry

The service industry can be very subjective in nature due to the fact that you are trusting people to perform skills. Trust may not be the biggest issue, however value in the service can be perceived as very high or very low. A lot of that perception has to do with the individual selling the service. This can be a big hurdle to overcome.

Another challenge that faces the service industry is the idea that clients pay for a service or services based on the number of hours the task will take to be completed. In this model, the company is basing its services’ value on the number of hours to complete the work. It would seem that the scope of work should be based on the value that the services provide. While the company may determine the amount of hours to completion for time management and as an estimate, it should not be end price.

To get beyond this low profit margin income model, you as the owner and entrepreneur, must truly believe that your product and services are worth their asking price if not even more. That may sound outrageous, but to some consumers, they will trust companies, services and products that are at the higher end of the price spectrum because to them, they perceive more value in it. As you recognize the value that you have created in your products and services, it will start to come across in your sales pitches. Don’t stop it- that is your passion and drive speaking. That is what will get the sales. No need to be arrogant about the price, just focus on the value that your company is offering, how it will benefit and simplify the client’s life and how you can get started today.

Very simply, change your thoughts, increase your prices, and let your passion shine through. You may start to see a new market to tap that previously would have been out of reach. You may also discover that you were not charging enough for your services.