Why digital transformation is essential

What is digital transformation?

 
Digital transformation refers to a fundamental evolution in how businesses operate and deliver value to customers.

Technology is critical to facilitate this evolution. But digital tools and networks enable change rather than achieve it. True digital transformation requires a mindset of adaptation and innovation—that happens to be fuelled by technology.

Continually assessing and adopting new approaches and technologies in a strategic way lets your business:

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Develop more successful business models, products and services

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Get better outcomes faster by improving or automating processes

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Run a more efficient, agile, and cost-effective business

Does digital transformation matter for your business?

Every business in today’s global economy can benefit from digital transformation in some way.

Whether it’s improving your back-end systems, boosting employee productivity and engagement, introducing better production methods, or making it easier for people to buy—there are gains to be made when you rethink what’s possible and apply technology well.

If you resist change, your business is at greater risk from competitors and new entrants who are ready to disrupt the status quo.

Your customers expect you to innovate. If you don’t they may jump ship. This is true of employees as well. People want to work in modern, collaborative environments that empower them to apply their talent and use technology to get results.

Leading companies that leverage data and technology to increase their speed-to-market and give customers a better experience are reaping the rewards through decreased costs and increased revenue.

Digital transformation is a wise move if you answer yes to any of these questions:

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Is your industry highly competitive or becoming consolidated?

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Are you finding it harder to differentiate from competitors?

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Are your customers’ preferences always changing?

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Do you face strict and shifting industry or regulatory obligations?

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Do you want to expand across multiple locations or operate globally?

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Is the cost and availability of inputs, stock, and labour volatile?

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Is skilled talent hard to find and retain in your industry?

The only constant is change. Your business will flourish if you embrace a process of ongoing renewal – always striving to understand what customers need, the direction your market is heading, and how technology can give you a competitive advantage.

What’s the best digital transformation strategy?

Every business in every industry has room for improvement, which may be driven by a range of technologies including apps, websites, software, digital devices, connected networks, automation, AI, big data, and analytics.

How do you decide the best path forward and the best combination of technologies?

A framework for planning your digital transformation:

Start with strategic insights:
  • Formulate your business strategy first: what are your overall objectives?
  • Talk to your team and customers to understand and optimise current practices.
  • Think holistically about business needs and opportunities to use technology.
  • Consider how you can empower better and smarter ways of working.
Shift organisational culture:
  • Emphasise leadership and employee engagement to reduce the fear of change.
  • Recognise you may need to build leaders’ skills and your workforce’s digital literacy.
  • Make decisions quickly and be open to trials and experiments.
  • Communicate regularly about what’s happening and why.
Make wise technology choices:
  • Start with foundational systems and approach improvement incrementally.
  • Identify existing technological barriers: slow, ageing and ineffective tools.
  • Upgrade day-to-day systems that are high-touch and high-impact.
  • Select technologies with strong usability and appeal for users/employees.

Which technologies underpin transformation best?

Not every technology will be relevant to every business, and new technologies and ways to apply technology are emerging rapidly.

Moving towards a more inter-connected business environment may be enhanced by:

Cloud computing

Mobile technologies

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Open source models

IoT networks

Networks, devices and software can unlock transformative capabilities by taking advantage of:

Big data

Data analytics and BI

AI and machine learning

Blockchain

Digital twins

Digital transformation efforts are more likely to be successful when you focus on getting the basics right. Start with the core systems that are needed to ensure your team can work together effectively and you can manage your supply chain, customers, finance and service functions.

An innovative ERP solution can underpin digital transformation

An enterprise solution is an ideal way to centralise and streamline how your business manages inter-connected functions like sales, finance, distribution, production, and service, that are essential to keep your business running smoothly.

Integrated ERP solutions are configured to expedite the flow of information, approvals, processes and insights so that your employees can do their best work.

Modern Enterprise Resource Planning (ERP) software is robust and flexible—and capitalise on emerging technologies to support automation, predictive analytics and powerful business intelligence insights.

A modern ERP solution enables you to:

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Run your business in the cloud securely and reduce your IT costs

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Scale your systems/users as your needs change

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Capture all important business data in one database

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Link key processes and workflows across teams

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Empower a mobile workforce and employee self-service

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Consolidate data to analyse high-level performance

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Make information and insights accessible in real-time

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Reduce silos, delays, duplicated effort and errors

Making information more accessible across an organisation more than doubles the likelihood of a successful transformation.*

* “Unlocking success in digital transformations”, McKinsey and Company, October 2018.

Digital transformation backed by SAP, Sage and MYOB

A world-class enterprise solution can give you the upper hand in a rapidly evolving global marketplace—you’ll have greater visibility and the capability to adapt accordingly.

Leverage Technologies has worked with hundreds of Australian small to medium businesses and non-profit organisations to help them select, implement and maintain the ideal ERP solution.

We specialise in helping businesses get the most from their digital transformation by embedding one of these powerful enterprise systems:

SAP Business One

SAP Business One

A globally-recognised ERP solution for small to medium businesses that want scalability, powerful data processing, and extensive industry-specific features.

MYOB-logo-leverage-technologies

MYOB Advanced

Australia’s best cloud ERP for small to medium businesses that want greater visibility and agility, with intuitive dashboards and support for multiple ABNs.

sagex3 Leverage Technologies

Sage X3

An industry-leading ERP solution for mid-market and larger businesses with complex financials, supply chains, and production processes, or face stringent regulations.

sage Intacct

Sage Intacct

A cloud first solution for complex financial management and corporate accounting. Multi-entity, consolidations and more. Excellent ROI into vertical markets – non-profit, financial services, professional services and more.

Our experienced consulting team can help you clarify your business objectives and technology needs, before offering personalised recommendations about which solutions may be a good fit.

Are your legacy systems holding you back?

If your business is being stifled by an out-of-date ERP solution, you might be weighing up whether to update what you’re using now or make the move to a new solution. Read our eBook to learn more about how to determine the best option for modernising your legacy system.

Overhauling legacy ERP systems: Should you upgrade or switch?

Don’t get left behind: transform with our help

Considering an ERP solution to kick-start your digital transformation? Put your business in a position to succeed by engaging in Leverage Technologies’ consultancy services.

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