SMEs put digital transformation into action

Digital transformation is not just about replacing the old with the new. It is about harnessing technology to create a culture that will enhance every aspect of an organisation. It involves reshaping and redefining businesses from the ground up and pulling together all parts of the business towards a single goal.  This year, SMEs must take bold steps to put their digital transformation plans into concrete action that will ensure their business survive and thrive against disruptions in the era of digital. According to Capgemini Consulting, companies that become digital enterprises can look forward to a 26 percent increase in profitability, a 12 percent increase in valuation, and a 9 percent increase in revenue to asset ratio. The Singapore government has created the new Government Technology Agency to help drive digital transformation in the public sector, underscoring the importance of technology innovation in both public and private sector. How can local SMEs embrace this notion and incorporate what may seem as a far-reaching idea into their business processes?

Align for agile delivery  

In order to react quickly to market changes and exploit opportunities, SMEs need to remain agile. This includes adopting continuous development cycles that inspire incremental improvements, balancing between speed and quality of innovation. SMEs must roll out digital platforms and put processes in place that will allow them to continually refine existing products and seamlessly rollout new initiatives without impacting core operations or customer experiences.  This helps create the conditions for companies to lead with entries into the marketplace, delivering customer value faster.

No comments:

Post a Comment