Digital technology has undeniably transformed the way we do business, with smart technology that is real time, predictive and accessible from just about anywhere. We have the ability to gather powerful data in one place within an instant, to determine with unerring accuracy what our future looks like. From investigating customer health and buying behaviors, to analyzing revenue and finding new gaps of up-sell and cross-sell opportunities, the power of technology today is nothing like we have experienced before.
While today’s technology advancements are impressive and many companies are benefiting from the digital transformation, others are more reluctant to introduce new digital investments based on the myths they firmly believe to be true.
Myth 1: New technology takes too long to introduce.
Installing various digital platforms and systems have become a simple, almost point-and-click endeavour. Within days – sometimes even hours – your new system is up and running, delivering endless amounts of valuable data. For example, sales-i is an out of the box sales enablement software with a straight-forward set up process that is done for you by the onboarding team. These experts get you completely set up and ready to start taking advantage of the system to benefit your business.
Myth 2: Digital transformation will reduce jobs.
It’s true that digital transformation can make automation tasks easier. Building connections and systems, connecting previously siloed data sources, and accelerating the development of integrations means less hours spent on IT. However, even with Big Data, a human element is still required to use the generated information and make actionable decisions with the results. Instead of creating an environment where fewer resources are needed, digital transformation frees resources up to do challenging, interesting and innovative work – meaning that it doesn’t reduce jobs, it enhances and supports them.
Myth 3: Digital transformation requires all new technology.
It may be true that some companies are considering digital transformation initiatives because of new technology, but this in no way means that new tech is required in order to prove results. With sales-i, the software can be used anywhere, at any time, on any device. Whether you’re in the office using a desktop or on the route with a tablet and a poor signal – you do not need to introduce new technology to benefit from the sales enablement system. The reality is that digital transformation is about more than getting smartwatches and sensors to talk to IT systems. It’s about the interconnectedness of all of your systems.
Myth 4: It’s only important for B2C companies.
This is definitely not true. When researching the benefits of digital transformations, you may read more articles based around B2C businesses than B2B, that’s simply because B2B companies are less digitally mature than B2C counterparts, according to McKinsey’s report on digital practices.
Yet according to the study from McKinsey, the top 25% of B2B companies realized the difference their efforts made in terms of profits. These companies saw 3.5% more revenue and were 15% more profitable than the other B2B companies that participated. B2B digital leaders simply turn in stronger financial performance.
Myth 5: I.T can do it alone.
Digital transformation isn’t a magic wand that fixes business-IT communication issues, just like buying a FitBit won’t automatically make you lose weight. You still need to fix issues with internal communications or the need for solid partnerships if this is a challenge you are facing.
Digital transformation is about changing the entire company and opening channels up for stronger partnerships between IT and the rest of the organization. The point of technology is to solve problems for businesses, and the enablement of connections between technology systems that a transformation initiative provides only increases the need for IT to understand what their customer, and their business, needs to be successful.
Larry Wolff, president and chief operating officer of Ouellete & Associates Consulting shares “digital transformation is often driven by the IT organization. But there still must be a level of receptiveness in the business leadership. That’s where IT has to build credibility and respect to get the business, board and leadership level, to go along. IT leaders need to educate and inform.”
Myth 6: Transformation means recasting the business.
You don’t have to move online, change your business model, address a new audience, or anything in between when introducing new technology. You are purely leveraging an innovative system to improve your processes. Practices and procedures can continue as normal, but this time, you will have a powerful tool to improve the way your business runs.
Wolff explains that “digital transformation doesn’t mean you have to become an online company, leveraging technology not just for efficiency and effectiveness, but to transform the business and enable new business opportunities. It’s not fundamentally changing the business you’re in.”
True digital transformation isn’t necessarily about becoming an entirely different company, but rather using technology to improve and expand the company’s core strengths. “It’s an offensive play to create a competitive advantage and a defensive play that will keep you from becoming obsolete,” Wolff adds.
Introducing new technology to a business isn’t as difficult, time-consuming or ineffective as some may think. The technology just needs to work for you and your team, to ensure you are getting the most out of your investment.
To find out more about sales-i, and how our technology can help your business grow, book a free demo today!