What are some of the most common questions related to Digital Transformation?
Digital Transformation is one of the fastest growing terms across all organizations and industries, but what exactly does this mean, how does it work and why are organizations constantly speaking about it? To help better understand Digital Transformation, Schneider Downs Technology Advisors developed a Digital Transformation FAQ Guide available at the link below.
Our Digital Transformation FAQ Guide covers several questions and provides our insight on Digital Transformation. Questions range from basic to complex, including:
Why is Digital Transformation important?
More than ever before, businesses today are in need of timely, accurate, and meaningful data. Shortcomings in existing processes and technologies result in issues such as data integrity, timeliness, and completeness of information that business operations need to make informed business decisions. Combined with the increasingly digital world and dependency on data, the importance of Digital Transformation will continue to grow.
Will Digital Transformation and technology replace my employees?
No, the intention of Digital Transformation is to enable people across all functional areas to perform value-added tasks. While technology may be able to replace redundant tasks, it is not meant to replace people. We believe technology is supplemental and supports what people will do for an organization because technology cannot replace a human’s ability to think creatively, critically, strategically, and collaboratively.
What are some indicators that it is the right time to start Digital Transformation?
The right time to start depends on a number of factors, but in general, the sooner the better. Factors such as your organizational readiness, industry, market, finances, long-term strategy, compliance and government regulations may all come into play. Common triggering events include:
Accelerated growth outpacing current finance and accounting abilities;
Acquisitions or divestitures;
Implementation of a new system or systems;
Significant employee turnover;
Multiple locations lacking standardization or alignment of best practices;
Staffing or cost reduction initiatives;
Untimely or inaccurate operational or financial information to make informed business decisions; and
Desire to scale and be an industry leader.
What are the key starting steps to Digital Transformation?
Digital Transformation requires a culture that supports innovation and we understand getting started can seem daunting. Organizations should begin by laying out a communication plan that outlines the organization's goals, objectives for Digital Transformation, and states the plan that will facilitate and support this important organizational change. The plan should also convey why it is important, what that change looks like and means to the organization and individuals involved, and that leadership is committed and invested in promoting and supporting the Digital Transformation initiative.
The Schneider Downs Digital Transformation team leverages technological innovations and our business expertise to develop strategic transformative solutions that drive business process improvement for organizations of all sizes. Our solutions are built to identify and implement process and technology enhancements that are scalable and enable improved data reliability, productivity and timely reporting and analysis.
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.