Will You Transform Your Business in 2020?

Will You Transform Your Business in 2020?

Will You Transform Your Business in 2020?

The clock is ticking on digital transformation – Start small, but start now.

New year’s resolutions are notoriously fleeting. We all know the struggle of keeping our champagne-fueled commitments, but in life, positive changes don’t just happen – we have to work to see them materialize.

It’s the same in business: if you’re not acting on ambitious goals, you’re risking being left behind.

One of the most powerful changes you can make to your business is to lead it through a digital transformation. Put simply, this means making your organization more agile, data-driven and productive, through the use of automation, digitization of workflows, and provision of tools that free up time and resources to focus more strategically.

Many companies are already giving this serious thought. According to research conducted by North Carolina State University’s Enterprise Risk Management Initiative and management consulting firm Protiviti Inc., the challenges of digital transformation (and failing to achieve it) were the top risks on executives’ minds at the start of 2019.[1] If, as the new decade gets underway, a digital transformation strategy is not part of your operational plans, alarm bells should be ringing.

The business urgency of digital transformation is compounded by the quickening pace of technological change and the growing number of “born digital” upstarts threatening the established order, to say nothing of the tight labor market and the need to attract and keep tech-savvy talent.

If you’ve got transformation on your radar in the next two to three years, consider how prioritizing these plans could impact your business standing in ten years’ time. Every year that you can be more efficient, more strategic and more profitable thanks to the automation of mundane tasks is a year that you can free up your staff, unleash data you may have not accessed before and lower the cost of doing business.

It’s clear that change doesn’t happen overnight, and digital transformations are hard. But according to McKinsey, there are ways you can maximize the success of your transformation.[2]

Start with understanding that not all transformations require a total overhaul of your operating model. Next, understand what factors give digital transformations an edge to succeed.

For example, a transformation that can be tested incrementally, scaled as needed and started with low hanging fruit (like basic automation and digitization of analog documents, processes, and workflows) is less likely to intimidate you and slow your resolve, making it much more likely to succeed.   These small victories – part of an incremental approach to transformation – can be vital to get buy-in for more wide-ranging transformative initiatives. Almost all of the companies One Paper Lane works with start their transformation efforts small and build them out after proving to their employees, customers, and leadership that they work.

The problem with new year’s resolutions is that they’re often too big to feel manageable. Taking small, concerted and effective steps to achieve your goals is a much more reliable recipe for success.

So, what will your business have accomplished when 2021 comes around?

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[1] https://blogs.wsj.com/riskandcompliance/2018/12/05/businesses-predict-digital-transformation-to-be-biggest-risk-factors-in-2019/

[2] https://www.mckinsey.com/business-functions/organization/our-insights/unlocking-success-in-digital-transformations

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