Digital Transformation: Prioritisation with limited resources

Some of the most pressing challenges faced by Owner-Managed Businesses (OMBs) is prioritising digital transformation initiatives amid competing business needs. With limited resources and multiple demands on their time and attention, OMB owners and leaders often struggle to give digital transformation the focus it requires to deliver meaningful results.

The consequences of failing to prioritise digital transformation can be significant. Companies that fail to keep pace with technological change risk falling behind their competitors, losing market share, and missing out on new growth opportunities. For OMBs, many of which operate in niche markets or rely on a loyal customer base, the stakes can be particularly high.

So, how can OMBs overcome this challenge and ensure that digital transformation receives the attention it deserves? Here are a few innovative solutions to consider:

  1. Adopt an agile approach: Rather than trying to tackle digital transformation all at once, OMBs can adopt an agile approach that allows them to break the journey down into smaller, more manageable stages. By focusing on delivering value incrementally and iterating based on feedback and learning, OMBs can make steady progress while minimising risk and ensuring that digital transformation remains a priority.
  2. Leverage automation: One of the key benefits of digital transformation is the ability to automate manual processes and free up time and resources for more strategic initiatives. By identifying areas where automation can deliver the greatest impact, such as financial reporting, customer service, or supply chain management, OMBs can create capacity for digital transformation while also improving efficiency and productivity.
  3. Foster a culture of innovation: To truly prioritise digital transformation, OMBs need to foster a culture that values innovation, experimentation, and continuous improvement. This may involve setting aside dedicated time and resources for research and development, encouraging employees to share ideas and insights, and celebrating successes along the way. By making innovation a core part of the company culture, OMBs can ensure that digital transformation remains a top priority.
  4. Partner with digital natives: Another way for OMBs to prioritise digital transformation is to partner with companies that are already at the forefront of technological change. This may include start-ups, digital agencies, or technology providers who can bring fresh perspectives and expertise to the table. By leveraging these partnerships, OMBs can accelerate their digital transformation journeys while also gaining access to new networks and resources.
  5. Align digital transformation with business strategy: Perhaps most importantly, OMBs need to ensure that their digital transformation initiatives are closely aligned with their overall business strategy. This means taking the time to identify the key business objectives that digital transformation can support, such as entering new markets, improving customer experience, or reducing costs. By tying digital transformation to tangible business outcomes, OMBs can help to ensure that it remains a top priority for the organisation.

Ultimately, prioritising digital transformation requires a combination of strategic focus, cultural change, and innovative thinking. By adopting an agile approach, leveraging automation, fostering a culture of innovation, partnering with digital natives, and aligning digital transformation with business strategy, OMBs can overcome the challenge of competing priorities and drive meaningful change within their organisations.

As the pace of technological change continues to accelerate, the ability to prioritise digital transformation will become increasingly essential for businesses of all sizes. By taking a proactive and strategic approach, OMBs can position themselves for success in the digital age and lay the foundation for long-term growth and competitiveness.

For more information feel free to contact me directly on sean.devlin@ballardsllp.com

Disclaimer (as of 01/07/2024): This article has been prepared for information purposes only as of the stated date. The information provided may not be relevant or accurate for any other date. Formal professional advice is strongly recommended before making decisions on the topics discussed in this release. No responsibility for any loss to any person acting, or not acting, as a result of this release can be accepted by us, or any person affiliated with us.

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