Digital transformation is probably the most popular buzzword you are hearing right now. It seems to be affecting every organization and industry. It is inescapable. Digital innovations are transforming the world in profound ways. 

A digital transformation isn’t a nice-to-have for businesses anymore–it’s a must. In order to keep up in our ever-growing and constantly changing digital world, companies need to equip themselves with the right tools and strategies to make the change.

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In order to stay competitive in today’s digital age, businesses must embrace digital transformation. However, this process can be daunting for some companies. Here are five essential beginner tips to help your business successfully navigate through digital transformation:

1. Establish a clear goal and strategy.

2. Get executive buy-in and support.

3. Manage expectations and set realistic timelines.

4. Mobilize the right team and resources.

5. Implement a phased approach.

If you wish your businesses to survive the next several years, you have no alternative but to accept these innovations and evolve.

The digital transformation industry is expected to increase at a CAGR of 23% from 2019 to $3.3 trillion by 2025.

Why should any business accept Digital Transformation?

It is what allows firms to expand.

The confluence of technology and behavior is only going to get faster, and the resulting butterfly effect is both revolutionary and catastrophic. Markets are altering to the point where new commodities, solutions, and business models are becoming the standard.

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All of this is happening at the expense or to the detriment of those who stay on their current course. Leaving the competitive part to one side. We should consider that for even to stay in the competition, it is important that your business transforms digitally. 

In this article, we will talk about 5 must-haves to master your business digital transformation. 

5 Must-Haves to Master Your Business Digital Transformation

1. Offer Data Subject Access

Digitization often tempts businesses to concentrate solely on the amount of data they can acquire and how they can use it for corporate growth. However, today, more and more customers are becoming concerned about their data. They want to know how much of their personal information is being collected and used. 

The General Data Protection Regulation(GDPR), was enforced for the purpose of enhancing data security. The most common type of request organizations receive is the data subject access request. Therefore, it is important that your offer users DSAR because sooner or later, you will have to face it too.

You can read through this guide on Osano for more detailed information on DSARs (Data Subject Access Requests). This detailed guide will help you understand everything you want to know about DSAR. 

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The good news is that DSAR can help your business grow. Giving customers access to the information that you have of them enhances the trust factor and repeat business. In fact, 90% of customers are more likely to spend money on a business that they trust. 

However, it is important to use the right platform for data subject access. Otherwise, you might end up paying heavy fines like Amazon and Whatsapp. 

2. Accept Cryptocurrency Payments

Source

Cryptocurrency demand is reshaping the financial world. Firms that adapt and evolve with these trends will be successful. 

Cheapair.com was among the first websites to accept bitcoin payment. Within the first six months, the company processed nearly $15 billion in bitcoin transactions. That was a clear indication of the market potential of crypto transactions in businesses. 

There are several benefits that crypto payments offer:

• Reduce processing time because cryptocurrency transactions can occur almost instantly.
• Increase the number of repeat customers.
• Make it easier to control cash flow.

If you are new in business and in the crypto market, you should not worry. 

You can buy BNB, the largest crypto exchange in terms of daily trading volumes. You can use it as a store of value as well as currency. Users that invest in BNB receive a 25% discount on the Binance Exchange, making it a popular choice among traders.

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However, any change in technology generates mixed reactions from customers. This is particularly true in the case of payment processing. 

Yet, there is no need to worry.

Remember when credit cards replaced paper currency when e-checks replaced paper checks?  They grew in popularity in no time. Even digital payment apps like PayPal and Google Wallet have become the go-to payment choice for more than half of the customers worldwide. 

3. Develop a Multi-Cloud Architecture

A multi-cloud architecture is when an organization uses one or two private or public clouds to transfer applications and workloads.

The COVID-19 scenario has also prompted a drive toward multi-cloud design as a way to mitigate business continuity threats. This is owing to businesses’ demand for easier solutions to handle the current working model, which places a larger focus on remote work and security.

Disaster response, data ownership regulations, and resilience are all reasons to employ a multi-cloud architecture. However, the only tripping point is network management’s growing complexity.

You must look for cloud management and automation systems in order to manage your cloud environments. These will also aid you in attaining agility goals and experimenting with new delivery methods.

4. Yield the Benefits of Data Analytics

A crucial component of digital transformation is making data-driven decisions. Data is your company’s lifeblood, but it needs to be sorted, processed, and evaluated to reach its full potential.

You can use smart data analytics to extract useful information from processed raw data. It aids in better decision-making and boosts your organization’s productivity.

In order to accelerate a company’s digitalization and transformation activities, data and analytics are critical. According to Gartner, data is a significant business asset and analytics is a critical competency in 90% of company initiatives.

Different sorts of data analytics may have different impacts in different industries.

While descriptive analytics can help identify the problem, diagnostic analytics can help identify what created the problem.

5. Embrace 5G- The New Viral Trend

5G has been a trendy phrase for the previous two or three years. This year, it’s all about to go viral. One thing is certain: the implementation of 5G will accelerate the digital world’s transition.

5G provides a host of advantages for telecom operators, from higher bandwidth to the distribution of new content, products, and experiences in unfathomable ways and at remarkable speeds.

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By drastically changing how solutions are delivered to end-users, 5G has the capacity to alter business strategies and operations. It will have more density, reduced latency, and faster speeds than 4G networks.

To offer and realize the full benefits of cloud computing, businesses will need to spend more on network infrastructure, particularly cloud service providers.

In A Nutshell…

Hopefully, these strategies will help you accelerate your business’s digital transformation journey. Remember, it is close to impossible for your business to survive the next few years if you don’t transform it digitally. 

However, only 8% of respondents of a survey thought their organization was fully digitalized. Moreover, 31% said they take on digital transformation programs on an occasional basis, and another 31% said they were still developing their strategy.

Clearly, despite the worldwide push toward digitalization, the bulk of companies still have a long road ahead to go in their digital transformation. 

The crucial part is to make a plan and get started because, while the future of technology is unpredictable, one thing is definitive: doing nothing when it pertains to digital transformation is the greatest risk.

Digital transformation is key to the success of any business. If you’re looking to make the switch, make sure you have these five essentials in place. Contact us today to learn more about our services and how we can help you get started on your journey to a successful digital future.

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