SASSI LLC – The Digital Transformation

Digital transformation is the reimagining of business in the digital age.

It is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. The digital technology will be integrated in all areas of a business, fundamentally changing how a company operates and delivers value to the customers.

Digital transformation is imperative for all businesses, from the small to the enterprise. It matters mainly because it is a survival issue. In the wake of the pandemic, an organization’s ability to adapt quickly to supply chain disruptions, time to market pressures, and rapidly changing customer expectations has become critical

The boom in e-commerce in the past years, mainly leveraged by the COVID-19 pandemic, has spurred an increase in the production, distribution and transportation of goods. Businesses must manage and run their supply chains efficiently and flexibly given the increase in customer demand and in the convenience provided by technology.

When implementing DIGITAL TRANSFORMATION, there are 3 stages you can follow to reach success.

1. Modernization – Simplifying and digitizing existing processes and functions. It can include automating HR processes, providing a self-service portal for employees or digitally re-engineering core operations processes, for example.
2. Enterprise-wide transformation- Improving existing operations, opening new value creation opportunities. For example, integrating the retailer in the customer-experience across all its physical and digital channels.
3. New business creation- Increasing the size of the existing pie or creating new sources of value. It may consist of actions such as moving from selling products and services to new subscription-based business models or using data and analytics to accurately predict operational performance of products.

This information was part of the SASSI LLC training materials. If you want to learn more, visit the Guide to becoming an Olderpreneur on the SASSI Hub.