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Are you a Singapore business owner who is currently building your digital transformation strategy? If so, good news. SMEs in Singapore can look forward to a brighter outlook in 2022 as our economy starts to recover from the pandemic. In this year’s budget, our Government has announced an array of grants and support programs for Singapore businesses to better strategize their digital transformation. These include Productivity Solutions Grant (PSG), Advanced Digital Solutions, Grow Digital, TechSkills Accelerator, etc.
As much as there are many benefits to digitally transforming your Singapore business, you need to have a clear and defined digital transformation strategy first before taking the step. To put it simply, a digital transformation strategy is the game plan of the steps that your Singapore business needs to take to best leverage technology. Why is it important? This is to ensure that the move to digital transformation has a purposeful and sustainable impact on your business.
This article outlines the 7 key steps in developing a successful digital transformation strategy in Singapore which serve as a high-level guide as you start building yours today.
Step 1: Know the Why of Digital Transformation
Do you know that digital transformation may mean different things to different Singapore businesses? Often business leaders believe that it leads with the latest technology and the discussion on the way for implementation is discussed later. Unfortunately, this is a backward approach that frequently failed. To set up an efficient and successful digital transformation strategy in Singapore, it is crucial for you to first identify the purpose, vision, and goals. From there, map out your action plan.
You can start with your business’s strategic goals i.e. 5 to 10-year plan for the future. Rather than beginning with technology in mind, this kickstarts your digital transformation strategy plan from a very different and more effective position. You must have a deep understanding of digital transformation as it pertains to your company’s vision, goals, and objectives to do this and carry out digital transformation.
Step 2: Prepare for a Cultural Change
For one thing, the pandemic has proved the importance of managing disruptions and challenges, especially in business operations. If you can recall, one good example was the compulsory work-from-home regulation for employees during the pandemic. Technology is important, but human capacity is at the core of every digital transformation. It is normal for people to be critical of and resist change because it affects how they work. Hence, you must be ready to handle these problems when they come up. A key component of digital transformation is identifying the tasks and initiatives that raise worker productivity, effectiveness, and efficiency as a whole.
Think outside the box and cultivate a team mindset with representatives from different departments such as design, marketing, sales, IT, and more. These act as a solid framework for implementing the strategies that will set you up for success. It will be ideal if you have a great team of supporters who understand the goals behind your organization’s digital transformation.
Bear in mind that every transformation in your business has challenges. Thus, business leaders must train and nurture their employees to deal with these difficulties and cultural shifts with an open mind. You must identify the tasks and projects that will improve your employees’ overall productivity and efficiency.
Step 3: Start Small but be Strategic
Digital transformation is a journey and not an event. It takes time and you should not expect changes to happen overnight. This is why identifying the first step is a critical process to having a great digital transformation strategy for long-term success. Organize your overall objective into manageable daily actions that your organization can take.
Step 4: Plan Technology Implementation
You will now see that having the correct business strategy is where a successful digital transformation starts, not with technology.
After identifying the why for your business’s digital transformation based on your vision and goals, the next step is for you to plan the technology you want to implement. The use of technology is crucial for reaching your objectives.
Some common technologies for digital transformation in Singapore
- AI (Artificial Intelligence) and Machine Learning
- AR (Augmented Reality)
- Additive Manufacturing
- IoT (Internet of Things)
- Digital Twin
To achieve your business goals, you may need to adopt one or more such technologies. If you already have some of these technologies in place in your organization, there could be some missing elements that limit the realization of true business value.
Therefore, having a clear roadmap with a technology plan is a key component for the success of your digital transformation.
Step 5: Source for Partners with Expertise
When you are reviewing your options for technology and technology partners, always keep the big picture in mind.
Key questions to ask yourself during the selection process.
- Can future scaling be supported by the partner and technology?
- Does the partner have the same goals for the digital transformation of your business? Do they have the required capacity to assist your long-term strategy?
- How does the partnership work with the technology you already use?
- Do they have the right technology and expertise necessary for your industry and specific needs?
Also, always avoid “Quick Fixes” i.e. using a technology that only solves a department’s problems but is not the right technology to use across the entire organization.
Choose a partner who can complement, support, and accelerate the vision of your digital transformation.
Step 6: Collect Feedback and Make Necessary Improvements
At this stage, you would have established your business goals and the required supporting technology & partner for the success of your digital transformation in Singapore. Before you proceed with full gear, you need to set your KPIs (Key Performance Indicators) to measure the results of every project. Not to mention, ensuring everyone is aware and accountable for the required actions on their part.
As the digital transformation strategy progresses, establish a robust feedback loop with stakeholders to make sure everyone is learning from the experience.
To emphasize again, digital transformation is a journey. Setting up “checkpoints” allows your organization to adjust and improve along the way. As much as putting a digital transformation strategy in place is crucial, the key to success is being able and willing to change it as needed.
Step 7: Scale and Transform
At this stage, you should begin to see results from the initial use cases mentioned in the digital transformation strategy. Use this accomplishment as a springboard to motivate collaboration and drive discussion about the next steps and long-term strategy.
As digital transformation advances, new ways arise. Consider the potential for vertical scaling by integrating more technology as well as horizontal scaling by deploying similar tactics in various locations.
Every organization has a unique transformation process, which is why having a digital transformation strategy is crucial. It is a roadmap that is tailored to your organization that identifies the areas where transformation is most successful.
Over at TechTIQ Solutions, we have collaborated with many businesses of all sizes in different industries in their digital transformation journey. Our team of experts is here to help you conceptualize all the possibilities and roadmap for your organization’s success to transform digitally.
Contact us today for a non-obligation discussion.