Making the Shift to Digital Easier
Malaysia has begun integrating digital technology in many areas of the economy. Although plenty of initiatives have been introduced to promote digital transformation amongst large corporations and SMEs, some business owners remain skeptical towards the idea.
If it's not broken, why fix it? Is there a need for a new system? Why change the process when there is absolutely nothing wrong with it? And the questions go on and on. What are some possible roadblocks which make this group of individuals resistant to digital transformation?
Cost
Well, we're always careful in making decisions especially when big funds are involved. So, implementing new systems in my business - What is my ROI? What do I get in return?
Let's face it, technology does not get cheaper. Thus, you will definitely need to spend a little to have them in your business. View it this way, yes you will need to fork out some funds but, wouldn't you want to see your business run smoother? On top of that, wouldn't you lose out with your competitors ten years down the road when traditional processes become irrelevant?
Change
"But things are running well, so why change?". Digital transformation = interruption. Ahhh, interruption? That's the last thing we want for our business processes.
Cloud systems, AI or even automation - all these require us to interrupt our long-time practiced processes. To some, this can be tough and time-consuming. After all, we have other tasks and duties to settle, why add more to our plate? Then again, as excellent as your current processes may look, they will become obsolete. At that point of time, you'd wish that you had adopted digital at an earlier stage.
Failure
You're not entirely against the idea of digital transformation, but because you have tried before and it didn't turn out as you expected - you don't feel like doing it any longer.
Failure is a part of running a business. Yes, you are allowed to feel down but it shouldn't discourage you from accepting new changes. If you wish to see your business strive, you mustn't hide behind your failed experiences. Adopting digital is a critical step in improving your business operational efficiency as well as creating new growth opportunities.
In an article by The Edge Markets, Chow Sang Hoe, consulting managing partner of Ernst & Young Advisory Services advice businesses that have not begun digitalization to look at tech infrastructure.
Consider a revamped operating model while avoiding incurring heavy investment to ease into the new norm. Apply a two-pronged approach where the existing business model continues as your business gradually digitalize.
What say you, up for digital transformation? It's never too late to get started. You know what they say, better late than never.
When something new is to be introduced to the company, especially when it involves a change in style of getting work done, there must be a proper change management process in place:
