Digital transformation: The key to competing and thriving in business

people working around one laptop

We’ve seen first-hand how fast business moves when staff and systems are optimised from the inside out. How digital transformation helps companies to solve challenges and create opportunities, especially during turbulent times.

According to a 2021 McKinsey survey, over 75% of digital transformation initiatives result in cost reductions and a better employee experience. And two-thirds of respondents reported increased revenue from existing and new revenue streams. What’s more, early digital leadership stands to snowball other company performance metrics like employee productivity, customer experience, or return on investment. And once created, the competitive advantage grows exponentially.

Ready, set, go

So you’re ready to pull the trigger but unsure where to start? Digital transformation is a gradual process that starts with getting all your company’s information online and ends with a fully optimised business. Every stage is vital – it’s the building blocks for the future of your company. One that is agile, collaborative, productive, and always receptive to growth. One that excels at customer satisfaction. But beyond adopting new technology, digital transformation means adapting to new ways of working and delivering value to customers.

The first step is making sure you have additional capital to invest in and enhance your infrastructure. Make funds available to empower your staff through training or recruitment to create and carry a culture of ongoing growth and innovation. And as soon as business value starts to accumulate, the changes will fund further investments. But putting core technology enablers in place at the start with meticulous care is critical. They are the growth engines for your business.

Step by step

Digital transformation takes place over three stages: digitisation, automation, and full transformation. Digitisation kickstarts the transformation process by converting all analog or physical information into a digital format. It’s essential to help better organise, protect, and access information. It’s also the first step towards dissolving data silos and improving workflows and collaboration between departments. What’s more, investing in a digital compliance programme helps companies keep pace with increasing regulatory changes across a number of areas, from greenhouse gas emissions to safety and quality. Ultimately, greater visibility and better access to information about products, processes, and performance enable faster, more informed decisions – the cornerstone of a successful business.

The next step is automation or using digital tools to streamline internal processes across all functions. Automation relies on a modern technology stack and core applications to improve business processes, efficiency, and customer satisfaction. It defines how the moving parts of your business work together and typically combines programming languages, software products, web servers, operating systems, and other tools used by development and SaaS teams. Automation frees up valuable time so your employees can focus elsewhere. It’s the bedrock of operational and commercial transformation.

Once implemented, technology and automation create a digital thread that optimises and connects every department. Your business is now able to collaborate in real time and build continuity. It easily adapts to change and delivers good quality products faster. What’s more, digitally enhanced organisations are able to capture and analyse data continuously. The data is applied to track, understand, and improve performance across your entire value chain and ultimately deliver a superior customer experience.

Culture is critical

Digital transformation is a series of coordinated technology, workforce, and culture shifts. The process has to be backed by the right people to establish a living culture of constant digital reinvention. In addition to shifting attitudes, the workforce has to be prepared via upskilling employees or recruiting appropriate talent. Bold leadership and transparency are key during digital transformation. True collaboration and synergy across functions start with being crystal clear about the benefits and specific goals. Everyone within the organisation has to buy into the digital transformation process because every interaction feeds the momentum.

Future-proof your business

GENFIN’s fair and flexible business funding products are purpose-built to release up to R5 million in additional capital without jeopardising your cash flow. Our generous repayment terms give business owners the time and space to execute a bottom-up digital transformation process, from digitising information to creating a culture of digital innovation.

Opportunity Bridge Loan

Release up to R5 million with a 90-day repayment grace period.

Large Business Loan

Release up to R5 million paid over 12 to 24 months.

Small Business Loan

Release up to R500,000 paid over 6 to 12 months.

Our dedicated funding analysts support your journey from application to the final loan installment. Throughout your business loan term, GENFIN guides your process to ensure ongoing success.

Together, we get it done.

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