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5 tips to help your digital transformation

3-minute read

Doing business online can be a whole different world. So if you’re planning on conquering this realm, here are five tips to keep in mind for a successful digital transformation.

Key take-outs
  • Developing a clear vision for your digital transformation is essential for ensuring a smooth-running process
  • Taking stock of your company’s current technology, platforms and software will enable you to see the gap between where you are and where you want to be
  • Moving accounting and customer payments online and setting your company up for remote working are two essential parts of your digital transformation
  • Continuing to monitor your digital transformation strategy helps ensure your business remains competitive. 

COVID-19 has changed the way businesses operate forever. For many companies that meant speeding up their digital transformations. Has your business made the leap? We share five tips to help make your digital transformation a success.

1. Develop a vision for your digital transformation

Digital transformation doesn’t just mean implementing new software and moving processes online – it encompasses a whole range of initiatives that can affect your company’s culture. For this reason, you need a clear vision for it, along with an effective plan to communicate it to your employees and stakeholders. All parties will need to understand what the changes are, why they’re being made and how they’ll be implemented. A plan of action to counter challenges that may arise during the transition can also be helpful.

2. Take stock of your current technology

The next step in the digital transformation process is to take stock of all the technology, platforms and software your company is currently using. You’ll want to look at the processes for internal communication, project management, marketing, reporting, customer invoicing and more, and then identify ways to streamline them. Your employees may have valuable insights into current inefficiencies, so don’t be afraid to ask their opinion. The end game is to find and adopt technology to help you work smarter, not harder.

3. Move accounting and payments online

If you haven’t already moved all your accounting, payments and invoicing online, now’s the time. Set up online invoicing using tools like Biz Invoice, as well as BPAY payment functionality, which will enable your customers to pay you electronically. 

 

Okso by BPAY takes it one step further, allowing payments to be made almost instantly, including on weekends and public holidays. Cloud integration might also be worth your while, seamlessly connecting your applications, such as your accounting software (e.g. MYOB, XERO and QuickBooks).

4. Set up remote working

The pandemic proved that remote working can work for almost any business – and successfully so. Your team may now be back in the office but it pays to remain prepared for future remote-working scenarios. 

 

Every member of your team should be equipped with your team communication platform, as well as other necessary cloud-based project management and collaboration applications. Having the right software at hand can help your business recreate, and possibly improve upon, its in-office productivity.

5. Evaluate your digital transformation strategy regularly

Finally, when it comes to your digital transformation strategy and process, you’ll want to ensure you’re monitoring both regularly. Technology and customer needs are constantly changing so to ensure your business remains competitive you’ll need to ensure your strategy is up-to-date and your processes are still being correctly implemented. Frequent evaluations will help you determine the gap between where your business currently is and where it needs to be. 

 

Need help with your digital transformation? Start by applying for a Westpac business transaction account

 

For other businesses looking to increase their existing revenue streams or tap into new revenue, Panos says it helps to go back to basics. “It’s easy to get lost in the day-to-day of running the business and drift away from what’s important. But at the end of the day, it’s about the problem that you’re trying to solve as a business.”


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Things you should know

This article is a general overview and should be used as a guide only. We recommend that you seek independent professional advice about your specific circumstances before acting.