Digital transformation is the new strategic opportunity for women entrepreneurs who are willing to make the most of technologies.
Following the global crisis caused by COVID-19 pandemic, many companies faced significant challenges. From modifying their production lines, to a rethinking of their sales channels. Many of them had resisted digitization for different reasons and suddenly had no choice but to evolve and avoid losing more.
1. Do it at the mere hour
Most businesses make the mistake of transforming when problems have already started, rather than taking the initiative before they do.
This is understandable to some extent because the process can be complex, risky, and intimidating. The idea of adapting or die remains latent when studying the data of Standard & Poor’s, one of the main stock indexes in the world. While in 1958 the average time spent by companies in the index was 61 years, in 2011 it was only 18.
Since Victoria147, we have observed that the panorama in our country has a secret for the survival of these companies, which lies in the correct digital transformation, however, the difficulty of this is also latent, since a high percentage of women entrepreneurs have not managed to achieve all its digital goals. That is why it is important that organizations see this transformation as a priority objective.
2. Act with little agility
Business agility is defined as the ability of an organization to react and respond in an innovative and creative way to changes. The goal is to generate profits by quickly adapting your system to the environment.
To implement it, it is necessary to analyze it through three dimensions: Strategic Agility , Tactical Agility and Cultural Agility . The first focuses on what the company must do to respond to the market with the correct product and quickly, seeking the perfect balance between strategy and execution. The second lies in the agility of multidisciplinary teams for the creation of a product or solution and the third refers to the internalization by the members of the organization of the values and principles that mark the ability of the company to adapt to the environment, allowing you to gain a competitive advantage.
Without a corporate culture based on agility, it is very difficult for the other two dimensions to generate the expected value.
3. Apply old school leadership
Leadership models have not been alien to transformation and innovation. In the last century, there were very hierarchical models and the structures in organizations were very rigid. Each change within the organizations had to face long procedures within the company, boards of directors, bureaucracies and another long list of approvals that in the end ended up affecting innovation in companies.
One of the main problems for companies today is how to sustain the growth of innovation over time and the answer is innovative leadership. This goes against the bureaucratic processes and to generate it is totally necessary that the organizational culture promotes that the people within the companies become empowered and feel free to propose changes, new improvements; also, that communication with senior managers is two-way, and the most important thing is that these managers listen and take these initiatives seriously.
4. Forget human resources
According to data from the company PROSCI, The Global Leader in Change Management Solutions, companies that effectively manage changes that affect the workforce are up to six times more likely to succeed in their objectives than those that do not.
At Victoria 147, we understand that people are the most important part of the digitization process because it has more to do with people than with technology since the potential of technology is only useful in the way people use it.
At the same time, the speed of change is remarkable, neither companies nor consumers can fail to ignore the business strategies of the future.
Definitely, they all make a great example where digitization opens the doors to new models of behaviour. In this time of great change, training in digital transformation is one of the opportunities of the moment.
Featured image: Credit…Michel Temteme for the International Herald Tribune