Small Business Finance | Client & Consultant discussing the financial strategy

Digital Transformation Consulting Is The Future!

Digital Transformation Consulting is the use of business support providers to assist in developing digital technology to increase the speed and effectiveness of a business.

What is Digital Transformation?

In essence, Digital Transformation is the term used to describe identifying the need for positive integration of technology to solve business problems, moving the analogue to the digital.

Digital Transformation, Why So Important? 

Since business became an activity, it has long been aligned with a continued effort to seek improvements, to gain as much as you can from your time spent or in other words, profit. If Digital Transformation means an increase in profits then why hasn’t this been used before? Simply put, it has but just not like this. 

From the internet boom of the 2000’s, we have always done our best to use computers to do the administrative tasks, targeting those bulky mundane tasks that a computer makes much less mind-numbing and therefore means we have less glum faces at the office. Digital Transformation describes so much more, it is about stripping your business back to it’s bare processes and rebuilding it with a refreshed approach, removing any manual or non-digital tasks. Before you could replace paper with word, now you can replace word with pretty much anything, before uploading it to the cloud and encouraging sharing of ideas using a cloud-based network.

Digital Transformation Consulting is still a relatively fresh concept, one where there are advisors assisting clients in a professional capacity to integrate new and improved tech to streamline a business or even ensure the business is somewhat future-proofed. It is talked about today as singular aspects of the digital world when in fact Digital Transformation Consulting encompasses every aspect of a business. 

Digital Transformation Consulting | Cars moving into future

Still not quite sure if Digital Transformation Consulting is something to take notice of? 

It was found that between 70-80% of consumers search online before purchasing a product. Of those consumers it takes 0.05 seconds to decide whether they want to purchase or not. Forbes highlights that executives believe the benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%).

The Market share reports still highlight an exponential interest in Digital Transformation Consulting with sources sighting growth from 2016 of $23 Billion (Source: Consultancy.co.uk) to $260 Billion in 2018 and projecting upwards of £1,000 Billion by 2027 (Source: Globalnewswire.com).

The market share for Digital Transformation is mind-blowing and sources are still trying to grasp it’s grandiosity. We are at that point in the digital transformation business cycle where few people are taking notice but in the background, the big firms have noticed how important this Digital-Age is. 

Above are serious growth numbers, indicating a CAGR (Continual Annual Growth Rate) of +15%, across all sources. 

Beyond the figures, the benefits are there for anyone in business to recognise. Trends are what we all have to look out for in this modern era, social media is in our faces and rides on the large waves of global trends with tremendous success. The trend in Digital Transformation Consulting highlighted above shows we should be taking notice of the digital world now more than ever. It is no longer considered an advantage to have a computer, you have to dig deeper and know how you can use this digitalisation to your benefit. We must adapt as quickly as the market grows, otherwise we run the risk of technology catching up the SME market and passing us by.

(Below is a diagram displaying the overview of Savants own Digital Transformation process!)

Digital Transformation Consultation Example | Savants Own Process

Whilst it is easy to be excited about these numbers:

“What does that mean for the small business (SME) market?”

To start with, a lot of the reports cite the big consultancy firms as the main players in the Digital Transformation Consulting market from Deloitte LLP, Pricewaterhousecoopers LLC, KPMG International to name a few. With companies in the upper echelons it is already considered an absolute must that you use technology to your benefit. As technology presents itself to us, these days a company cannot let that opportunity go and the big leagues are showing the way.

This demonstrates the prominence of the digital era and highlights the unrelenting future of business. 

Furthemore, these companies highlight the importance of having integrated digital solutions as part of a business advisory or consultancy service. Whether a blue chip company traded on the FTSE 100 or a single owner small business based in North England, it is just as important to be running a company in it’s leanest and most efficient form. Being able to give effective advice in 2020 means you must be able to tap into digital solutions, that’s why at Savants we are taking action now.

The opportunity is for small businesses to recognise the digital drive higher up the business echelons and translate that into opportunity at the smaller scale. If you are an SME; when you next consider updating the website or enlisting task management software for new remote teams or taking the order processing system to full automation to speed up delivery; don’t stop there and see how your business can benefit from even further digital enhancements across the board. 

It is rare to have insight much ahead of time, in this case what we see above is the contrived effort of the biggest consultancy firms in the world gravitating towards an era of consultancy that is not just about management consultancy but about combining this with a Digital Transformation to effect real, future-proofed changes for a business.

Savants has noticed the requirement for Digital Transformation Consulting in the SME space, now offering the very first in UK SME focused Digital Transformation solutions! Please visit the link to find Savants Business Kickstarter packages for SMEs , our SME Re-launch packages are one the way for those already operating! 

Believe In Digital! (Coming Soon….)

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