digital transformation

Section 1: Burning Problem Solved in the Video

How to do the digital transformation of business?

Section 2: Summary of the Video

Digital transformation is the future of every business, so, you should integrate technologies into your business to scale it rapidly. 

You can Digital transformation of your business involves 6 steps which include gathering requirements, setting goals, understand digital as an enabler, and hire an agency, a CTO, and CIO.

Business automation refers to automating any system or process in your business through modern digital technology.

CRM works on three pillars namely marketing, sales, & customer service that are common in every business either you are a fruit seller, FMCG company, B2B sales company, or Reliance company.

Section 3: Main Content of the Video

Golden statement

Be the controller or the manager of your business, not the operator. This is the only way to scale & build a sustainable business.

For this, you need to do two things: business automation & digital transformation. Digital transformation is the future of every business by default. You should integrate technologies into your business to scale it faster. 

Key Note #1: Meaning of Digital

Generally, traditional businessmen doubt the concept of "going digital." The meaning of "Digital" is explained with the help of the following 7 points:

Track metrics: You follow metrics when you grow your business digitally. You should use data.

Analyse data: You need to analyse data. You don’t use business decision strategies based on instincts rather you should consider data.

Use data to create value for customers: You should use data to create value for customers through products & services. Create the right products & services and ensure that these products & services reach customer at right time. Feedback is recorded. You will know this full cycle in this course.

Prepare for scale: You prepare to grow fast through digital transformation.

Build sustainability: You should ensure that your business achieves long term growth, not just short term growth. Digital technology is the backbone of the long term sustainability of your business.

Engagement with internal & external audiences: Internal audiences include your employees, stakeholders & investors. External audiences include your customers. You can engage & retain your internal & external audiences through digital technology.

Operate with systems & processes: Generally, most of the business have a basic common method of operations.

For example:

You have a saree shop where you open the shop in the morning & close it in the evening. A certain process is followed.

But when you create a franchisee network of your business & scale it larger, things are not so easy.

When you grow your business you need systems & network. So, you need digital technology for tracking these systems & processes.

Key Note #2: Business Automation

Business automation refers to automating any system or process in your business. It means your business is running 24*7 & this is possible when you use modern digital technology in your business.

Many business owners on hearing the name of “Digital" complained that they have hired agencies to make mobile apps & websites for their businesses but they didn't get the desired results and a lot of their money was wasted. 

As a result, they gave up and started doing business as they were doing earlier. It happens because the owners do not know about implementing digital technology in business.

As you know “a little knowledge is a dangerous thing” same happens here. Bada Business problem-solving courses are made with a focus to give you full knowledge. You get knowledge about what, how & why of digital technology.

Key Note #3: Digital Transformation implementation steps

You should follow these 6 steps for the digital transformation of your business:

1. Gather requirements: Either your business is big or small, you need to solve the top 5 needs/burning problems of your business. It can be employee engagement, employee attrition, new customer acquisition, etc. These burning problems can also be related to marketing & finance. Make a list of the top 5 burning problems of your business. In other words, you have to gather the requirements.

2. Set your goals: Many owners fail in digital transformation in absence of setting goals. Their goal is not clear. They say they want to implement a digital transformation, they want to create a website & mobile app. But their ultimate goal or need assessment is not there. As a result, the project fails & money is wasted.

3. Understand digital as an enabler: You should keep in mind that technology is not replacing you rather technology is an enabler. In other words, technology does not make 1+1=2 rather it makes 1+1=11. So, technology might replace some of your employees but it will not replace you as an owner. So, you should understand technology as an enabler in scaling your business.

Generally, traditional owners fear technology because it requires an investment of time & money. Also, it involves new processes & systems. But to get good results you have to face some struggle as well.

4. Hire an agency: If you do not understand technology, you should hire an agency. You can watch the Bada Business course & you will understand technology. But you don’t need to implement, rather you should hire an agency that will implement technology in your business. At least after joining this course, you will know about technology & no one will run away with your money. So, your money will be saved after watching this course.

5. & 6. Hire a CTO (Chief Technology Officer) and CIO: If you are a large company, create an in-house role for the CTO in your company. Do full-time hiring of a person with a strong technological background. Hire a person with a rich experience of 7-10 years in technology products & technology backend.

These CTO & CIO are critical senior-level positions but they are for a business who has scaled up to a level. For example, you have Rs 50-100 crores & you want to scale it higher, you will need a CTO /CIO or you are a technology run business where your fundamental base is technology. So, you need to have a CTO/CIO since day one.

Digital technology is critical for your business.

For example:

Till now, you have heard about physical offline businesses of Reliance industries limited, but since the last 2 months, you must be hearing mainly about Reliance Jio platforms. Reliance Jio has become one of the largest digital ecosystems in the world. In their annual general meeting that was an online event, Mr. Mukesh Ambani & his team presented how Reliance Jio is becoming digital. Although Reliance could open 2 more refinery mills, petroleum business, or some other business by investing Rs. 500 - Rs. 1000 crores. But Reliance focused on digital business rather than the physical business. This is the future & you should understand this signal. If you want to sustain & remain relevant in the future, you have to convert your business into a digital business.

Dr. Lal PathLabs is a testing laboratory. They take a blood sample & give results. But if you observe, it is a database business because the data collected at the backend will have information about their customers. They have the data set of their customers. So, they have incredible health data about the lakhs of people who use Dr. Lal labs.

So, you should think about how to enable your business through digital tools & technologies to scale it faster. Finally, you will convert your business into the digital business.

Key Note #4: Three Pillars of CRM

CRM works on three pillars:

Marketing

Sales

Customer service 

These three operational pillars are common in every business whether you are a fruit seller, FMCG company, B2B sales company, or Reliance Jio company. 

Section 4: Key Outcomes of the Video

Implement digital transformation in your business

Set your goals for the digital transformation of your business