In the midst of 2023, a technological whirlwind centered around AI, the metaverse, web3, and more, and companies worldwide have projected to commit a whopping $6.8 trillion to digital transformation efforts by the end of the year. Since in 2021, this figure stood at a mere $1.8 trillion, this is a stark indicator of the fast-paced evolution of the digital landscape.
While business leaders acknowledge digitization’s merits, it’s often a reality for large firms and a distant dream for SMEs. This is due to limited finances and investment fears, especially in uncertain times. However, digitization doesn’t need hefty outlays to yield substantial results — it’s all about knowing the starting point.
A crucial player in this journey is the digitization leader — an individual to bridge the gap between the company’s technology, employees and decision-makers. The role extends beyond simply integrating technology into the business; it involves creating a synergy between people, processes and technology to drive meaningful changes.
A robust digital strategy and a detailed action plan is critical. It’s important to remember that the digital maturity levels of all SMEs differ; hence, there is no single blueprint for success. Nonetheless, a well-devised plan enables companies to establish and prioritize their objectives. This indispensable planning phase uncovers the ‘low-hanging fruit’ that offers a swift return on investment and provides the initial momentum to the digitization journey.
For SMEs, the most popular digitization strategies involve cloud-based tools and services, like data analytics, archiving, artificial intelligence, text and voice recognition, and more. The flexibility, scalability and cost-effectiveness offered by cloud computing are particularly beneficial for SMEs, enabling them to compete with larger counterparts and maintain operational efficiency even with limited resources.
One of the critical steps in this journey is exploring and evaluating digital tools. While it may seem daunting due to the perceived high initial investment, numerous cost-effective options are available. Public cloud solutions like Amazon Web Services or Microsoft Azure, offer many features to test without a significant initial investment.
It’s important to keep in mind that digitization is not an overnight process but a continuous evolution. Adequate time and attention must be given to each step, ensuring everyone familiarizes themselves with new tools and systems.
Vitalis Kavaliauskas is chief technology officer at Baltic Amadeus, a software development and IT consulting company. Baltic Amadeus is a technology partner that simplifies complex business digitization processes. With over 250 IT professionals, they deliver IT solutions and strategic advice, leveraging the latest technologies and innovative project management models. With 30+ years of experience, they are a trusted partner for clients in various industries, creating ROI-based solutions for businesses of all sizes.
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