Digital 101
The information on this page and its contents are intended for general informational purposes only and are not intended to be professional advice nor the advice of the Shia Imami Ismaili Council for Canada or its boards, portfolios, or local councils, including the Aga Khan Economic Planning Board for Canada. Please seek the advice of a relevant professional advisor in relation to your specific situation.
Please Check Out our Digital Transformation Home Page!
Digital transformation is the process by which companies embed technologies across their businesses to drive fundamental change. Digital transformation changes how your business operates and how you deliver value to your customers. Many different paths lead to digital transformation and each company’s journey will be unique. In every case, though, starting a digital transformation journey requires a new mindset. It is a chance to reimagine how your company does things.
Ways to Think about Digital Transformation:
Digital technology such as smart phones and access to the internet have changed how customers want to buy and engage with your company. Digital transformation allows your company to meet these expectations with agility, speed, and data-driven decision making. In the wake of the pandemic, a company’s ability to adapt quickly to supply chain disruptions, time to market pressures, and rapidly changing customer expectations has become critical. Many customers during the pandemic tried new shopping behaviours which may stick around even after the pandemic.
Digital Transformation is important because it allows your company to:
- Increase revenue / Decrease operating costs
- Retain your customers through improved customer experiences
- Reach new customers and markets
- Help small and medium-sized enterprises (SMEs) integrate into global markets, through reductions in costs associated with transport and border operations and it significantly enhances the scope to trade services.
- Improve processes and productivity
- Reduce transaction costs by providing better and quicker access to information, and communication between staff, suppliers and networks.
- Generate data and analyze their own operations in new ways, to drive improved performance.
- Access to resources
- Enable access to resources, including finance, training, and recruitment channels, and government services, which are increasingly being made available on-line.
- Supports innovation, and greater access to innovation assets
The Business Development Bank of Canada (BDC) has a free Digital Maturity Assessment to help you find out where you stand and how you compare with your industry peers, as well as to identify areas for improvement.
The technology landscape is constantly evolving, but companies need to know today which technologies will drive the greatest digital disruption and economic change over the next decade.
Check out this list of emerging technologies that will transform business in the next five to ten years.