Digital maturity as a competitive advantage
Digitally mature companies exploit the digitization of their operations as a tool for growth and revenue increase, while others risk being overcome by their competitors and left behind.
In recent months digital maturity has grown into one of the key competitive advantages. More digitally mature companies were quicker to adapt to new conditions, and digitized operations enabled them to secure new sources of revenue in crisis conditions.
Digital maturity exists at the intersection of cultural agility, process flexibility, employee innovation and digitalization; the bigger the cross-section area, the more digitally mature the organization. Today digital maturity is more important than ever. In the fiercely competitive market, any company which cannot or will not adapt to the new reality is putting its existence at risk.
A survey into the trends of digital maturity which was conducted several years ago by the Faculty of Economics in Ljubljana showed that Slovenian companies are lagging behind their rivals. Despite the obvious benefits and opportunities that digitalization may bring, many Slovenian companies have yet to undergo digital transformation.
Still, things are changing rapidly. We are beginning to see that digitalization is a key driver for revenue growth and not just a cost optimization tool. More digitally mature companies are in the frontline, rapidly capitalizing on their market advantage.
Digital maturity does not happen overnight
If we fail to recognize the benefits of digitalization and the opportunities it creates, or if we are unaware of the risks and threats of failing to digitize our operations, then progress in the digital maturity of our organization will be slow. In order to progress more quickly, we should have a change implementation plan and, more importantly, engage all employees in the project.
We need to understand that digital maturity cannot be reached overnight since it is a mix of organizational culture, work methods, available technologies and commitment of your staff. In the end, commitment is what boosts or breaks the digitalization and change implementation strategy. It is therefore crucial to secure the engagement of all stakeholders – management, employees, customers and business partners.
Most of all, digitalization is a great opportunity
Striving for a greater digital maturity should be a priority for a company if it is to succeed in the long term. This is the time to exploit the potential of digitalization. Much more than a buzzword, digitalization is our reality. If the digital transformation is carried out successfully, we will be quick to see the return on the initial investment. Digital transformation will not only help you cut the operating costs but will serve as a tool for growth. It is true that Slovenian companies have large untapped digital potential but this also means that there is a huge room for improvement.
Denying the potential of digitalization means walking on thin ice. With such a mindset we risk being overcome by our competitors and left behind. It is really high time to recreate our business processes, digitize the operations, implement new business models, and improve our market position.
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