COURTESY / BANK OF AMERICA
Jason Lundy
Updated: January 8, 2024
How small businesses can navigate a successful digital transformation
By Jason Lundy, Bank of America
Here in Maine, businesses are charting a course through an ever-changing landscape of digital transformation.
A U.S. Bureau of Labor Statistics study showed 57% of Maine businesses reported having no telework arrangements before or early in the pandemic.
As businesses went remote, they underwent a rapid adoption of digital strategies. In the years since the pandemic’s onset, I’ve seen firsthand as a business banker for Bank of America, the distinction between companies being forced to change and effectively implanting those changes.
As Mainers, we understand the importance of navigating these waters with a sense of direction.
This journey, similar to navigating our ragged coastlines, demands not just resilience but also the right tools for success. Maine businesses that steer the ship successfully follow comprehensive digital transformation strategies, anchored to business objectives, particularly in meeting and exceeding customer and employee expectations.
Anchor success with a clear data strategy
A successful digital transformation begins with a clear data strategy. Start by capturing accurate information from customers, products, and vendors — the bait in your trap.
Organize and store this data and develop a distribution strategy to ensure your crew — your employees — have the right data for informed decision-making. A solid data strategy sets the stage for smarter, faster decisions, improving both customer and employee experiences.
Break down silos
Maine businesses thrive on collaboration. Break down data silos by casting digital nets wide across your organization. Don’t leave the bulk of tech innovation to a select few; empower every team to leverage data for targeted solutions. Consider modern software platforms and APIs, making data securely accessible to those who need it, when they need it. Ask your crew where your gaps are. Sometimes value isn’t just in the technology; it’s in the collective wisdom we share.
Look for customer-centric innovations
Imagine your customers journey as if they were navigating our coastlines, from first hearing about your business to the interactions they receive. Though many company leaders expect operational efficiency and process improvements from digital transformation journeys, those metrics shouldn’t dominate your strategy. Instead, focus on your customers first, a navigational chart to enhance every interaction.
In a world where technology is a huge and vital part of human existence, Forrester research estimates around 80% of consumers see the world as strictly digital in 2022. This approach ensures your business stays relevant in their lives.
Empower your employees with digital tools
Yes, successful digital transformation starts with a customer-focused approach — but the strategy must consider employees, too, much like upgrading your boat with the latest gear.
A good digital strategy streamlines tasks but also frees up time for more innovative and meaningful work. Consider it as a preparing your crew for the challenges ahead, where the right tools make all the difference.
As your business evolves, remember that this transformation isn’t a one-time haul, it is continuous process. The digital transformation journey, much like navigating the coast of Maine, is about learning, testing, iterating, and executing to exceed ever-expanding expectations.
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