Transformative Tech: Embracing the Digital Evolution for Business Success

For many companies, the decision to explore digital transformation is like stepping off a treadmill and running on an open road, opening new paths and destinations that weren’t challenged to envision new opportunities and adapt. A recent survey of business leaders showed that nine in ten C-level and senior leaders say their organizations have pursued at least one large-scale digital transformation in the past two years [1]. Summit Professional Education, a leader in continuing education for healthcare professionals, exemplifies how leveraging digital transformation can lead to significant achievements, in their case a 600% increase in EBITA and setting a benchmark for others to follow.

The Digital divide

Why businesses fall behind...

Many businesses hesitate to embrace digital transformation due to fear of change, resource constraints, or a “wait and see” mentality. Between the rapid evolution of AI, the increasing prevalence of cloud computing, and the rise of data analytics, the pressure to digitize is mounting. Although this hesitation provides ample opportunity to properly assess the technology’s potential business impact, it can also result in clinging to legacy systems that stall scalability. For some companies that might look like draining resources with outdated manual data entry processes or avoiding AI algorithms to tailor new marketing campaigns.

Charting a New Course: Building a Digital
Transformation Roadmap

Identify Key Growth Goals

This might sound obvious, but first determine what you aim to achieve with digital transformation, whether it’s improving customer experience, enhancing operational efficiency, or expanding market reach. In Summit’s case, that meant focusing on ways to enhance the reach of their marketing and customer acquisition programs and modernizing their product offerings to fit an audience with ever-growing online needs.

Conduct a Digital Audit

Evaluate your current technological capabilities and identify gaps or
opportunities that need addressing. You’ll want to consider how advancements complement or disrupt current systems and how they align with your strategic
goals. Summit leveraged this approach by identifying the need to transition from direct mail marketing to implementing a comprehensive digital marketing system. This allowed the company to better target and reach its desired
audience nationwide, while also introducing them to a new suite of online course resources
exceeding 200+ webinars, 50 annual live streams, and more than 600 on-demand courses.

Prioritize Useful Tech Solutions

Focus on practical, easy-to-implement tools that can provide quick wins within your long-term goals. Sometimes the most transformative changes come from seemingly low-hanging fruit. Summit’s decision to introduce online courses paved the way for its eventual subscription model, which increased recurring revenue from 0% to 90% by 2020. This strategic move not only diversified their revenue streams but also enhanced customer loyalty and engagement.

Considering guidance from experienced partners specializing in digital transformation can significantly enhance this process. They can help you navigate the complexities and tailor a strategy to your unique needs. To learn more about Greybull’s partnership and the path to value creation with Summit Professional Education >>>

conclusion

Businesses willing to adapt and innovate stand to gain significant ground in this ever-changing technological frontier. The potential of digital tools to drive growth, improve efficiency, and redefine the customer experience certainly makes them worth the exploration.

SOURCES
1.    Source: Digital Transformation Survey Results | McKinsey
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