Digital transformation is the integration of digital technology in all areas of a business, resulting in fundamental changes to how businesses operate and deliver value to customers. Lincoln Be Smarter offers support and grant funding to assist small businesses based in Lincoln to achieve this.

In this blog post, we will discuss the four main areas of digital transformation: business model transformation, process transformation, domain transformation, and organisation transformation, and how businesses can leverage software and hardware to achieve success in each of these areas.

Business model transformation is the process of rethinking how a company operates and creates value for its customers. This involves understanding how digital technology can be used to create new revenue streams, improve customer engagement, and increase operational efficiency. A real-life instance of this is the prevalence of streaming services compared to DVD rental services: look at your long and short-term goals to determine how to grow your business, as well as taking into account the landscape around you.

For example, a traditional brick-and-mortar retailer might transform its business model by implementing an ecommerce platform, allowing customers to shop online and creating new revenue streams through digital channels. Software and hardware solutions like eCommerce platforms, online payment systems, and data analytics tools can help businesses achieve success in business model transformation. You should consider new pricing strategies, products, services, and anything else that would appeal to today’s markets.

Process transformation involves reimagining how a company operates internally to achieve greater efficiency and effectiveness. This involves identifying opportunities to automate processes, streamline workflows, and improve communication and collaboration across teams. We recommend you audit your processes to highlight any snags and adjust them to make sure your processes are polished and effective.

For example, a manufacturing company might transform its processes by implementing a digital supply chain management system, enabling it to better track inventory and optimise production schedules. Software and hardware solutions like robotic process automation (RPA), workflow automation tools, and communication and collaboration platforms can help businesses achieve success in process transformation.

Domain transformation involves leveraging digital technology to disrupt traditional markets and create new opportunities. This involves identifying areas where digital technology can be used to provide new products or services, improve customer experience, or create new business models. A simple way of doing this is to use cloud technology for storage, planning and other business tasks.

For example, a financial services company might transform its domain by introducing a mobile app that enables customers to manage their finances on the go, creating a new revenue stream and improving customer engagement. Software and hardware solutions like mobile app development platforms, artificial intelligence (AI) and machine learning tools, or blockchain technology can help businesses achieve success in domain transformation.

Organisational transformation involves rethinking how a company is structured and operates to support digital transformation initiatives. This involves identifying areas where new roles, skills, and capabilities are required to support digital transformation, and implementing new organisational structures and processes to support these changes in culture. You should continually ask for feedback so you can reassess your approach if it isn’t working, and also provide adequate training.

For example, a traditional marketing department might transform its organisation by introducing a digital marketing team, equipped with the skills and tools needed to drive digital marketing initiatives. Software and hardware solutions like customer relationship management (CRM) systems, project management tools, and learning and development platforms can help businesses achieve success in organisation transformation.

Digital transformation offers businesses significant opportunities to improve their operations, increase revenue, and create new value for customers. For small businesses in Lincoln, initiatives like Lincoln Be Smarter can provide grant funding to support digital transformation initiatives and help them stay competitive in an increasingly digital world. Get in touch with the Lincoln Be Smarter team for advice and support at lincolnbesmarter@lincoln.ac.uk, or click the button below to book an online appointment.