Transitioning Businesses Into Technology
Delivered December 17, 2019. Contributor: Jennifer P.
Goals
Gain an understanding of key problems facing traditional businesses transitioning into technology based companies
Early Findings
- One source notes that the need for businesses to transition to tech based models is growing rapidly, with companies with old business models being replaced by companies that use digital tools to provide the same services or products.
- The term Business Digital Transformation (DX) is often used to describe the process of transitioning to a more tech-based digital business model.
- Some common challenges to companies making a tech transition include keeping communication channels open, documenting and sharing information, and maintaining trust as structures change.
- The shift to a tech based business can be more challenging for medium to large companies, as shifting the day to day operations to a more tech based infrastructure is more intensive for them than small, or less established companies that require fewer adjustments to their organizational structure.
- There were three key reasons noted that companies fail to make a smooth transition to tech; a lack of leadership support through the transition, lack of technological infrastructure and investment, and an unclear road map for key goals of the digital transformation.
- It’s also noted that a key challenge for a tech transition is that all involved need to have “a complete understanding technology and network supported business models”.
- Team members also often feel resistance to shifting from the status quo, as while the change may be beneficial, it’s easy to manage and measure what one is used to managing and measuring. This often creates a lack of desire to change a core business model.
Proposed next steps:
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