In the digital era, how firms create and capture value has changed profoundly. But most SMEs and family businesses aren’t keeping up. Various published research show that SMEs & family businesses leave at least 50% of potential digital value or more on the table, compared to leading and larger firms.

So how can SMEs & Family Business enhance the value their businesses create thorough digitalisation? How can they increase their digital value?

Many times SMEs and family businesses seem at a loss as how digitalisation can help their business and so how best to embark on any digital transformation. Many times they start thinking about IT systems before thinking about their internal processes and most of all about how any digital transformation will create and then capture value. The focus should start and end with value and not IT systems. This means changing the way you think, operate and develop talent to compete in a digital economy.

Any digital transformation should at least delivery two types of value creation:-

1. Value from Customers: This encompasses increased revenue from cross-selling and new offerings, as well as more customer stickiness and loyalty. Helping customers meet their needs, providing a great customer experience, and acting consistently and with purpose helps create value.
2. Value from Operations: The foundation of digital business, value from operations includes reduced cost and increased efficiency and speed. Firms can create this type of value by using digital solutions to automate processes and become more open and agile.

It is with all the above in mind that I strongly suggest that you attend an event to be held on Tuesday 28th March in the morning, that will give you great insights as how to go about undergoing a digital transformation in your business and how you can tap funds for such an investment. Click HERE to read more on this event and to register for it.