The race for digitalisation has been happening for years – but now it’s picking up speed.
A digital strategy needs to be built into every business, new or old, to truly harness the opportunities presented by advances in technology – a trend that has been hastened by the restrictions enforced in the wake of the pandemic.
However, Covid-19 isn’t the sole driver of this rapid shift; major players like Google, Amazon and Facebook have been setting the standard in digital efficiencies for years.
And where they lead, others follow; as consumers and businesses try to keep up, there is a clear impact on their behaviour and how they expect to transact – and interact – with each other.
To keep up, businesses need to position themselves digitally by trying to introduce better and more efficient ways of working – but are they going the right way about it?
The problem
The issue comes down to one of responsibility; in smaller companies particularly, there is nobody to take ownership of these digital innovations – and this needs to change.
We know that most small businesses don’t tend to have the traditional boardroom setup.
They may have an accountant to advise them on the financials, an external HR expert to help with staff and even maybe a business advisor to assist with the growth of the business.
However, what they won’t have is a digital expert to recommend the strategic digital direction of the business, which could be an expensive mistake.
In fact, research has shown that a digital presence in the boardroom has a positive impact on a company’s overall success.
A University of Westminster study examined the impact of having digital expertise on boards and concluded that there were correlations between their presence and a number of success factors, including boosting overall performance by as much as five per cent.
The risks
Even without taking the benefits into consideration, the risks of not having an appropriate expert on board are clear.
As with any specialty, digitalisation needs an expert approach; a small business owner will not necessarily have the background knowledge to understand what digital solution they need or how to implement it.
And when it comes to software, implementing the wrong solution can be almost as detrimental as doing nothing in the first place.
While investing in digital solutions can be expensive, implementing the wrong solution without a well-thought-out strategy and roadmap will almost certainly negate the benefits that digital solutions are supposed to bring.
The solution
To truly harness the power of digital, change needs to come from the top down – and that means having an expert at the highest level.
A digital expert advisory board will put businesses on the best possible footing for tech transformation for years to come.
In a similar manner to an accountant, this expert will be there to lead on formulating and overseeing a digital strategy to improve the efficiencies of a business.
However, there’s no need for businesses to run before they can walk and, for those where digital isn’t integral to their entire operations, the basics are enough.
The fundamentals of software development haven’t radically changed over the past 20-plus years and so there is no need to keep up with every advancement.
In fact, this is another element in which a digital expert on the board proves fruitful, advising business owners on which digital improvements they need and will use, rather than making a series of expensive mistakes.
For many businesspeople, the digital world can sometimes seem like a scary place and there is no denying it moves quickly.
However, with an expert presence on the board, companies can make suitable and cost-effective changes at their own pace, rather than being swept along by the latest software fad.
And if a full-time digital role is out of the question – and for many small firms, it will be – something is always better than nothing.
At Sapere, we would always advise companies of every shape and size to bring in a digital expert once a month to add to the boardroom discussions – it could be the best investment they’ll ever make.”
For help on adding a digital expert to your advisory team, get in touch with us on 01642 955645 or email sales@sapere.co.uk.