What Is The Purpose Around Digital Transformation

The Bank Example

I want to talk about digital transformation and the kind of investment it requires. I recently came across an interesting article in Forbes (not my usual go-to, but it caught my eye) discussing how banks have invested over a trillion dollars in digital transformation over the past four years.

Ironically, the main benefit they’re seeing from these investments is more cost-efficiency than revenue growth. Banks, by nature, focus on strengthening balance sheets and reserves to lend more effectively.

The second phase of their digital transformation plans is aimed at increasing revenue.

So, how does this apply to SMEs? How do the lessons learned from banks translate into smaller, more agile businesses?

The SME Example

It got me thinking about how many SMEs are truly digital or whether they have just dipped a toe into the digital pond.

Are they thinking about digital initiatives with clear goals in mind, or are they just adopting technology as it comes?

Digital transformation is not just about picking the latest tech that promises a shiny new feature. It’s about understanding how it supports the fundamental areas of your business: Finance, Operations, People, Marketing, Sales, Customer Success, Technology and Ai, Partners, and Governance. And it’s about integration - making sure these systems work in unison to move your business forward.

Digital Transformation and the Core Fundamentals

When you think about going digital, it’s not just about choosing a new CRM or implementing a marketing system. It’s about how all of your business processes can be transformed to work more efficiently.

Over the past decade I’ve taken steps to be fully digital across our operations. We use Xero for accounting and financial forecasting, HubSpot for CRM, ClickUp and Slack for project management, and BambooHR for human resources.

Even our phone system is digital, integrated with HubSpot for seamless communication.

Sales intent signals from RB2B, Gong and enrichment through clay.com

So, ask yourself - how digital are you?

Things To Consider – Contingency Planning

One of the challenges we faced last year was that as a fully digital business, we hadn’t fully thought through what happens if our internet goes down. Sure, we use cloud storage and services like Google Drive, but without internet access, we can’t make phone calls, access files, or use our CRM.

That’s why, now, we have mobile routers in place as a contingency — to keep the business running even if the main connection fails. It’s a simple consideration, but it’s vital to ensure that your systems and workflows are resilient, no matter what.

Looking back, I wish we had planned more strategically for our digital transformation. In 2016, we adopted a lot of new tools as they became available, without always asking,

"What do we really want to achieve with these tools?"

It’s not just about buying the latest software — it’s about setting clear goals for what you want your digital transformation to accomplish.

For example, are you looking to improve efficiency, increase revenue, or enhance customer experience?

The same with Ai, the world recently has gone berserk and if Ai is not in the discussion we are seen to be behind the curve before we start, in some aspects correct, in others main core processes and understanding are missing and AI is used too early. 

These are key considerations when deciding which tools to adopt.