Close Menu
26 October 2020

The Business Case For Digital Transformation

The Business Case For Digital Transformation - The Value Engine

The Business Case For Digital Transformation

You’re running a business that has prospered in an offline world. Now you recognise the growing importance of digital to support your continued success in a post COVID19 world. But there is a challenge; in a recent survey whilst most firms recognised the importance of digital, many felt overwhelmed by choice and did not know where to start.

So how do you see the wood for the trees and build the business case for digital in your firm? Issues I regularly discuss with the leaders of engineering, manufacturing and technology firms.  In this blog, I’ll start to unwrap my approach to developing and understanding the business case behind digital transformation for your firm.

Digital - From 'nice to have' to a necessity

Customers increasingly expect brands to provide seamless online experiences that are centered around their needs. COVID-19 has only accelerated this trend. Additionally, with business buyers getting younger, they’ve grown up with a digital-first approach and expect business suppliers to provide the same. The data backs this up; 70% of B2B buyers expect an Amazon style buying experience and a typical buyer is already 57%  through the purchase journey before they engage with your sales team. We know that engineering, manufacturing and technology firms that create these frictionless online experiences thrive.  And, if we’re honest, those who fail to develop a plan to engage the digital consumer are increasingly being left behind. 

Important information, but, with a huge number of choices, how do I find the right ingredients to unlock my firm’s digital growth potential and quantify the business case?

Start with the customer and work backwards

The good news is that it’s not about the technology. It’s about solving your customers’ most pressing problems and optimising your internal processes. Activities that have doubtless driven your past progress. Think of digital as a new tool in your arsenal which enables you to do this more effectively and more efficiently.

When you employ this tool, with a relentless focus on the customer, you find ways to generate revenue and save costs, driving the bottom line of your business.

In the diagram below I’ve outlined three ways to generate revenue and save costs through smart use of digital…

Build from the foundations

The diagram above gives six tactics, which when properly implemented, will drive revenues and cut costs, improving your bottom line. But of course, implementing any of these strategies will take time and investment. So the critical question is; when will I see a return on my investment and what will that return be?

As with all projects, your end result depends on the quality of your foundations. Get the foundations right and the rest will follow. 

In the case of digital, this is a deep understanding of your customer:

  • Who exactly are you serving?
  • What problems or need are you solving?
  • What are their biggest challenges, and what keeps them awake at night?

You then need to ask:

  • Where do they spend their time online?
  • How do they find our current service?
  • How could we enhance our offering to make their life easier?

Moving forward

Once you’ve got some answers to these questions you can start to ask; how could you use digital to serve your customers and in doing so, grow my bottom line?

There is no one size fits all solution, your business is unique and your ideal digital footprint is unique. What is common, is the fact that there are proven processes that enable insight to be gained and clarity to be created. Once you have these insights you can start to plan and act, bringing offers to the marketplace, earning initial revenues, and gaining further insights. It’s not a simple switch, rather it’s a wave that builds, gathering energy and yielding financial returns, and, building a firm that knows how to compete in a digital world.

When I work with clients, I apply a structured process which puts the customer at the heart of the solution. Harnessing my engineering training I combine a process-driven and data-first approach with lateral thinking and focused listening to enable clients to find that creative spark that can transform their business. Using this approach I’ve created seven-figure online revenue streams in traditional manufacturing businesses and doubled turnovers in 18 months. 

Businesses that fail to ride the digital wave will find it increasingly difficult to compete. Those who adapt will find their futures transformed. By working with a digital consultant you can uncover the right solution for your firm, accelerate your progress and future proof your business.  Which camp are you in?

Sounds interesting? Click here to book some time for us to discuss your thoughts and upcoming projects.

You may also be interested in...


6 April 2020

Looking after yourself in tough times

22 April 2020

Survive & Thrive in a Crisis

23 June 2020

5 steps to create your digital future

30 June 2020

Testing your ideas

30 July 2020

How To Sell Online? 6 tips to save you time and money

26 October 2020

The Business Case For Digital Transformation

14 November 2020

5 Tips to Grow Your Tech/Engineering Firm Scientifically

30 November 2020

Keep It Personal Digitally: A Proven 5-Step Process

11 January 2021

Will Your Business Thrive Post-Pandemic? 5 Key Questions

8 March 2021

Corporate Manager to Startup Entrepreneur: Key Lessons Learned

26 April 2022

How to Launch Offerings That Outdo Competitors?

28 April 2022

5 ways tips for creating your next winning offering

9 May 2022

5 ways to leapfrog the competition

30 June 2022

Can you beat the pricing battle

7 July 2023

Does your back end match your front

12 July 2023

Skills shortage

18 July 2023

Fill the cup / grow the cup

20 July 2023

Flat out on the day job?

20 July 2023

Rock – Water – Sand getting stuff done

29 September 2023

Find Your Ideal Business Coach & Maximize Growth Benefits

29 September 2023

Business Growth: Master the 4D Time Mix Strategy with a Coach

16 November 2023

Curiosity & Detours: Path to Lasting Progress

29 November 2023

Unlock Business Potential: Prioritise Big Goals with Business Coach for Small Business

13 December 2023

Navigating Business Growth: From Spreadsheets to Real-World Success

21 December 2023

Delegating Tasks vs Outcomes for Leadership Excellence

21 December 2023

How to Use AI in Small Business: A Journey, Not a Destination

8 January 2024

AI in Small Business: Guide to Making Right Choices

11 January 2024

Small Business Consultant: Is it worth it?

19 January 2024

Small Business Consultant Role: My Journey with The Value Engine

9 February 2024

Finishing well: Navigating the Five Exits from your business

12 March 2024

The Four Ducks of Building a Successful Business

12 March 2024

Empowering Your Business Journey: A Personalised Approach

12 March 2024

Maximising Productivity: How I Saved 2.5 Hours a Week

28 May 2024

The Ultimate Guide to Small Business Consulting

Ready to talk?

Start your growth journey today, get in touch to book your free initial consultation

Book Online

Get in touch


The Value Engine - Contact

Roseland

Hatherleigh

EX20 3JD

The Value Engine - Contact

ben@thevalueengine.co.uk

The Value Engine - Contact

Book an appointment

Skip the form and book an appointment straight into The Value Engine calendar.