Digital transformation is the process of adapting corporate processes to an online operating standard. According to Wikipedia:

 

Digital transformation is the changes associated with the application of digital technology in all aspects of human society. Digital transformation may be thought of as the third stage of embracing digital technologies: digital competence → digital usage → digital transformation, with usage and transformative ability informing digital literacy. The transformation stage means that digital usages inherently enable new types of innovation and creativity in a particular domain, rather than simply enhance and support the traditional methods.

 

Through digital transformation, small enterprises gain a number of benefits:

 

1. The importance of physical space and physical delivery or sales systems becomes less important as consumers and supplier interact online. A good supplier no longer needs to invest in a branch network to the same extent this was needed in the past.

2. New market segments in Cyprus and internationally can be opened. This approach is critical for numerous businesses in key segments in Cyprus ranging from tourism and professional services (lawyers and accountants involved in international company formation and management) to forex firms, engineers and architects and other professions.

3. A greater number of communications channels can be employed. The rise of smartphones and the growth of mobile browsing is changing how consumers search for and purchase goods and services.

4. A greater suitability for specific consumer segments, such as B2B professionals who have limited time available, or millenials (consumers who are 35 years old or younger, and are considered digital natives).

 

In order to compete today, Cypriot managers must master three related disciplines:

 

1. Digital Transformation: How organisations and teams change around a customer-focussed, technology-driven, 24/7/365 environment;

2. Digital Project Management: How executives manage diverse teams with internal and external stakeholders and vendors to deliver digital and ICT projects;

3. Vendor Management: How executives will manage external suppliers of digital and ICT services, such as web designers, online advertisers, SEO specialists, and others.

 

With this in mind, we are implementing a 2-day training programme followed by 1-day company consultations, in Nicosia, Cyprus on 14-15 November 2017.