Financial Do’s and Don’ts of the Digital Transformation

Various industries are increasingly undergoing a digital transformation. To succeed in the digital transformation process, businesses must strategize unique online approaches when it comes to financial security, technology and managing their investments in the digital world.  At Spinnaker, we understand that the top enterprises rely on digital technologies to go above and beyond to meet customers’ needs and to offer their best services. The COVID-19 pandemic cranked up the heat and put even more pressure on corporations to create a faster, smarter, and more efficient customer experience online. With these ever changing times and a huge transformation into a digital world, it is crucial for businesses to transform with the times and modernize. That being said, here are the do’s and don’ts of aligning your business and financial strategy with the demands of the digital transformation. 

Don’ts

  • Don’t forget your Cloud costs
      • The cloud offers several opportunities for organizations, however recurring payments can often be forgotten and easily slip under the radar. It is also easy to forget to cancel services and continue wasting your money on services you no longer need. Instead, revisit your cloud costs often to target any unnecessary payments or cloud usage.
  • Don’t stick with the old 
      • Relying on older systems can be similar to fixing an old car- you can end up spending more on trying to constantly repair it, when it would be more cost-efficient to just buy a new one. When you decide to modernize, your new system will offer you more advanced features, functionality, and services that actually work. Modernizing and upgrading can be much more cost-effective, especially considering the efficiency and reliability of today’s advanced technology.
  • Don’t misread your customer’s needs
    • Accidentally misinterpreting and misunderstanding your customer’s needs often cause businesses to fall down a very costly path that involves developing services that are not necessarily needed or wanted from their audience. Instad, assess what your customers are looking for, and work to offer the best solutions for them.

Do’s

  • Review your monthly cloud costs 
      • Take a close look at your spending habits in the cloud. Specifically focus on the areas where it looks like you are overspending and figure out if these expenses are actually helping or harming your business. 
  • Develop a budget for maintenance 
      • Create a budget for maintaining your services. Make sure you factor in the costs for regular fixes, upgrades, improvements, bugs, and even the factors that are out of your control. It is important to routinely test your services to ensure that they are working optimally and running smoothly.
  • Collaborate and communicate with your CFO
    • It is crucial to effectively communicate with the key stakeholders of your organization both internally and externally. Your CFO or finance department is instrumental in assessing your options and determining your most cost-effective approach when it comes to moving your business online.

If you have any questions regarding your own digital transformation and how to navigate your next financial investments, get in touch with us today.

Disclosure

The information contained herein is based on internal research derived from various s and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from s we believe to be reliable. Opinions expressed herein are subject to change without notice.