The world is rapidly shifting toward a digital-first economy. Organizations today focus more on creating exceptional digital experiences to stay ahead of the pack. In fact, more than 60% of business experts and leaders believe that Digital Transformation (DX) holds the key to survival in 2022 and beyond.

Pandemic shoved the world towards a “new normal” pushing businesses and employees to develop and adopt new modes of working, communication, shopping, and so on. In fact, COVID-19 has accelerated the adoption of digital technologies like never before.

Unfortunately, many businesses tend to run on a tight budget when trying to navigate through the volatile economy and cutthroat competition. Organizations with limited resources and budgets struggle to modernize or upgrade their IT systems. This blog will throw light on how such companies can digitally disrupt on a tight budget and still can make an effective digital shift without spending a fortune.

How to Digitally Disrupt on a Tight Budget?

When it comes to executing a comprehensive digital transformation project, businesses must consider several factors when kickstarting their journey. This is why many successful businesses collaborate with a trusted digital transformation consulting partner to get aboard their digital journey.

A well thought-out, coordinated and, long-term strategy is required to achieve your digital goals successfully. Adopting an iterative approach that promotes continuous improvement and faster ROI is the key here. Here’s how you can win at digital transformation on a tight budget.

1. Focus

You will always have projects to work on. However, it is advisable to prioritize the ones that are truly aligned with your company’s objectives. To reduce spending and ensure you can capitalize the most on your digital initiatives, focus only on what is strategic and adds value to your business or allows you to remain competitive in your industry.

2. Explore Innovative Funding Options

Digital transformation on a tight budget calls for some kind of vision. Look for projects that will pay for themselves over time or projects that enable growth, drive efficiency or improve your products, services, and experiences for customers. Now, this can be anything such as designing and creating a digital front door e.g. developing a new app or a designing new website for your business.

Go with a trusted digital transformation consulting company that offers flexible SLAs and engagement models that fit your budget and requirements. Long story short, divert your budget toward priority areas and stop investing in areas that fail to throw up any value.

3. Step-by-Step & Self-Funding Approach

The next step is to manage the implementation in stages. This can be one application at a time or an integrated set of applications. Pay only for what you use to keep the costs to a minimum. A good digital transformation consulting partner should help you with an iterative project approach for a self-funding digital transformation experience paving way for faster ROI and operational efficiency. Focus on the small wins. Once the initial project is operational, it should generate new revenue streams that can be used to fund the next DX project.

4. Flexible Budgeting Model

Most of the digital tools and technologies will be unfamiliar and the budget may need to be adjusted to account for unforeseen needs and concerns. It’s always a good idea to add a buffer to your budget. You can reap in the services of an expert digital transformation consulting partner here to help with budgeting and costing for your DX project.

Having a short-term budget and goals in addition to a long-term budget is therefore preferable. Short-term goals allow for improved monitoring of the digital transformation project, whereas timely budget allocation and adjustments help to save on time and costs eventually leading to improved returns.

Summing Up

Small and medium-sized enterprises may find digital transformation to be overwhelming. The point is to figure out what your top priorities are, start small, and take baby steps toward your digital goals.

Futurism Technologies is a trusted digital transformation consulting advisor and partner assisting businesses to unlock the true value of digital. We offer customized digital solutions with an iterative and cost-efficient approach, helping businesses leverage new-age technologies such as AI, IoT, Big Data, Machine Learning, Data Science, Blockchain and more. We provide DX services across the entire value chain including digital infrastructure, business processes, digital customer engagement, and cybersecurity.

Get in touch with our digital transformation expert now to learn how we help businesses achieve their digital dreams on a shoestring budget.