Digital transformation: From the idea to financingReading time : 3 minutes
How we can help you?
As mentioned in a recent article, data mining and analysis are the cornerstone for digital transformation, for example the implementation of a business solution specific to a field of activity, or an enterprise resource planning (ERP) or customer relationship management (CRM) solution.
Why is that? Because they lead to the review of business goals and processes, which results in significant changes that, in turn, encourage the use of new ways of doing things or the creation of products that fully meet customer needs.
The payoff? Increased operational efficiency, sustained growth and greater profitability.
Defining the project
The choice of a promising project that will lead the company to reach its business goals, increase its performance and achieve success becomes key. This exercise raises many questions:
- How do you know if a project is promising?
- What criteria should be used to select the best project?
- How do you prioritize the projects, if there are more than one, that will be most effective in achieving the desired outcomes?
- Where do you start?
Having candid discussions with co-workers is a good way to get the ideas flowing, and having a digital expert on board is an asset. With their skills, they will help you objectively analyze the digital maturity of your company through workshops and meetings with your key employees. You will then grasp the issues at stake and be able to choose the project(s) that will help transform a business goal into an innovative solution. This expert will also explain to you how to carry out your project with a view to improving the efficiency of your information technologies and the quality of the customer experience.
Measuring potential gains
To measure the gains and return on your investment in digital transformation, you will need to choose the key performance indicators (KPIs) that apply to your circumstances: increased sales or profit margin, reduced production time, etc. These indicators differ from company to company—and from project to project. It is important to choose them carefully from the outset to determine whether the actions taken are producing beneficial results and to know what to monitor for optimal performance. They are very useful for forward-looking decision making and for performance analysis.
Determining project costs
It is often difficult to determine the exact cost of a digital transformation. However, preparing a comprehensive business case supports this sometimes tedious task. Clearly defining the project’s objectives, situating the solution to be implemented in its context of use, specifying the development strategy that will be deployed and naming the technical, human, financial and other resources that will be used helps to obtain a clear vision of the adventure to be undertaken.
Our experts place their business savvy and tech knowledge at your service. These capabilities combined with your knowledge of your field of activity make it possible to identify an appropriate solution that falls within the established scope, budget and schedule.
You get a clear and precise vision of your project, you know all the ins and outs, and you have all the information you need to apply for financing or seek assistance from a support program.
Government agencies (Quebec, Canada), as well as regional associations, groups and foundations, offer grants. More than 2,000 financial assistance programs set up by governments and these task forces also provide access to financing. These programs target specific needs, for example:
- Working capital
- Research and development (R&D)
- Technological infrastructures
- Construction or modernization of a building
- Staff development
- Future talent
- Merger or acquisition of a company
Provincial and federal tax credits encourage businesses in all sectors to invest in their modernization, particularly when it comes to technology.
Finally, the Business Development Bank of Canada (BDC) finances investments in technology to help businesses grow and benefit from positive cash flow.
Partners to support you
Many companies specializing in innovation financing and management can provide assistance. These partners help you get the most out of government and other assistance programs, as well as offer sound advice on financing your innovation initiatives and managing your research and development (R&D) activities.
We can guide you and put you in touch with companies specializing in the financing and management of innovation to help you seize opportunities as they arise. And to take your digital transformation project from idea to financing and then to launch.
You want to use technology to support your business strategies?
Contact our experts, they’ll be happy to discuss it with you!