Championing the course of providing credible information on issues related to business, finance, economy, governmental policies, and market trends in Nigeria and beyond, the Millennials Hangout show yet again lived through its objectives in its recent September edition.
The Millennials Hangout show is a nascent social media show on BusinessDay’s platform, resting on the need to equip millennials with the right tools through knowledge and shared experiences, to provide smooth navigation of the present economic complexities. The program addresses key topics related to supporting economic growth, improving financial literacy, raising advocacy for unruly governmental policies, sharing market trends and analysis, and overall, encouraging the spirit of entrepreneurship, making it a must-watch for Nigerian millennials, as it allows the demographic to meet up with the fast-paced world of today.
After a successful premiere of its first edition in August on the BusinessDay YouTube channel, it garnered the attention of the platform’s thousands of subscribers, who clamoured for more episodes. Heeding to the call, the Millennials Hangout show had its second edition in September, and as usual, brilliant minds who are thriving in their given fields converged to submit intelligent contributions around the theme, “Digital Transformation and Startup for Millennials.”
Among the speakers for the September edition was the notable Miss. Success Ajilore is a seasoned accounting and business analysis professional who has spanned over 11 years in the industry, using her exceptional skills to manage client portfolios and solve complex audit technicalities for multiple brands. She’s also the founder of the Success Transformation Network (STN), which provides entrepreneurial mentorship for sustainable growth and expansion of businesses.
Success launched her points on the theme of the discourse, and as the first speaker, she kicked off with a compelling definition of digital transformation, describing it as the integration of digital technology into all business departments. Furthering her explanation, she believes that the world has gone far too deep into a global village, where countries connect and share values at a central point through technology. Digital transformation isn’t just about technologies but also about mindset shifts. It’s no longer news that startups must realize that when starting a business, they must completely erase following old and traditional methods and embrace digital transformative methods, “The world has burgeoned into a global village, It’s your responsibility as a millennial to refuse being local champions,” she added.
Success mentioned that businesses are formed to solve the different needs of humans; it could be the need to save time, to save money and effort. The digital world has made business transactions fast; hence, consumers want to get a product or service at the fastest and most convenient means possible, which can only be done when digital transformation is embraced. “These customers don’t care about you; they care about the value your business offers; when this value is absent, they find elsewhere to get it,” Success illustrated. Consumers are constantly on the rave of getting value; here, success spreads the embrace of digital transformation from startups to existing businesses that are stuck or not getting desired returns. She beckons on them to create a new dimension with digital technologies, which is identifying a new need for their businesses, as this sums up a good way to maximize the use of technologies.
Moving on, Success outlined steps startups can take to achieve digital transformation in their respective brands.
1. Assess your digital maturity: Here, success implores that startups and existing business owners should define the digital tactics already in place for their business, as this would provide clear directions on the next line of action to take.
2. Envision your future: Create a future for what you want for your company. As startups, Success advised them to think big and make sure that their businesses have different departments. Thinking about the technologies these departments need for operational efficiency helps give clarity when there are available resources.
3. Build a strategy: Business owners should continually investigate recent technologies and make plans to catch up with digital advancements to have an even ground with competitors.
4. Implement tools: Implement the envisioned future and strategies that have been formed. Success instructed that startups should make sure that their plans end up with actions. Getting the right tools and outsourcing the right talents.
5. Repeat: These steps should be repeated, whether or not they fail or succeed. For success, “The first mistake you can make is not taking the risk in the first place.” She advised that startups should venture regardless of whatever the outcome may be.
Alongside these steps, success adds that startups and business owners should not be the only ones possessing forward-thinking actions; hence, the a need to create digital literacy among their teams. This should be backed up with experimentations done at an intentional level. She also pointed out that businesses should form strategic collaborations and encourage collective research to form creative strategies.
Furthermore, Success highlighted that when these steps are taken, businesses can begin to see benefits, which include:
Increased efficiency: Reducing the repetition of tasks and giving room for creativity to thrive
Data-driven decisions: Data from continuous research helps business owners to make informed decisions.
Greater agility: Digital tools allow team members to be more committed and agile at work.
Competitive advantage: Digitally inclined businesses have an edge over businesses without any digital inclination.
While the benefits of digital transformation in businesses are striking, they are often laced with diverse challenges, and Success maintains that through continuous learning and staying informed with updated knowledge, all challenges can be tackled. She also added that in this digital age, business owners are expected to invest in cybersecurity to secure data and not hurriedly dive into innovativeness. Plans on getting innovative tools should be phased, in to ease up the overall process.
Harnessing the power of digital transformation in totality, Success mentioned brands reaping the benefits. They include Netflix, Airbnb, Spotify and Slack, whose stories are traced down to traditional startups but are now evolved in extreme digital transformation. “This is testament to the importance of business start-up and growth no matter the challenges, as none of these brands achieved success in a day, showing that digital transformation isn’t just an option but a necessity, a game changer,” Success asserted.
Success concludes that millennials should hold on to their skills, stay adaptable and continue to evolve by embracing digital transformation and leveraging the tools to provide innovative solutions for human needs, as this is the only secure way to thrive in the business world today.
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