In 2023, Igor Borovikov left Softline Shareholders to focus on developing new IT products in international markets. Due to a strong interest in harnessing the power of artificial intelligence for automation purposes, Borovikov turned his attention to global investment projects related to AI. In his words, “Artificial intelligence will change the world,” creating new opportunities for business owners who stay ahead of the curve.

Keep these priorities in mind as you integrate digital technology into every aspect of your business.

1. Getting Ahead of Cyberattacks

About half of small and midsize businesses have been affected by at least one cyberattack, leaving owners scrambling to recover lost data. Businesses are especially vulnerable to email attacks, which take advantage of multiple employees’ access to sensitive information. Cyberattacks often lead to significant financial losses, damaged reputations, and difficulty regaining the trust of customers and other stakeholders.

Digital transformation has many benefits but also creates additional opportunities for attackers to exploit vulnerabilities in your information systems. According to Igor Borovikov, getting ahead of cyberattacks is one of the ways to protect a business. In addition to securing your networks and databases, you need to provide comprehensive training to help employees identify potential threats and sidestep them before they lead to millions of dollars in losses.

2. Enhancing Interconnectivity

Interconnectivity refers to the ability to share resources across multiple networks and devices, ensuring that systems from different areas work in tandem to support your business. Borovikov believes that enhancing interconnectivity is a critical priority for modern companies. You can’t participate in digital transformation unless you’re integrating new technology into your business, which provides the added benefit of enhancing interconnectivity and making it easier for employees to communicate.

In addition to enhancing communication, interconnectivity offers the following benefits:

• Increased efficiency
• Stronger data security
• Improved customer service
• Enhanced productivity
• Reduced costs

3. Taking Advantage of Redundancy

Igor Borovikov also recommends incorporating redundancy into your digital transformation plan. Data redundancy refers to the practice of storing the same data in at least two places. For example, many companies now use cloud-based applications to back up the data stored on their on-premise servers. Redundancy makes it possible to recover quickly from data breaches, system failures, and other technology-related problems.

4. Implementing Additional Cybersecurity Measures

Cyber thieves use a variety of tactics to steal money and information from businesses. Sophisticated attackers have also discovered ways to interrupt the delivery of health care and other critical services, putting organizations worldwide at risk. Fortunately, there are several steps you can take to complete your digital transformation without making your business more vulnerable to cyber threats:

• Secure your wireless network.
• Give remote workers access to a virtual private network.
• Use multi-factor authentication.
• Restrict user privileges based on roles and job duties.
• Perform regular access audits.
• Require employees to use strong passwords.
• Change user passwords regularly.
• Control physical access to computers, servers, and other equipment.

5. Fostering a Culture of Innovation

Innovation combines creativity with technical skills, resulting in the introduction of new goods or services to the marketplace. Without innovation, it’s more difficult to meet customers’ needs and identify new sources of revenue. To make your digital transformation a success, follow these tips for fostering a culture of innovation:

• Give employees permission to try new things.
• Prioritize collaboration.
• Encourage employees to take calculated risks.
• Reward employees for innovative ideas.
• Assemble a diverse workforce.
• Make the purpose of each project clear.
• Provide additional resources to help employees come up with new ideas.

6. Upskilling the Workforce

Skill gaps are one of the threats facing businesses today. If employees lack the skills to tackle complex challenges, your company won’t be able to complete a successful digital transformation. Skill gaps also make an organization more vulnerable to industry threats, such as increased labor costs, technological changes, and economic fluctuations.

Digital transformation requires additional skills, making upskilling a priority for savvy business owners. Upskilling involves minimizing skill gaps and building a future-ready workforce, so it’s critical for success in the digital age. If you’re concerned about skill gaps in your business, offer additional learning and development opportunities to employees.

Small businesses don’t always have the resources to create robust L&D programs, so consider offering tuition reimbursement or paying employees to obtain relevant professional certifications. You can even hire a training consultant to conduct a needs assessment and determine the right way to help your business move forward.

7. Automating Business Processes With AI

Igor Borovikov is especially excited about the business applications of artificial intelligence, a technology that allows computers to solve problems and mimic other human cognitive processes. AI can’t replace employees entirely, but it can maximize efficiency by automating repetitive processes and preventing errors.

One of the ways to incorporate AI into your digital transformation plan is to use it for project scaling. Every project has some level of complexity, but humans often struggle to assess a project’s level of difficulty or determine what resources they need to complete a project successfully. AI tools excel at categorizing projects and evaluating their complexity, eliminating the need for employees to spend extra time on these activities.

Although AI tools have come a long way in the past few years, they’re not infallible. Borovikov recommends implementing project scaling with human oversight to prevent errors associated with AI shortcomings. It’s also essential to test AI tools regularly and work with a trusted team to resolve any errors.

Published by: Martin De Juan