Optimizing existing: Digital renovation as the first step
Marinca KasiskeLook at the different focus of both steps:
Digital renovation
Restructuring isn't just about money; it's also about rethinking business models and reorienting strategies. It's about reviewing internal processes and reducing costs. The goal is to stabilize the company.
Digital remediation refers to the recovery or stabilization of a company experiencing financial or operational distress. The focus is on leveraging existing systems to restructure the business, reduce costs, reduce technical debt, and restore profitability.
Restructuring measures may also include a revision of business models, a realignment of the strategy, and a review of internal processes. The goal of our digital restructuring is to put the company back on a healthy and sustainable path and secure its market position .
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A secure market position is the best starting point for digital transformation.
Digital Transformation
To be truly successful, companies must go beyond restructuring and strive for transformation. Transformation is like a complete metamorphosis. It involves fundamentally changing the company to meet changing market conditions.
In our view, digital transformation refers to a comprehensive transformation of a company that goes beyond mere digital restructuring. Transformation is not just about repairing or stabilizing, but fundamentally changing the company to meet changing market conditions, technological advances, or other challenges.
The transformation itself can affect various aspects of the company, such as business strategy, organizational structure, corporate culture, workflows, and technology. The goal of digital transformation is to make the company future-proof and ensure long-term competitiveness .
Digital restructuring and digital transformation are therefore two sides of the same coin.
What does this mean for your digitalization?
In short, it depends on the goal of your digitalization project and therefore also on your starting point or the degree of digitalization of your company. Set an operational goal for acute problems or pursue a strategic goal for long-term changes .
Operationally, restructuring aims to stabilize a company financially and consolidate its market position. Transformation, on the other hand, involves a strategic adaptation of the entire business model to new market conditions and challenges.
You can find out more about the degree of digitalization of SMEs below.
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