Digital Transformation Funding
Resources to provide assistance in funding your Canadian small and medium enterprise (SME).
How can iTransform help?
Digital transformation is now the new norm for all businesses but it is not always accessible to businesses with limited budgets, especially for small and medium enterprises (SMEs). Hence, we have created this page to provide you with tips and advice to finding reliable funding resources.
There are a lot of unknown cost and unpredictability associated with digital transformation which means your budget will need to continuously adapt and accommodate unknown factors.
Get started with these 3 simple steps:
1. Analyze your business – Assess your business problems, business objectives and overall performance. Then explore your industry disruption, transformational plans and digital vision and ensure your entire team is onboarded. This may sound complicated but with a little guidance (digital roadmap) you’ll have a digital strategy in no time.
It is your business and you know it’s strength and weakness best. Simply map where your business is now and where you would like it to be in the future. What does your ideal modern business look like?
2. Get a digital roadmap – A digital roadmap not only outline the steps to reach your ideal modern business but it also provides an estimate of all cost associated with each business initiative. There is no guessing game, the number are broken down into: cost of investment, return on investment, payback period and opportunity costs. This should give you a clear idea how on where to start when creating your budget.
3. Build a budget – For most budgets including IT installations, your aim is to control the numbers. For digital transformation initiatives, however, your aim is to move with the numbers. One of the reasons your budget will change is that your digital investments should start to pay off early on.
Traditional IT projects require a large upfront investment, and then returns are realized over a long period of time, perhaps years. But digital transformation initiatives typically start with a smaller pool of funds, and that investment leads to quick wins.
Always remember your budget is not a fixed number; it is simply an estimate which should always include a safety net.
Will be available soon.