FOCUS ON SELF-STUDY CPE


What could digital IT transformation do for your business?


By Kellen Cowan A


s an ambitious business owner, you are always looking for new ways


to help your business develop, improve and grow, no matter how successful it already is. You will also want to improve the experience for your customers. And of course, you will be aware that


your IT infrastructure plays a big part in this growth and the overall experience. Tat works both ways. Sometimes it is that same infrastructure that can limit how your business evolves. If you are running older systems—or perhaps systems that do not fully meet your needs—growth can be held back.


Tis is where digital IT


transformation comes in. Maybe you have never heard that term


before. Or perhaps the concept is new to you.


Here’s a one-line explanation: Digital IT transformation is about using modern technology to create or modify business processes, culture and customer experiences. It involves a complete reassessment and


overhaul of your technology, with the goal of improving the efficiency and delivery of your products or services. We can make this easier by looking at


a few case studies of how big businesses— you have definitely heard of—used digital IT transformation. Just because these are big names does not mean it is not relevant to you. Tis is key advice for all businesses,


16 CPAFOCUS


including those of all different sizes. NETFLIX


Are you old enough to remember when Netflix’s business model was based on direct mail?


Tey would mail their customers a


DVD. Customers would watch it, post it back, then wait a few days for another DVD to arrive through their letterbox. Of course, Netflix led the way to the


digital streaming world we enjoy today. Tat is an example of digital IT transformation. Tey used technology to flip their business model on its head. Tis has not only improved the customer experience (now you wait seconds instead of days for a movie), but it has also increased customer loyalty too. As of March this year, Netflix has a market value of $168 billion.


LEGO


Believe it or not, in 2004, Lego was on the brink of bankruptcy. Tis pushed the company to start its digital IT transformation journey, which is still ongoing today. First, Lego digitized its supply chain


processes, which allowed it to gain more insight into production delays and manufacturing costs. Ten between 2008 and 2016 the company centralized its HR applications,


July/August 2023


KELLEN COWAN is the co-owner of Newave Solutions and Founder of


SOML INC./Band of Brothers Tulsa. With more than a decade of experience in the technology industry, Cowan manages a growing team of technical professionals who stay at the forefront of technology. He also commits his energy to the development of men in his community through the local nonprofit SOML Inc. He received his bachelor’s degree in business management from Oklahoma State University in 2007.


SELF-STUDY DETAILS


Interest Area: Information Technology


Designed for: CPAs in public accounting or industry; business owners.


Objectives: Learn what digital IT trans- formation can do for your business.


Learn how to improve the digital experience for your customers.


Learn how to make the right investments toward your digital transformation.


Level: Basic Prerequisite: None


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32