What is Digital Transformation?

8 Benefits of Digital Transformation

Below are the 8 main benefits of digital transformation, but in reality, the advantages are much more. Because every task you do or think of can be digitized and become more efficient.

• Enhancement and Improvement of Customer Experience on your E-shop/Website and also in your physical store

• Increased efficiency and productivity of employees

• Access to New Markets worldwide

• Improved Data-driven Decision Making

• Cost Reduction

• Flexibility and Adaptability

• Better and more immediate communication

• Gives a strong Competitive Advantage

7 Examples of Digital Transformation

Digital transformation is applied across all sectors and industries. Below are 7 examples of its application in different sectors:

• Hospitals and Healthcare (Telemedicine and New Technological Prevention Tools)

• Banking Transactions (blockchain)

• Online Retail (global marketplaces e.g., Amazon)

• Automotive Industry (Automation in Production)

• Smart Cities and use of IoT (Internet of Things)

• Services (Digital Marketing and Social Media)

• and any other function or profession there is

Digital Transformation Voucher

The digital transformation voucher is a coupon given by the Greek government to digitally modernize businesses. There are various coupons, whether for changing a cash register to digital, for marketing, and for creating an e-shop.

The purpose of the vouchers is to promote the competitiveness and extroversion of Greek businesses. Some of these vouchers are also through ESPA, like the 'Basic Digital Transformation of SMEs'.

Where can I find the digital transformation vouchers?

On the state website at https://digitalsme.gov.gr you can find the new vouchers each time they are posted. You can also apply if you have an IT company as a supplier so that you can undertake such Projects.

Cosmolink is an official digital transformation supplier.

How do I apply to get the voucher?

Follow the steps below on how you can apply to get the voucher you're entitled to.

1. Login to https://digitalsme.gov.gr using TaxisNet codes

2. Select the application

3. Select Issuance & Management of Vouchers

4. Find IT companies or providers and fill in the voucher amount based on the offer you have received

5. Choose Request for issuance of a new voucher

6. Once the voucher is created, send it to your Supplier to bind it. (To do this, give the voucher code)

How do I implement Digital Transformation?

You implement digital transformation through software, hardware, robots, and their interrelations. Let's look at practical applications, examples of digital transformation for your business regardless of sector and size.

Each of the following models saves you time and money and helps you in all aspects of your daily routine.

1. ERP (Enterprise Resource Planning): is software either on your PC or in the Cloud that controls all the Areas of your business. Accounting, HR (human resources), production, suppliers, customers, and many more.

2. AI (artificial intelligence) and ML (machine learning): are solutions applied to large volumes of Data and now create Generative AI data (like ChatGpt). With Artificial Intelligence Applications, you can make better decisions by accessing advanced Analytics and saving time by avoiding repetitive tasks.

3. IoT (Internet of Things): refers to devices, a home, or a city connected to a common network and communicating with each other. For instance, you want to remotely turn on the water heater

4. RPA (Robotic Process Automation): refers to processes that are automated and programmed to be done by robots or software. The automotive industry was among the first sectors to introduce smart systems in production.

Is preparation necessary BEFORE digital transformation?

Yes, preparation is of course necessary before digital transformation. Especially large companies with many people need to take the following steps to go digital.

1. Know where they Start from

2. Define their Priorities

3. Create a Map with milestones

4. Prepare their team for the change

Digital Transformation in Education

Like in other sectors, digital transformation in Education is important to keep up with the advancement of society and technology.

The most well-known information systems applied by Educational Organizations are:

• LMS (Learning Management System)

• SMS (Student Management System)

• Parent Portal

• Websites and Internal Networks (Intranet, Mail & File Servers)

• Video Software

• and Security Software

How much does Digital Transformation cost?

The cost of digital transformation ranges from a few thousand euros € to many millions, depending on where the organization or business is and how much it wants to develop. Naturally, the price is also affected by the purpose and the time of implementation.

Cosmolink has undertaken digital transformation in over 100+ businesses in 6 countries. Send us your request to create a customized solution that will help you grow in the global market.

Business Innovation

Business innovation is a culture and a way of evolving a business or organization. Its goal is to differentiate the product, service, and every activity in a company to become more efficient. Digital transformation has exactly the same goal as business innovation, which is why they are combined.

There are 4 types of business innovation.

• Marginal Innovation (disruptive innovation)

• Incremental Innovation (incremental innovation)

• Architectural Innovation (architectural innovation)

• Radical Innovation (radical innovation)

Challenges for Digital Transformation

The main challenges that prevent a business from digitally transforming are due to the education to understand it, our overall education to handle it effectively, and ethically. Below are the 5 most common challenges we encounter.

• Lack of Strategic Change Management

• Lack of Expertise (know-how)

• Internal Resistance to Change

• Failure to adopt correct security practices

• Budget Constraints

How did COVID-19 affect digital transition?

COVID-19 accelerated the digital transition of businesses both in Greece and around the world.

Research by McKinsey & Company on how COVID-19 affected Digital Transformation

Research by the Greek Ecommerce Association GRECA on how COVID-19 affected Digital Transformation