Leveraging Digital Transformation For Business Advantage
“You can’t delegate digital transformation for your company… You and your executives have to own it! Executives need to engage, embrace and adopt new ways of working with the latest and emerging technologies.”
— Barry Ross, Ross & Ross International
Digital transformation is an evolving process, rather than a destination. Companies and businesses all across the world are embracing digital transformation.
For digital transformation to thrive, according to Gartner, companies must examine and actively manage the intersection between strategy, leadership, and technology.
As you read this, your company is either in the throes of digital transformation or it will be soon. And if you think your business is immune, think again.
This article lays out a process for achieving a successful digital transformation, highlighting areas where businesses can direct their energies.
Everywhere you look, companies are digitizing their products and services, reaching customers through new channels, and managing their businesses in whole new ways. Even companies in traditional industries like manufacturing and transportation are starting to adopt digital transformation.
Digital transformation has had a profound impact on businesses of all sizes and industries. Many businesses aim to undergo digital transformation by implementing new technologies. However, that is only one piece of the puzzle.
It is all about evolving your business model and organizational design to take advantage of new technologies and channels through which customers interact with brands. The opportunities and challenges posed by digital transformation are complex and ever-changing, but the potential benefits are undeniably clear. Done well, it can create new opportunities, improve customer experiences and satisfaction, increase efficiency, and unlock new sources of revenue. But, like with everything in life, it's not easy.
Digital transformation is something that all businesses are striving for, but it's not a one-time event that you achieve and check off your list. It’s a continuous journey that you’re on forever. You must constantly evolve and change to remain relevant and competitive, or you will be left behind.
The term "digital transformation" encompasses a wide range of concepts. It covers everything you do, from the technology you use to how you interact with your clients. It's not only about increasing efficiency in your company; it's also about improving the client experience. You'll need to keep changing as long as you're in business to suit the requirements of your customers and the broader public.
Factors to consider when planning a digital transformation initiative.
1. Assess the current state of your business and identify areas where digital technologies can be leveraged to create value.
2. Develop a Strategy and roadmap for implementation. Once you have a clear understanding of the goals you want to achieve, you can begin to develop a strategy and roadmap for implementation of how to go about your initiative.
3. Optimize the use of Key Performance Indicators to improve returns on marketing, reduce costs, improve capabilities, improve customer acquisition as well as customer satisfaction, create efficient and effective new products, and save time, people, and money.
Digital transformation is a complex process, but with the right strategy and planning, it can be a great boon to your business.