Recent research from Bain & Company found that the majority of companies are lacking the key drivers required to guarantee digital transformation success. This doesn’t mean that they fail to see the value of digital, it means that they don’t know how to approach it.
“Nobody is arguing about the need to go digital. In today’s competitive marketplace, digital transformation has become a requirement, not an option,” the report reads.
A new, highly competitive business environment coupled with changes in customer expectations puts pressure on modern business leaders to up their game.
Here are our top tips for digital transformation success:
#1 Identify your top priorities
Start out by asking yourself what you want to achieve and then sit down and figure out how you’re going to achieve this. The best way to conduct this “IT audit” is to look at your existing systems and processes in relation to your business operations and assess whether or not they help you achieve your objectives. In doing so, IT leaders and business executives can identify how key migration priorities will fall into your digital transformation journey.
#2 Think customer/user experience
According to a recent survey by E-consultancy, customer experience will overtake price and product specifications as the key brand differentiator by 2020. We can’t say this enough – we are living in the age of the customer. Businesses that fail to answer the needs of their customers will lose customers to those who do. Part of the above planning process entails developing strategies with your customers in mind. And it’s not just customers you should be considering – it’s also critical to think about your users. Because digital transformation has the potential to improve so many aspects of business, it’s important to invest in apps that improve workflows and are easy for your employees to use.
#3 Look at the data
Data really is the new currency. When eyeing out digital transformation, you’ll be flooded with more data than ever before. This data can be hindrance or a help. From understanding your customers to identifying inefficiencies, your data can be used to drive better decision making and offers strategic insights.
Digital transformation has already disrupted major industries and is set to continue doing do. Those that choose to ride the digital wave, will experience a world of possibilities. Those that fail to embrace it, run the risk of being swept away. At Nebula, we believe in digital transformation as a competitive differentiator. Every month, we send out a newsletter that brings together a wealth of insights around all things digital, innovation and high performance business strategy. Sign up below.