“At least 40% of all businesses will die in the next 10 years … if they don’t figure out how to change their entire company to accommodate new technologies.” This is a quote from Cisco’s John Chambers. Given that we live in a world characterised by constant innovation and mass digital transformation, Chambers’ sentiment holds particular relevance today.
But while it is rather easy to find people who are keen to talk about digital transformation, it can be tricky finding people who have the expertise and knowledge in doing it from the bottom up.
Are you keen to design a successful digital transformation strategy? We believe it all comes down to three things – the why, the how and the who.
Start with the WHY
Any new journey or change in a business must start with assessing your current situation. If you’re keen to digitise your company, you need to assess your digital maturity. This is determined by looking at everything from culture and technological infrastructure to the current level of innovation and business processes. As part of this step, businesses should ask if they’re making a digital move because they want to enter new markets, are looking to enhance customer services and/or experiences or aim to enhance broader business efficiencies. With the “why” well-understood, digital strategies can be implemented in a way that helps the business achieve desired outcomes.
Consider the HOW
Digital transformation doesn’t happen overnight. If you’re migrating from an on-premises communication platform to a cloud-based offering, for example, you can expect a lot of teething problems and late nights. But it’s also likely that you’ll save a lot of money. If you want any of the technologies and digital innovations that you bring into your business to have a real impact, it is important that tools are selected that enable and improve the right processes. Buying new technology for the sake of buying technology serves no real purpose.
Businesses must consider how new processes and technologies connect with their traditional operating model. Similarly, digital transformation efforts should improve security and enable the business to really transform the data into concrete insights. Sometimes getting the “how” right entails upskilling your internal staff. Sometimes it means working with consultants or other outside parties who have the expertise to get your project off the ground.
Think about the WHO
Digital transformation success is all about having the appropriate talent. Training your team is vital to carry out digital transformation without a hitch. This understanding must span the entire business – the company’s management must also be aware of the need for digitalisation. With technology a part of the entire business, everyone having an understanding of how these innovations function makes the business more strategic. Managers must promote digitalisation as part of the broader business culture by properly communicating why digital is essential. Some advise that businesses put together a dedicated digital transformation team with the correct mix of people who understand how technology can improve processes across the entire business.
Businesses that fail to embrace digital transformation run the risk of falling behind the competition. For businesses looking to make the most of the digital transformation process, it’s essential to keep up with all the latest trends in your industry. The Nebula blog is packed with insights about digital innovation. You can visit it here. And if you’d like to have this content delivered straight to your inbox, subscribe below.