Digital Transformation is not a buzzword. It refers to the leveraging of digital technologies in the strategic transformation of an organization by its leaders. Transformation is no longer limited to just businesses. Governmental or societal bodies are also looking to digital technology to enable them to reach their objectives. Digital transformation can happen anywhere.
MYTH = DIGITAL TRANSFORMATION IS ABOUT TECHNOLOGY
Digital Transformation is all about People. Mark Lemonis states that there are 3 key elements to building a successful business: People, Product, and Process. Digital Transformation will involve all three, and it’s vital to know from the outset that they are interconnected – but People is the ignition.
Whether your decision to transform is driven by changing customer behavior, the economic situation or regulatory changes, the result will be felt on an organizational, technology and culture level.
Your first step on your road to digital transformation is to identify your goals.
MILE 1 – IDENTIFY YOUR GOALS
With any strategic move, the first step is always to set clear expectations, to consider what the desired end-game result is.
Typically, the reasons behind the decision to transform fit into one of four boxes. The common factor to remember– Change is Constant. No matter what your inducer, change never stops. Digital transformation should enable your business to adapt to future changes, as well as hit current objectives.
CUSTOMER – Customer demands change. Digital transformation can make your business agiler, so in the future, you can identify and adapt faster.
INNOVATION – Novel approaches have always changed the direction of human endeavor, and answered business challenges. Whether it be a medical discovery changing healthcare, or a new technology changing the way we interact, innovation is a huge advocate for change.
TECHNOLOGY – Whether it be new or existing technology, leveraging what our customers, partners or competitors adopt is a leading cause of the disruption.
ECOSYSTEM – Many factors can disrupt your organization’s or your markets’ ecosystem, a dip in the economy, regulatory changes, Trump becoming President.
Here are just a few examples of reasons why people choose to digitally transform.
- Enhance the customer experience, to encourage loyalty, retention, and referrals
- Optimize your organization’s infrastructure for improved agility, efficiency, and cost-effectiveness
- Simplify your offering to reduce complexity and gain transparency over assets
- Transform your business operations to reduce costs or improve productivity
- Integrate with new or existing partners, suppliers to improve your product
- Analytical visibility to inform decisions, direction of product and gain competitive advantage
Whether you’re in retail or healthcare, a CMO or a CIO, your first step on your digital journey starts with planning. Join us at one of our assemblies to learn from those who have already kickstarted their journey.