Main point to consider - Digital transformation and competence are a continuous journey that changes the way businesses operate, respond to market trends & forces and engage with clients
- Reaching digital maturity is a collaborative business and employees exercise that uses technology as an enabler
- The new digital culture leads to customer experience, deploys agile methodologies and leverages analytics to evaluate success
Steps: Lead with Customer Experience 1st- Before you roll out any digital initiative, do keep in mind that everything an organization does must ultimately address an existing customer need, challenge or frustration.
- Focus on what your customers prefer, and how you can improve their experience.
- Your digital success will predominantly be dependent on this single factor.
- This can be as much an art as it is a science and it will serve as the key to maximizing your digital Return on Investment (ROI).
Accelerate & Fail Fast, Learn Fast and Succeed Faster- Although digital investments can increase your profitability quickly, as cited by more than 55 percent of CEOs polled by Gartner,² you may not be as successful as others in the first few attempts.
- It is imperative that you treat your digital investments like you do any other, like a series of experiments.
- You can almost never completely de-risk digital projects.
- Any failures encountered can serve as learnings for subsequent initiatives. Instead of spending extended periods of time perfecting a solution, use agile methodologies to prototype solutions quickly and then refine them over time.
Cultivate a Digital Culture- They say: “Culture eats strategy for breakfast, lunch, and dinner.” A recent report³ by Altimeter lists company culture as one of the top challenges faced by organizations embracing digital transformation.
- Digital initiatives are usually owned by specific departments, resulting in competing priorities when enforced on other teams that do not have a ‘digital first’ mindset.
- In order to overcome this, establish a core team that liaises effectively with all departments to roll out digital programs. Your entire workforce must be sensitized and trained on all aspects of a digital enterprise, including customer centricity, agility, innovation and aligned goals.
- A workforce with a culture that is open to change and innovation will naturally increase your chances of ‘first time right’ in the context of digital transformation.
- And, don’t forget to recognize and reward intrapreneurial employees willing to take calculated risks and drive forth change.
The Right Metrics- What cannot be measured cannot be managed or improved. This, of course, applies to digital investments and the associated ROI as well. You must maintain an enterprise-wide perspective on digital investments, and constantly monitor their impact on business. Each digital experiment must be tracked using a specific, pre-determined set of metrics, including both quantitative and qualitative parameters.
- Do deploy an analytics engine to model the change in probability caused by the digital action.
- This will play a crucial role in improving the probability of your digital programs’ success even before you invest in them.
Build a Partnership Model that Works for You- As you focus on overhauling your business model to become more digitally driven, partnering with the right technology and solution providers will become critical.
- However, you would also want your existing operations and technology landscape to be able to support any such partnerships.
- To optimize this experience, look for platforms that naturally support integrations with most of your business systems or those that extend or create customized integrations.
- Also, determine whether to build or buy and select suitable partner models for implementations using metrics like the total cost of ownership and cost of change.
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