Digital disruption is changing the world, the way we live and work. New technologies have created new possibilities and new markets, which creates new competitors and new customers in return. And those customers and competitors are urging new expectations. The speed of digital transformation is unlikely to slow any time soon.
Digital transformation is a popular buzzword we hear often. Still, it’s a difficult concept to master as it includes lots of areas. As an executive leader, it is your responsibility to know how technology has changed the modern workplace, standard business processes, and managerial best practices. Furthermore, it’s a must, picking up the pace of digitalization to ensure that your business remains competitive and innovative. In this digital era, we need to find creative ways of restructuring our competitive basis, which means we need to transform our business.
But, there are two obstacles that we need to overcome-
- Fear of the unknown; and
- Not knowing where to start and what to do.
In this guide, we will define digital transformation and its potential. We will also walk you through a pragmatic digital transformation strategy that every company can take to succeed. Achieving digital mastery is not a difficult task or arcane art. Any organization with the right, digital-savvy leaders in place with a strategic and innovative mindset can successfully innovate, digitize, and transform.
Digital Transformation means Business Transformation
This is a natural progression from brick-and-mortar business transformation to the digital business world. It also means having more opportunities for growth, innovation, scalability, and agility, possible in any transformation process, now that digital is the component of the mix. Instead of establishing long term goals and working hard towards achieving them, digital transformation can deal with ambiguity and adapt rapidly to change. The digital transformation, moreover, is not at all a one-off program. Once we build our footprint in the digital business world, it creates much more effective solutions to the organization. In a world of accelerating change, execution and concept of transformation are never complete. The marketplace changes now and then, and so do the requirement of clients and customers – and the digital era accelerates all of that.
Two big causes of Digital Transformation Failures
- Lack of CEO support – According to Wipro Digital, lack of a clear strategy was cited by 35 % of executives as a key barrier to achieving its full digital potential.
- Wait-and-see trap – One of the biggest binds companies put themselves in is delaying transformation. “Digital disruption happens fast, and most financial Senior-level lagging indicators of potential.” Forgive the cliche, but disrupt or be disrupted, is a harsh reality. However, companies would be better served by disrupting themselves, a little preemptive transformation.
- Lack of Continuity – “Senior-level leaders, don’t want to inherit a transformation,” says LaBerge. “They want to start from scratch to leave the mark” He also added, turnover among the rank-and-file staff and other managers is as much to blame for the issue. With CIOs and staff jumping, enterprises stand little chance of executing their digital strategies.
The Business Transformation Roadmap
Understanding the transformation formula is necessary as the following steps are based on that-
1. Sort out the team
Sorting of the team is crucial, as knowing who is capable in which department is really necessary to avoid any delays or mismanagement.
2. Understand and define your value streams
Value streams are the series or course of actions that one needs to follow to get the desired outcomes from the transformation.
3. Define your organizations
Organizations, or the value stream owners is the group created for the sole purpose of knowing the business and follow the strategy or rules developed to achieve the transformation.
4. Continue process
Defining the organizations and the teams should be a continuous process, based on the reviews of the iterations made to improve the process.
5. Deciding and assigning people to the teams
When the organization and the strategy are determined, assigning of people should be according to the respective organizations or teams. Proper training and resources should be made available to them.
6. Develop performance measurement system
After deciding the value stream, teams, and people, creating and designing the system is crucial to help the business measure the stream process and progress.
7. Use the performance measurement system efficiently
Continuous and efficient use of the performance measurement system ensures continuous improvement, and by doing so, any blockers will be either removed or can be avoided, business owners or the value stream owners will know when to pace up or down.
Digital Transformation Across Various Industries
Every business is different, so the requirements are. Yet, through in-depth research from leading companies, we see that DS shows very similar aspects across industries. But, it’s still important to look at your business area or industry.
Digital Transformation in the Government & Public Sector
Research reveals that a larger part of public sector professionals recognizes the disruptive influence of digital technologies on government.
- In public and government sectors, digital transformation is driving down costs.
- The driver of digital transformation in government is enhancing the citizen’s end-to-end experience & engagement, and transparency.
Digital Transformation in the Utilities Sector
Utility firms face huge difficulties and challenges. Yet, utility businesses are at the same time active in an industry where digital transformation can save tremendous money and lead to new offerings, alternative pricing models, customer experience optimization, and even radical new ways of ‘doing business engaging with customers and their very business model.
Digital Transformation in Healthcare
Mobile has totally transformed the face of the healthcare sector, thereby increasing productivity, save costs, and grow revenues. Digital health plays an increasingly important role in our lives. As we move towards more digital healthcare, the IoT becomes a key game changer to the reinvention of healthcare models.
Digital Transformation in Retail Industry
The digital transformation brought huge evolution in the retail industry. Retail companies need to digitize and digitize to bridge digital and physical shopping experiences, save costs, and automate ranked high among other leaders. Digital transformation strategy enhances the shopping experience and enables retailers to reinvent themselves.
No matter which industry your business is, digital transformations mopping over all sectors of the economy. Hence, the majority of companies are embracing digitalization to remain competitive and innovative. Digital transformation plays a major role in improving the company’s ROI.
Are you looking for digital transformation consulting services or a mobile app development company? Get in touch with us and share your digital business idea with our team. Undeniably, the benefits of digital transformation are endless!