Steps towards implementing a Digital Transformation strategy
There are 3 steps towards a business successfully implementing a digital transformation strategy. Step 1 develop objectives. Step 2 take initiatives. Step 3 maximise results.
If your business is struggling to successfully implement a digital transformation strategy our article will help as it looks at each step in detail.
Step 1 – Develop objectives
Company leaders need to understand both the necessity and objectives of digitalisation through analysing technology, industry and consumption development trends and then deciding what the company’s digitalisation objectives should be.
An objective that all businesses need to think about is how they can enhance operational efficiency. Another would be how revenues can be increased.
Looking into operation efficiency will allow businesses to find digital technologies that optimise overall processes and improve agility.
Looking into increasing revenues will emphasise digital technologies that will find new sources of revenues e.g. finding technologies that improve customer experience and create new pricing models.
Step 2 – Take initiatives
Once a company has defined its objectives it can then move onto increasing their company-wide recognition of the importance of digital transformation and look at establishing a digital way of thinking to implement the changes. For example a company could look into ways of moving away from linear development to rapid testing for product design and development.
New digital technologies will constantly keep emerging and so it is up to the company to decide on creating digital businesses and winning over digital consumers.
Business must improve their internal operating efficiency to develop into digital businesses and this can be done through utilising the Industrial Internet of Things, Artificial Intelligence, agile innovation and other technologies to upgrade overall operations.
In order to win digital consumers, companies need to forget about the traditional product-driven development approach and instead understand their customer in order to provide solutions for their needs and requirements.
Step 3 – Maximise results
The last step involves the business introducing digital transformation initiatives with sustainable digital business models.
The digital business models must be sustainable and companies can achieve this through identifying and integrating digital resources within the ecosystem, that offer differentiated value propositions to customers.
To deliver the best user experience, businesses need to offer cutting-edge product features but within a reasonable price range.
To be successful with digital transformation, companies need to adopt a corporate culture which encourages quick adaptation to change as well as collaborative cooperation and a willingness to accept risks.
By following these 3 steps, your business will have a better chance of implementing a successful digital transformation strategy.
To help with step 1, take our digital transformation survey which will help in setting objectives. Our survey will give you a clear picture of where you are on the digital transformation curve and what your objectives should be.