Digital transformation for your business might seem a tempting approach but it requires well planned strategy and complete understanding. Every business, including yours, would want the transformation to be implemented in the best possible way which is both faster and cheaper.
Digital transformation can involve the very essence of a company. So, decisions that are taken for your business should take care of the actual purpose. Another aspect to be considered by the organization is that in order to drive a successful transformation model, the business should be able to attract and retain top performing employees across all age groups.
What Digital Transformation can do for your business?
Digitization has powered many companies in the following ways:
- Automating various tasks and processes
- Improving products and services
- Providing visibility into the future
Transformation does not involve a single activity. What it involves is the entire business model. It is a transparent medium that can expose each and every facet of your business. The approach should, thus be strategic. It should also allow you to keep up in the drastically changing demands of our digitized world.
How the business capacities can help in successful transformation?
The new competencies that need to be developed require the businesses to be:
- People Oriented,
- Innovative, and
Does it fulfill/ is aligned with your business purpose?
Transformation needs to check that your true business purpose is not affected. Change is the only constant. Everything around us is changing. Customer needs, technology needs and even the competition around are changing. But the purpose which the business serves remains the same. It should not be disrupted by any process changes that take place in the business model.
Getting ready for the Digital Business Transformation:
The external factors like customer experience, technological innovation and evolutions have been widely talked about when it comes to this process. It involves digitizing the internal aspects of your business like business activities, business processes, business models, business ecosystems and business assets. How the internal business processes are interconnected from the customer’s perspective de facto matters much more in digital business transformation. Think of the butterfly effect in action. In this scenario, digital transformation is a part of the holistic picture.
It can be seen as a profound challenge, a force or it can also be seen as an opportunity for your business to achieve core competencies in the rapidly changing business environments.
Does it speak a different language?
Transformation should give a feeling which is same as that of the tangible (physical) aspect of the business. It can be said that digital business transformation can be successfully achieved over a period of time when no one would be able to differentiate between the digital and physical, or online and offline experiences. Digital Transformation strategy should be chosen such that it speaks the same language as the legacy system that has been there all the time.
Strategy of digitally transforming your business should have, but not be limited to, any of the following:
- Digital Marketing
- Digital Customer Behaviors
- Technological Disruptions
- Digitization of information
Overall, business transformation has a deep impact both on your business and the society. So, the conditions created (both internally and externally) to be ready for rapid evolution and to take the lead are a part of digital transformation process.
It is happening everywhere!
Transformation should deal with real business and customer challenges. It’s important to include the stakeholders in any digital transformation process as it can affect all business activities, divisions, functions and processes and can impact the very business model as such.
As we are aware about the fact that in digital context, all the business processes, functions etc. are interconnected, following digital transformation realities are the ones which need to be emphasized:
- Business/IT relationship
- Business Leaders decisions are in sync
- Impact on the industry (it impacts all the industries, including yours!)
- It involves all the stakeholders/top management
Essential elements of Digital Transformation
Transforming your business digitally is not a small step. If done right, it can take your business to a completely new level. As it’s a transparent approach to interact with both your employees as well as customers, following elements need to be kept in mind:
- Change Management
As we have seen that it involves all of the top management, decision makers, and the stakeholders; the decisions whether it’s marketing automation, successful content marketing strategy, CRM implementation etc. requires change management. It is essential to analyze and predict which parts need to be rearranged or changed completely.
Digital Transformation should be taken as a journey and along the roadmap, several things change with time. The intent, priorities, pain points and the actual business needs vary with time. This matters more to individual businesses.
The process should be prioritized depending on all the factors stated above. Businesses should make sure that all the digital channels thus chosen should address the same. There’s no standard protocol for all the businesses to follow, as each business has different gaps to fill in.
Digitization is not digital transformation; it’s a part of it. Digitization simply means transferring information on paper to electronic medium. Digital transformation means digitization along with automating the business processes to fill in the gaps and improve overall customer experience.
- Responsibility and Skills
The process does not only require reworking the business organizational structures, but also the skills and responsibilities of the employees. Is it still important that all the top management personnel like the Chief Digital Officers, CIOs and other CxOs all play a role?
Summarizing the above discussion, Digital transformation is the profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way.
Is your business ready for the digital transformation?