Certain aspects of digital transformation could vary from one company to the next. However, successful transformations also share some specific traits, regardless of the industry.
But you may ask: What does it really take for digital transformation initiatives to succeed? What expands business? What disrupts operations? What accelerates innovation?
The answer is to know certain core issues and make sure these are reflected in your initiatives.
What are these core issues?
1. Branding can trick you.
While it is good that your organization’s decision to undergo digital transformation is driven by a need to attract clients to your brand and keep them loyal to it, this focus can also impede your growth. Know that more often than not, there can be greater worth in expanding your reach instead.
Rather than exerting too much effort in letting customers come to your brand, you can go out and meet them where they are. This means entering into a digital ecosystem where you can be a small part of a brand or where you can seek partnerships that let you lend your strengths to another brand so you can offer a more meaningful customer experience together.
2. Technology, by itself, won’t transform you.
There’s more to digital transformation than just introducing technological concepts like opening innovation centers, releasing a new app, or optimizing a channel. Doing these things won’t transform you if you follow essentially the same business model. This is because digital transformation is not about any single project. Rather, it is about expanding or changing how you create value and exchange this value with your suppliers and customers. It is about the evolution of your business.
3. Don’t focus on digital technology, but on how you can use it to meet customer needs.
Don’t be fixated on technology and how you can bring it into your organization. Instead, pay attention to how you can meet customer needs by entering digital ecosystems, leveraging software, and connecting your technology platform to a business strategy. This business strategy should enable you to expand the reach of your brand and deliver products and services that your customers will love.
Simply put, you can achieve transformation when you influence tech to shape digital experiences in order to serve your customers better.
4. Be vigilant in your partnerships.
Partnerships can be crucial to your business, but not everything can be outsourced. Digital transformation is about making money in innovative ways, like monetizing data, creating digital platforms, or selling software as a service. And this needs to be tied to the CEO’s vision and the core value mission of the company.
This is why you need to look for partners who understand this. They should see that their job only goes so far as helping you with your journey and getting you to the finish line quickly.
5. Reward changes.
An organization transforms if people can leave their old ways and adopt a progressive mindset and attitude. You need to motivate your employees and you need to do it fast. Make sure leaders and those in management positions do not stick to the existing condition and resist change because everyone else will also do the same.
Keep in mind that for people to be receptive of change, they have to understand what it entails. They need to see that there is no reason to fear it. Executives and managers need to embrace change before everyone else does because they are the ones who can apply new metrics and introduce incentives.
Digital transformation is more than just a project
Lastly, keep in mind that digital transformation is not a project but a new and progressive way of doing your business. It is the evolution of your enterprise in all its aspects.
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Need help with your digital transformation efforts? Call Four Cornerstone now at +1 (817) 377-1144.
Photo courtesy of Adrian Yee.