At its core, digital transformation starts with having a vision of where you want the company to go. What is your company’s reason for existence, and how will digital tools help you grow or become more efficient?
To successfully transform your business, your company must have two things: a clear vision of how technology can give you a competitive advantage and a well-thought-out plan that includes defined measures of success.
This should show you something very important about digital transformation that drives exponential returns - digital strategy is not driven by the I.T. department, it is a function of strategic and visionary leadership.
Steps To Digital Transformation
1. Self Transformation - The first step of this journey is self-transformation, which calls for leaders to demonstrate their willingness to learn new things. The task of learning might seem daunting, but successful digital transformation journeys need leaders who are ready to take the plunge, rather than prefer to stay on the sidelines. This process is pivotal, but it is also contagious.
2. Establish Organisational Priorities - This is the time to gain strategic clarity about you current state, short term desired state and the few priorities that will drive progress towards that future state.
3. Adapt Your Value Proposition - In the digital age, unswerving focus on executing and delivering the same value proposition is no longer sufficient. Instead of defining your strategy by what your industry has done in the past, your business must define its strategy to match your customers’ ever-changing needs. This empathy move will cause you to build a strategy that is quickly adopted and spread by the prospect.
4. Decide which technologies and platforms will support your strategy and latest value propositions. Building a wide variety of incompatible processes and systems may seem like progress, but it limits bigger opportunities. Too many companies confuse digital advantage with the digital technologies themselves. Focus on making your business different through technology, not on the technologies themselves.
Lastly, a few filter-questions to help you evaluate your digital maturity as a leader or an organisation;
Are you using digital technologies (such as analytics, social media, mobile, and devices) to reach and engage your prospects and existing clients?
Are your core processes automated?
Do you have an integrated view of key operational and customer information?
Do you analytics to make better operational decisions?
Are you challenging and evolving your business model based digital technologies?