7 Key Components to a Successful Digital Transformation Strategy
You’ve done your homework, learned about digital transformation, and are excited about what it can do for the future of your company. The next obvious step is to work up a successful digital transformation strategy. So where to begin?
7 Key Components To A Successful Digital Transformation Strategy
1. Identify Business Needs and Goals
As you are integrating digital transformation into the fabric of your operation, this is also an excellent opportunity to critically review your current business needs and goals. If this means you have to comb through file folders to find the latest version of your business needs and goals, it’s definitely time to reevaluate your future direction, now integrated with a digital transformation strategy as a critical element and valuable tool to capitalize upon.
Whether or not you are current on your business needs and goals, introducing and integrating a digital transformation strategy within the core of your business requires revisiting and rewriting those goals to incorporate this incoming digital technology.
2. Anticipating and Absorbing Cultural Shock
As with many new technologies, expect some resistance to modernization. That being said, if you know what likely behaviors and responses to expect when introducing digital transformation, you are better capable of proactively delivering solutions to known or possible objections.
Most concerns arise from a lack of knowledge and information. If an employee feels their job is at risk because of incoming technology, of course, there will be resistance. But if that same person is shown how digital transformation can increase their productivity while developing new skills which increases their value to the company, they are more inclined to jump on board with minimal hesitation or insecurity. This in turn makes the onboarding experience more effective.
3. Map Out a Tech-Driven Future
There is no magic wand you can wave to instantly deliver you into a digitally transformed operation. Nor do you want a magic wand to do that. Part of the excitement and importance of mapping out your tech-driven future is enjoying the ride to your new destination of digital empowerment and profitability.
The other advantage of envisioning and mapping out your tech-driven future is identifying and breaking out smaller independent units. This streamlines the task of reaching your future goals, bringing you to the next stage of your successful digital transformation strategy: creating manageable pieces.
4. Create Manageable Digital Transformation Units
In tandem with your long term plan, it’s crucial to break that plan into smaller, more manageable pieces. Being able to see the larger picture with the ability to focus on smaller elements enables you to avoid being overwhelmed by the larger task at hand.
More importantly, just as a building is constructed from the ground up, ensuring you have developed a solid foundation is critical to meeting your long term goals and needs. Another benefit to a planned rollout is the ability to step away and evaluate your progress (discussed further below).
5. Expand Your Collaborative Network
No person or business is an island, entirely independent; we all thrive and grow within our society and interconnections. In fact, no business should try to do it on their own; the very purpose of business is to encourage social interactions that barter and trade goods and services across our society.
Another valuable aspect of building a trustworthy and reliable collaborative network is access to outside expertise. You have a business to run; there’s no need to get up to speed on the latest tech advances when your team of experts can and do exactly that.
6. Observe, Analyze, and Adjust
Even after you build a digital transformation system that runs smoothly and effectively, it requires oversight to ensure it continues performing as needed. Often, through observation, new ideas arise which adds more power or effectiveness to an already well-functioning system.
As time rolls by, new technology and developments appear. By regular monitoring, accompanied by a careful and honest analysis of the strengths and weaknesses of your current digital transformation strategy, you can adjust and maintain a system that works and delivers results.
7. Leverage Growth And Transformation
Once you have accomplished all the previous six components to building your successful digital transformation strategy, reap your rewards! Your final challenge, for which you should be preparing since day one, is having the agility to embrace and leverage the new growth and transformation which began with your digital transformation strategy.
Now you see that digital transformation is merely one step in the larger, more important phase of transforming the way you do business and generate new revenues and profits!