In an era where the customer is at the centre of all businesses, firms that truly stand out in winning them are those with a dedicated focus on digital transformation. Any firm that is able to champion innovation and thrive within a wider digital ecosystem can be termed as a successful digital business. Here are a few strategies for digital transformation that digitally mature organizations have implemented to ensure its success.
Hire a CDO to kick-start transformation
The first step to transform your business into a digital business is to appoint a Chief Digital Officer (CDO) and position them in-charge of the transformation you are seeking. According to research by McKinsey, companies that hired a CDO were 1.6 times more likely than others to report a successful digital transformation.
Enable seamless integration
Evaluate operations to identify and resolve potential gaps. Any inefficiencies in the systems and procedures will need to be addressed as it affects the organization’s culture, and also trickles down to impacting the customer experience. Champion the art of translating and integrating new digital methods and processes into existing ways of working.
Create a vision
Think beyond adopting new technologies. Digital transformation is a holistic endeavour that requires a clear vision for how digital tools and technologies will be leveraged. A detailed plan of execution across the organisation is key to driving the transformation through and through.
Invest in digital talent
Companies with winning transformations have a robust approach to talent. According to McKinsey & Co’s research, transformation success is three times likelier when organizations have invested the right amount in digital talent. This means not only looking at the experience of veterans but the potential innovations of younger workers with new ideas and approaches.
Reinforce new behaviours
Digital transformations require cultural and behavioural changes among the workforce. Reinforcing these new behaviours and ways of working requires trainings and reinforcement of the formal mechanisms. This approach needs to be followed persistently but gently to ease along changes on an enterprise wide level.
Optimize operations
Aim to reduce time-spent on solving problems so that this time can be utilized on furthering innovation and research. This is only possible if you have a clearly defined plans and procedures in your organization to achieve transformation. A digital transformation roadmap needs to inform clear operational processes and procedures to maximize this outcome.
Evaluate performance periodically
No matter how good your digital transformation strategy is, there is always room for improvement. As the needs of an organization evolve, so do their standards for digital transformation goals. These new goals are crucial towards ensuring that continuous innovation becomes a part of the corporate DNA.
