5 Keys to Digital Transformation in Any Industry
With so many technological innovations disrupting businesses and entire industries right now, digital transformation is no longer just an option for businesses looking to grow and stay ahead of the competition. In fact, International Data Corporation estimates that worldwide spending on technologies and services that enable digital transformation will reach almost $2 trillion by 2022.
Of course, you only need to look at brands like Western Union, which reinvented itself from a telegram service to a global money-transfer business, to see how transformation has always been a necessity for survival. But digital transformation is no easy feat, and if you are unsure of where to start, here are the five keys businesses needs to succeed.
1: Identifying your business goals
The first step to effective digital transformation is understanding your business goals and aligning your transformation with them. To do this, you need to focus on defining your business’ key performance indicators (KPIs) and using all the relevant consumer data you have to effectively guide your business towards achieving them. Conducting surveys with your consumers to see where and how digital transformation can improve customer experience and satisfaction is an effective way to gather data that can help you build customer-focused KPIs.
2. Having the right people in place
After aligning your digital transformation endeavor to your business goals, you need to have the right people to lead your team to a successful transition. This means evaluating your team’s competencies and then hiring experts and consultants as needed. You also need to make sure that those at the top are aligned with your business’ goals and are actively trying to accelerate and sustain the change needed to work towards digital transformation. Scheduling weekly team huddles can help with checking up on the leaders’ participation and progress with the transition — whether you’re looking to update existing IT infrastructure or roll out new customer-facing digital experiences.
3. Preparing for change
Any change in your business can be a challenge not only for its leaders, but for the whole organization as well. Successfully transforming your business involves preparing and motivating the entire organization for change, and pushing them outside their comfort zone. Although Business 2 Community rightly points to leaders as the foundation for a smooth digital transformation, you still need to make sure that everyone from top to bottom is part of the discussion. All changes in processes, strategies, and company culture need to be addressed in company town hall meetings and informal discussions, where individual team members can pitch in their thoughts and suggestions, too.
4: Learning continuously
Digital transformation is a never-ending process, making it important for businesses to see that the organizational practices that have been used and developed over the years are all susceptible to change — and the best way to adapt is to get your people learning. Offer workshops about new and emerging technologies you are planning on rolling out for team operations, and encourage your staff to take on further education in relevant areas of study with incentives. Just as digital technology raises many challenges for organizations, it also brings about many opportunities, particularly when it comes to learning. Maryville University points out how degrees can now be taken and earned 100% online, and studied at the student’s own time. Your staff can start whenever and wherever they are ready, with flexible start dates and a hassle-free admission process. This way, you are building the expertise you need with the people you have, instead of falling behind to more agile businesses with expensive experts. As an added bonus, you’ll also get to drive innovation and boost overall morale in your team.
The digital transformation of your business isn’t going to be a smooth transition – and there will be challenges you will have to overcome along the way. But when the going gets tough, the whole organization must stay committed and maintain their resolve in the face of adversity. Fast Company notes that in these circumstances, leaders must actively motivate others. They can do so by checking in on their teams weekly and addressing their concerns regarding the ongoing transformation with empathy and finesse.
Without commitment, it would be easy to throw in the towel. That is why there is a need for the whole organization to stay committed to making the transition work for the business’ successful digital transformation.
Article specially written for osmoscloud.com
By: Andrea Cowell
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