Digital transformation is a buzz phrase that has been often thrown around a lot for years. And for a good reason. As it continues to transform the way businesses operate for the better, digitalization has become the way forward for many organizations, especially in today’s rapidly evolving and increasingly competitive environment.
Finding businesses that are riding the wave of digitalization isn’t hard because they’re everywhere. E-commerce continues to boom and the shift to the cloud remains imminent. The mobile phone has likewise become an extremely powerful channel for communication. The ‘why’ behind all these disruptions is even much clearer in view. When done correctly, adopting a digital model not only promises but also delivers measurable results such as improved operational efficiency, increased customer satisfaction, reduced product development costs, new revenue streams, reduced cost of poor quality and high yields.
What exactly is digital transformation?
Digital transformation is not one and the same for all companies, and so there is no one definition that is suitable for all. In essence, however, digital transformation is the weaving of digital technology to every fabric of your business — from marketing to accounting — with the goal of optimizing business processes and creating new ones to better respond to customers’ needs and deliver more value to them and the business.
With the COVID-19 global health crisis, businesses that have long been traditional or looking to digitally transform, found themselves standing at a crossroads. With the unprecedented impact of the pandemic, which still persists globally, digital transformation is suddenly no longer an option, but an imperative in order for any business to survive and thrive. The need for a digital strategy becomes reinforced as it plays a critical role in meeting the urgent need for adaptability, speed and efficiency in the new normal.
The rise of the digital economy has accelerated — digital transactions, remote working, online learning, among many others, were widely adopted. Now, enabling products and solutions to be digital is a necessity, not a premium to build engaging customer experiences.
Why do you need a digital transformation strategy? How to build one?
While much has been said about technology alongside digitalization, the strength of digital transformation goes beyond just technology. True success lies within each element and how well each element is interwoven across your entire organization. And this is why you need a well-defined and executed digital transformation strategy that is laser-focused on innovation and puts the needs of the customer at its core.
But how exactly do you get there? How do you develop a winning strategy that will position your company for success? Here’s a practical guide for you.
1. Define your scope and vision
First off, you need to have a clear main objective and vision in mind for implementing the digital transformation initiative. A key aspect here is identifying your current situation, problems and pain points you wish to solve, goals, performance indicators, and potential opportunities for growth. Why do you need to transform the enterprise? What do you need to transform? How do you transform? The most common mistake that companies make is diving into the adoption of all sorts of new technologies right away without first fully understanding the need for the project and what it is aimed at solving.
2. Research the market
Every digital transformation project requires a comprehensive look at the current market dynamics to make sure your strategy remains relevant and updated. What digital transformation strategies do your competitors have in place? What digital solutions have they adopted and will adopt? How are these solutions adding value to their business? A competitive analysis will give you a better look into the readiness and success of digital transformation programs. And having this insight will help you stay ahead of the competition. Doing in-depth market research also opens doors to new opportunities within and outside your industry.
3. Reimagine the experience
It goes without saying that digital transformation is inexorably linked with the purpose of building improved customer and employee experience through technology. So once you’re done with your competitive analysis, it’s time to pay special attention to how you want to deliver value to your customers and employees based on your digital efforts. The central idea here is to consider how you can ease the productivity flow for your employees and how your customers can have a better shopping or purchasing and brand experience. To fully maximize the opportunities of digital, adopting a people-first approach is a core component.
4. Choose the right technology and partner
Before making any digital transformation effort, you’ll need to identify the technologies and solutions that you’ll need to invest in to make your strategy come to life. Prior to this, it’s likewise important to audit your existing platforms and technologies and see which ones you can revamp, optimize or integrate with new technologies. You’ll also need to make sure you prioritize your most important needs and introduce new technology at a measured pace that is in line with your environment. Depending on your actual needs and requirements, these technologies can include cloud computing, mobile applications, artificial intelligence, the Internet of Things, virtual reality, to name a few. This step also requires the involvement of other people outside your organization such as consultants, vendors, or suppliers — those with expertise who can partner with you in developing and implementing transformation strategies and helping you in the transition.
Whether you’re a new venture or an established player, establishing a digitally transformed business can greatly impact your odds of success and rate of return. Companies who have charted their digital transformation path are now reaping the most significant rewards of a future-forward business strategy. Have you charted yours? Let White Cloak help you in accelerating true digital transformation for your business. Turning your vision into action is critical, and is a rigorous process but with a reliable partner like White Cloak, and the comprehensive suite of tools it offers, it can be done
Interested to learn more about how White Cloak can help you? Contact us today!
