The dawn of Digital is here. It is important to address that we continuously consume digital data. Businesses also need to shift their focus to digital medium while integrating it with old traditional methods. Since digital is covering everything under its umbrella, businesses with outdated methods and failed digital strategy can suffer heavily in the coming future. This is the point where it all gets difficult. We all know that our core business model needs transformation, but the real trick lies in making it as smooth as possible.
There are two parties majorly responsible for these kinds of transformation one is the governance team, the one which handles the capital allocation and the other is the strategic team who is capable of understanding the technical aspects of transformation.
It is easier to avoid recruiting new digital talent and run your business with old tactics. But this process will not get you to the finish line. What you need is a strong framework to implement the strategy, predefined steps to carry out the entire process.
Here we have listed six steps you can carry out. Six major steps which can help you outline your transformation strategy and implement it in a practical way.
As you move from your traditional methods to a digital medium you need to study your current business model. You need to identify your key metrics and analyze its desired outcomes. We always visualize digital strategy through consumer's lenses. But digital transformation involves integrating various aspects of Business and one should carefully analyze and understand which processes need a complete transformation and which processes need modification.
The various business process may include
1) Enhancing customer service and end-user experience to create loyalty and retain customers.
2) Reducing cost by incorporating digital value in the various business process and also to increase productivity.
3) Reducing complexity in various services and detect problems before they occur.
4) using analytics to drive your decisions making process.
It is very overwhelming to address all the digital transformation issues at once. There is a good chance that you will miss some trivial issues, which may cause problems in the future. It is always advisable to hire digital talent from the market who knows the required process to be followed in order to achieve transformation. We must also be aware of all the latest technologies used in the market. New disruptive technologies are emerging every day, it is advisable to address the new technological enablers to prosper your business.
These new technologies can form the fundamental architecture of your existing business model. This may result in you re-inventing your existing business model. The trick lies in smoothly incorporating your new transformation activities into your existing traditional model without losing efficiency in the earlier stage. Based on your requirement you will select a powerful combination of tools to integrate.
It is not only important to have great products and services but we also need to optimize your digital services, in order to provide a smooth customer service. Digital service management is the key deciding factor to gain the competitive edge over their customer. Collectively, all your digital transformation strategies will enhance your productivity, create a flexible environment, make your services available on demand. You need to create a digital service management in terms of your digital touchdowns and customer interactions.
Transformation is a never-ending process and you must always make room for innovation. Technologies are emerging at the speed of light and one needs to adapt as quickly as possible. Even after you integrate digital services you need to keep on inventing new products and services in order to retain your customer and stay ahead of your competitors. Innovation must happen in each segment of your business. Design thinking must be a part of your culture. One must organize all the available digital assets and then the manager can select any suitable digital strategy from the digital box.
I.T. sector is a hybrid world. With the dawn of new technologies, each and every sector is becoming a mixed bag of management, service and technology. It is the duty of each and every person to build a smooth roadmap which helps us to transform as well as enables us to welcome any future technological disruption. This will enable us to retain our old customers while enabling us to invite new customers.
Finally, the digital transformation seems like an overwhelming task. But Managers and CTO's need not transform their whole business model in one sweep. With the right guidance, one can carry out these steps strategically without causing much resistance. But the transformation is necessary to sustain the current market and business conditions. Failing to adapt o these transformation is a sure shot way to failure.