Digital Transformation is the need for today’s businesses. Automotive, Finance, Defence & Intelligence, Health, Manufacturing, Government, Media & Entertainment, Telecommunications, Retails and others, Digital Business Transformation is revolutionizing practically every industry and sector. According to Statista, out of the total global market share, the U.S.A. tops with whooping 34.3% in the year 2019. Further, the digital transformation global market revenue is expected to almost double from US $1.18 trillion in 2019 to US $2.3 trillion in 2023.
With an increasing number of organizations striving for Digital Transformation adoption, we thought of coming up with nine crucial steps to implement Digital Transformation Strategy to reap its benefits to the fullest.
- Identify and define your digital transformation objectives
Before investing your time, efforts and money in digital transformation adoption, you should have crystal clarity on what you want to achieve at the end of this exercise. It will offer clear visualization for all your stakeholders to earn their early buy-in. Some of the objectives could be enhancing the end-user experience with improved loyalty, retention, productivity and revenues, transforming business processes to differentiate offerings, integrate supply-chain partners, enhance productivity and reduce costs amongst others.
- Assess current digital state across your organization
The next step involves a complete understanding of your existing business processes and systems. You need to ask yourself whether you are meeting the current demands and are there any potential improvement areas. In case you are using legacy systems and technologies, whether they can be integrated with new solutions and products. It will give you an insight into where you stand in the digitization journey.
- Conduct market analysis
In-depth market analysis in terms of changing market demands as well as the technology enablers will give you the much-needed competitive edge. The former will offer you visibility to the market trends while the latter will help you realize full business benefits in optimum time. For instance, understanding the importance of cybersecurity, the Internet of Things and intelligent automation right in the first place, will help avoid the delays in enjoying the digital transformation benefits. Based on this research and your organizational digital transformation goals, you need to zero down on the technology aspects.
- Create a broad digital transformation roadmap
Your digital transformation journey needs a fresh approach. Create a digital roadmap from scratch and decide on the activities to prioritize based on the initiatives. Create and finalize the processes to be followed throughout the journey. Focus on your customer needs and plan for an incremental approach prioritizing the areas of improvement.
- Establish clear leadership
Whether big or small, people are hard-wired to resist change and a strong leadership comes to rescue in these testing times to help employees feel secure. Set up a dedicated team to implement your digital transformation strategy and appoint a leader (CIO) to implement it.
- Build digital capabilities
To embrace digital transformation, you need to train your employees on new skills such as the technology and tools you have selected for your digital transformation adoption. Likewise, your infrastructure also needs an adaptation with the tools needed by your employees to grow in the digital world. While doing this, don’t forget to inventory those passionate employees who have already begun small-scale digital initiatives or those valuable and intangible assets you don’t actively monitor or measure.
- Master the digital services lifecycle
Mastering the digital services lifecycle is the key competency for you to build sustainable competitive advantage and grow your business in the long run. Effective and ongoing prospective component identification, digitization strategy, implementation and evaluation can help you accelerate the development and deployment of digital services. Further, you should focus on making services scalable, agile, available on-demand, automate, personalize and contextualize for enhanced customer experience and holistic management.
- Build digital assets
Amongst the accessible digital resources, decide on which one your organization could build, acquire, partner and start transitioning from physical assets to more valuable and scalable digital assets.
- Execute and navigate an agile journey
While navigating the digital transformation journey, some components may be retired while others may co-exist and will need to be integrated into the proposed platform. The key is to interoperate efficiently between these two divides. At the same time, it’s imperative to enhance user experience and transform business processes on one hand and simplify management and optimize infrastructure on the other. It will help IT transform its delivery model while gaining early benefits for end-users and customers.
Undergoing digital transformation can be a daunting and continuous process. However, following these nine steps can help ease out some of your burden and time and help you progress the journey quickly and effortlessly.
With a decade’s track record in helping businesses navigate their digital transformation journey, WaferWire Cloud Technologies has the right expertise and solutions to become your digital transformation adoption partner. Get in touch with us to know more about our digital transformation consulting services.