Strategy over technology, for successful Digital Transformation

Internet is buzzing over the word “Digital Transformation”. In recent times be it Media, Travel, Retail, or banking every industry is undergoing transformation, and the Internet is taking over them. Every industry is making an attempt to mature itself by integrating digital technologies like cloud, social media, BI, or analytics. But it is not the technical knowledge that shall help you transform your business, it is the business strategy.

According to one study, 89 percent of companies are in the process of implementing a digital approach to business processes, operations, and customer engagement. But it is not easy, it is a mindset shift. This transformation will not be successful if users don’t adopt it.

Mindset Shift

It is very important for companies to grow, they have a strong digital presence and also skills and capabilities for this growth. And this is because digital gives efficiency, customer confidence and more options to go to market. Hence, people mindset shift becomes key, as they help drive the transformation.

Key Transformation Components

Setting down a strategy is a key component of the transformation process, and ensures that technology is being implemented in a way that supports the business objectives. Few considerations which we have used to help our customers have successful transformation are –

• How does it impact your business -
• Business Vision is very important to understand what business problem are we trying to solve using this digital transformation. Example — There is a lack of coordination of activities performed by different departmental groups in manufacturing resulting in inventory stock up or slow processing
• Visibility is an important aspect of any kind of planning. Be it visibility of raw material, finished goods, or simple visibility of the financial status of an organization. It helps leaders make business decisions looking at historic data or forecast in this changing world
• Customer Intimacy helps not only in stay connected to an existing customer but also gauge how fit for purpose we are
• Evaluating Opportunity Cost — One of the reasons for digital transformation could converting an opportunity into business or evaluating the threat to convert it to opportunity. Before banking on it, it will important to understand cost/investment associated with it
• Transformation Enabler — Choosing the right leader to drive this is very important. He/she should be an influencer who has the capability to drive this long journey and drive this from being “Doing to Being”

The goal of digital transformation is to create an appropriate foundation that creates an organization that can continue to reinvent itself as necessary to keep up with changing trends. Digital Transformation strategy should help companies unlock high productivity, an edge over competitors.

Please feel free to reach out to me, in case you are looking for a resolution on a pro-bono basis.