Two-thirds of CEOs worldwide will focus their strategy on digital transformation by the end of 2019. Digital transformation is a holistic process through which organizations redefine and improve themselves by using digital technologies that have transformed businesses and society in general. The “digital transformation journey” involves more than just launching an app or redesigning a website. According to a new report by the Digital Transformation Institute (DPI), companies must embrace digital methods in order to remain relevant.
It is about fundamentally redefining your business and customer experience with digital technologies and creating a business that is more relevant and relevant than it was before. It’s about harnessing digital technology to change the way customers interact with your business and its products. Improve the customer experience, improve the way companies serve their customers, and improve the quality of life of their employees and customers.
To be clear, digital transformation is radically changing the way we do business, facilitated by the digital technologies that make it possible. Whether it is an iterative or revolutionary transformation or an initial transition, it produces minor incremental improvements as new technologies become available. This includes the development of new products, services and business models as well as changes to the business model.
Digital transformation is the integration of digital technologies into all business areas, which fundamentally changes the way we work and create value for our customers. Digital transformation represents the transformation of our business, helping customers and industries to revolutionize, learn and live their business.
It is also a cultural shift that requires organizations to continually challenge the status quo and come to terms with failures. This message comes from a number of sources and relates to how businesses can remain competitive and relevant in an increasingly digital world. As digital technologies dramatically transform one industry after another, many companies are pursuing a combination of capturing the benefits of these trends and simply keeping pace with the competition, while digital technology is transforming the industry itself.
While previous research has shown that less than one-third of organizational transformations lead to improved corporate performance or sustained growth, recent results show that the success rate for digital transformation is even lower. While more than eight out of ten respondents said their organization has made such efforts in the past five years, only two-thirds report success rates of at least 50 percent. According to a new report from the Center for Digital Transformation, the 21 best practices that make digital transformations more successful are.
Good communication has always been one of the most important elements of a successful organizational transformation, but it is equally important for digital transformation.
The key to better communication is to develop the ability to integrate, share and even customize your messages. One of these changes is to move from supporting traditional channels to open dialogue within the organization. In a digital context, companies need to get used to these channels in order to facilitate the rapid changes in thinking and behavior required by the digital transformation.
By supporting and incentivizing continuous learning, improvement, and innovation, business leaders can make it easier to adapt to these changes than at any time in the organization’s history.
To ensure that your team’s knowledge and skills match the planned changes, enter the analysis phase. If the use of tools and software is perceived as additional, unnecessary work in your daily work, you may want to initiate your digital transformation by increasing the team’s digital IQ.
After thoroughly mapping and analyzing current business processes, activities and tools, followed by exploring available solutions in the market, the strategy for change will come from within the company itself. Digital transformation is made possible by new technologies, and it is up to companies to use the new technological skills and organisational changes to create experiences adapted to changing needs. Successful transformation requires a realignment that goes beyond implementing new technologies to reach all parts of your business.
Digital transformation is about rethinking your business model and processes in the light of the availability and affordability of digital technologies. MIT’s Sloan Management Review has identified companies focused on digital transformation as one of its top five priorities for the next decade.
In order to use new technologies to fundamentally change the way business is conducted, coordination is needed throughout the organization.
The process of digital transformation should be guided by a customer-centric digital strategy. An exceptional customer experience is more and more the defining feature of a digital business. For many companies, the driving motivation for digital transformations today is to gain competitive advantages by improving the customer experience. Improving the customer experience has become one of the most important aspects of business transformation in the digital age.
Although digital transformation can vary widely depending on an organization’s specific challenges and needs, there are a number of existing case studies and published frameworks that business and technology leaders should consider before embarking on digital transformation. Although these guidelines contain different steps and considerations, CIOs should pay attention to important common themes when developing their own digital transformation strategy.