It’s no secret the way we live and work is changing. The pace of this transformation is also speeding up as the technologies available to us develop rapidly. With a digital transformation strategy framework in place, businesses can thrive in a world of continuous change.
So what exactly is a digital transformation strategy? First, it’s not just about technology — it’s about combining your business objectives with technological capabilities through deliberate and measured action. It’s about using the digital tools available to transform your performance.
Digital transformation has been well underway for some years now. In its annual survey on digital transformation strategy Mckinsey found the pandemic has sped up digital adoption significantly.
Digital Transformation Strategy Steps
Changing the way your business functions is not always smooth sailing. But with a clear strategic focus, you can lay the foundations for digital transformation success. Here are some core elements that determine the success or failure of any digital transformation strategy:
A Clear Vision
Why does your organization need digital transformation? Digital transformation strategy should not be centered on technology—technology is only a tool to get you to your desired destination. Perhaps your needs are more to do with customer support. Or you need a better way to manage the supply chain and inventory. By mapping the value of these, businesses can create a clear vision and roadmap for digital transformation.
A Cohesive Plan
Once your ‘why’ is in place, you’re set to create a digital transformation strategy framework. This is a roadmap defined by your objectives, with an execution plan that includes milestones to track progress.
A Digital Platform
Once the big picture analysis is complete, it’s time to get down to the logistics. What are the tools you’ll need to achieve your goals? For instance, customer relationship management (CRM) platforms can be integrated into existing technological infrastructures. Or, you might decide to shift your advertising to digital media. For these measures, you might need to purchase new software or hire new talent and train existing teams.
Making this investment in a timely way is growing more and more critical. In its report on digital transformation strategy, Mckinsey observed that most companies had ramped up spending on technology during the Covid-19 pandemic.
Stay The Course
Digital transformation doesn’t occur overnight. It takes time to find the right products to suit the needs of an organization. Training existing staff to migrate to these systems is time-consuming. To ensure the consumer has a smooth experience, testing is critical before rolling out any new products and features. It might require several iterations to get it just right. And then, once all the pieces are in place, upgrades, updates and further tweaks will be needed to keep up with the pace of change.
Clearly defining these four key elements in your digital transformation strategy framework will ensure you and your team stay on track. Taking the right digital transformation strategy steps will make what might seem like a daunting challenge far more achievable.
Digital Transformation Strategy Example
Let’s look at how some organizations have already taken digital transformation strategy steps by using technology to accelerate their business objectives. Here are three digital transformation strategy examples:
IBM has been empowering sales workers with information by creating a single, secure platform that allows them to access what they need through their cellphones. By integrating all the relevant information about each customer in one platform, salespeople are able to quickly share data with customers when it matters most.
The Swedish home goods brand is perhaps known best for its sprawling warehouse-style retail centers where customers can shop for flat-pack furniture. With consumer needs changing, they assembled an in-house team for digital transformation, driving online sales. The pandemic has sped up these plans, and in India, for instance, it has rolled out online stores before physical stores in several cities, a marked change from its prior policies.
The global clothing maker Gap’s digital transformation strategy enabled customers to purchase their products online through their cellphones. To take the customer experience a step further, they’ve recently acquired an app where shoppers can virtually try on clothes through a drag-and-drop interface.
These digital transformation strategy examples are just a few cases where organizations have reaped the benefits of a comprehensive digital transformation strategy framework. Considering these factors when planning your own digital transformation strategy steps will ensure your business captures the benefits digital transformation can provide. The report on digital transformation strategy Mckinsey puts out annually is a great way to understand current trends. Studying digital transformation strategy examples is another.
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