Digital transformation — the use of technology to improve performance or reach of a business — is a hot topic among many industries across the globe. Digital advances such as analytics, mobility, social media and smart embedded devices have become common practices among businesses.
In the pre-covid era, digital transformation was simply a bonus in your business. However, the pandemic caused a major disruption in businesses on a global level, forcing digital transformation to become a thing of necessity. In fact, the global digital transformation market is expected to grow to $1,009.8 billion by 2025 from $469.8 billion in 2020.
If you are looking to improve the way you conduct your business and run your operations, digital transformation could be your answer.
There are four main areas of digital transformation: business process transformation, business model transformation, domain transformation and cultural transformation. Six factors can determine the success of outcomes from digital transformation projects: strategy, leadership, communication, agility, technology, and data analysis.
Strategy
It goes without saying that an effective game plan seems to be the obvious component of a digital transformation strategy, but it is often overlooked.
Even a basic strategy along with the fitting technologies can help you digitise or digitalise your business. But a digital transformation requires the correct mindset and guidance. Before starting any projects, be sure to create a clear and detailed strategy that you can follow throughout the process.
Strategy combined with the right leadership is the first and most crucial component of an effective digital transformation strategy.
Leadership
Bringing us onto our next point, leadership. Which can be make or break to your project.
Strong leadership combined with a comprehensive digital transformation strategy can lead to a better, smoother, more cost-effective and time-effective plan to transform your business, while keeping your business’ goals in mind.
Therefore, you must ensure you form or hire the right team with courageous leaders helmed by disruptive executives to formulate your business’ digital transformation strategy. If you decide to hire an external team, make sure you do your research to make sure they have your business goals in mind.
Communication
Digital transformation can commence a massive culture shift. This can make employees reluctant towards the changes, making it difficult to execute any transformation.
Therefore, communication is an important cornerstone of any successful digital transformation program. Therefore, we would suggest you prepare your employees for it in advance.
- Talk to your employees about the digital transformation strategy and how it will benefit them as well as the company.
- Conduct training sessions with your employees to prepare them for the change before it is implemented.
- Provide regular updates and be consistent with your efforts to reassure them.
Communicate as much as you can even at the risk of over communication!
Agility
When implementing digital transformation into a business, every aspect of the business is affected. Making it is important to adopt an agile mindset, principles, and culture throughout your organisation.
Agile ways of working will enable you to be able to respond quickly to any unexpected developments. Encourage cross-functional collaboration and iterative development as well as a new approach to learning – one that enables you to adapt and innovate at digital speed.
Technology
Digital transformation wouldn’t be possible without the help of technology. Your tech upgrades in a digital transformation should be aimed at creating a modular, flexible, and interoperable technology and data platform aligned with your business needs.
One of the most crucial technological elements of digital transformation is a data and digital platform (DDP) which is a launching pad for high-value use cases. A DDP utilises components that allow companies to build applications in a modular, scalable way allowing you readily access the data.
Other technologies such as AI the Internet of things can enhance transformation and spur new opportunities. As of 2021, companies have spent $58.3 billion on AI and according to Markets and Markets, this spending will increase up to $309.6 billion by 2026.
Data Analysis
One of the main reasons behind adopting digital transformation is to eliminate your business’ pain points for your team as well as your customers. But if you don’t know what the issues are, how can you fix them?
Hence why data analysis and integration are an important factor for a successful digital transformation as they can help you to identify them. Often, people select begin their strategies and choose which technologies they would like to implement before analysing their data, this is not how it should work.
If you fail to analyse data, you may know what loopholes to cover at your internal team’s end, but you may miss out on the loopholes that your customers have to deal with regularly. Data analysis and circulation of its results can help your team identify the best solutions to problems. This will lead to drafting a better digital transformation strategy and making the best of the transformation process.
How can we help?
Digital transformation strategy is like a personalised map to bring about huge modifications in your business operations. It requires a lot of financial investment, time and technical expertise.
According to Gartner, 91% of businesses are engaged in some form of digital initiative, and 87% of senior business leaders say digitalisation is a priority.
At Cyber, we can help you to formulate an effective, clear, robust and successful digital transformation strategy, and we will ensure that your company undergoes the transformation as seamlessly as possible.
To begin your company’s digital transformation journey, get in touch with our expert team and discuss your requirements.