Three Strategies to Accelerate Digital Transformations
We’re well into the Digital Age, but some businesses have yet to harness computing power. Sure, they may be drowning in company devices and have accounts with the “right” platforms, but are they properly leveraging the tools they have? Surprisingly, in many instances, the answer is “no.”
Making a true digital transformation requires long-term strategic planning and precise implementation.
What Is Digital Transformation?
Digital transformation is the process of upgrading your business operations to fully leverage the power of computing and business intelligence systems. The metamorphosis from analog to digital involves more than just stocking up on the latest and greatest devices. Instead, digital transformations are complete procedural overhauls informed by a 360-degree analysis of your market and company.
What Are the Fundamental Tiers of a Digital Transformation?
Computer engineers typically divide digital transformation projects into four tiers:
- Operational Efficiencies: How can we improve our production or service pipeline with enhanced digital integration?
- Advanced Operational Efficiencies: How can we collect, analyze, and leverage information gleaned from customer and client interactions with our products and services?
- Data-Driven Services Rooted in Value Chains: How can we leverage big data to create new market-making, customer-oriented services?
- Data-Driven Services Rooted in Digital Enhancements: How can we collect market-making data, via the products and services we create, by digitally enhancing our offerings?
Why Is it Important to Invest in the Right Software and Tools?
One of the biggest mistakes companies make is not investing in the right tools and software for their operation. What’s “new” isn’t always ideal, and focusing on the needs of your business should be the top priority. Before committing to a digital transformation, ask yourself questions like:
- How much money can we safely commit to the project without overextending the business?
- What sectors of our business are working well and which need optimizing?
- What are our team member’s computer competencies? What is the learning curve?
How Can You Accelerate Your Company’s Digital Transformation?
Analyze Operations: The first step in a digital transformation is analysis. Whether you conduct an in-house review or hire a skilled third party that helps companies navigate wall-to-wall computational upgrades, it’s essential to start with an accurate assessment of the business’s operations.
Analyze Customers: After you take stock of back-office operations, it’s time to peel back the layers on your customers. Invest in a thorough examination of how the people who use your services and products interact with them.
Match Competencies and Leverage Technologies: Once you have a 360-degree view of your operations and customer interaction, it’s time to pick your technologies. Finding solutions that fit your team’s budget and skills will help ensure the best possible outcome.
We are well into the digital age, and waiting to embark on a digital transformation is no longer an option. Tackle one step at a time, enlist experts, and take the plunge.