Whilst over 90% of CEOs acknowledge that digital technology is majorly affecting their industry, only 25% have a plan and only 15% are funding and executing that plan. What is the reason for this? People are unclear to what they need to do and are nervous about failure. I have listed a few points below about how to best prime your business for transformation:
Be First and Build the Right Strategy
By ensuring that you have articulated a clear strategy that is understandable at all levels, you reduce the risk of diluting the value of your transformation project. With a clear vision you are building a realistic plan of how you can affect change at every level from the ground up. Make sure you present this vision to everyone involved and show them how they will affect this, to foster the culture of change within the company.
Agility is the Answer
There is never going to be a perfect time to transform, you have to dive straight in and inevitably you will not get it 100% right from day one. The best way to combat this is to be agile, you will fail, but get up quickly, work out what was positive and negative and try again. This will help you get quick wins and find any potential errors quickly with minimal impact.
Value to the Customer
Are you digitally transforming for the sake of it and because you have to, or are you doing it to actually improve your business and your service to the customer. This has to be at the forefront of all of your planning and strategy from the start. Understanding how new technologies can improve customer experience is the reason you should be transforming. The most successful business in history haven’t been companies that just know what customers want, but know what customers didn’t realise they wanted.
Culture
Fostering a culture of transformation is so important to a successful digital transformation, only when everyone is bought into the idea will it thrive. No one is safe from digital transformation, it will affect everyone in the business, no matter your standing. By making sure all of the leaders of the business are not just on board with digital transformation, but advocates of it you will ensure that it becomes a core value to the company and a success
Invest in the Right Places – People
The main component for a successful digital transformation project is and always will be the people. The right leader and talent will always make digital transformation a smoother process. Well over half of business leaders are concerned about the skills shortage in digital transformation so it is vital that your main focus is bringing on board the right quality of people to make sure your business critical program is a success.
Here are a few points about how to start thinking about whether you are ready for transformation and some advice on what to do to help get you there. I would welcome any other thoughts and advice from people who have been there and done it or who are at the first stages of their transformation journey.