Three Elements of a Successful Digital Transformation Strategy
The world is becoming an increasingly digital place. Just about every industry has been impacted by this on some level. Frankly, if you want to succeed in this competitive world where everyone’s always looking for the next big thing, you need to transform your business in a way that challenges the status quo.
What you need is a digital transformation. A digital transformation is defined as the integration of digital technology into all areas of a business which will result in a shift in how they operate and create value for customers.
Before you start transforming your business to the digital space, you need a plan to make sure you’re successful. Without a strategy, you run the risk of derailing your business along the way. Here are three elements of a successful digital transformation strategy.
1. FOCUS ON LEADERSHIP
First, you need to focus on your leadership from the front in order to keep your transition from being unorganized. This is a big shift for much of your organization, and you’ll need to encourage professionals at all levels starting with leadership.
The Harvard Business Review cited leadership as the key indicator in the success of a digital transformation strategy. This doesn’t mean that your leaders need to be experts at all forms of technology. It’s more important for them to have a solid vision for how they want to transform the organization and push it forward. As long as you encourage executive engagement and ongoing digital learning, you set the stage for the rest of your strategy.
2. CREATE A CULTURE OF DISRUPTION
Thanks to technological disruption, the lifespan of the top companies has been reduced from 50 years in the 50s to only 20 years today. This isn’t something you need to be afraid of, but it should encourage you to drastically change your company culture. It’s no longer enough to continue a pattern of sticking with the tried and true. You need to create a culture of disruption and innovation.
Your company should be a safe space that’s open to taking risks. As a tech-savvy company, you’re open to new ideas and opportunities, whether you consider remote monitoring or digitally-infused workspaces.
Papertrail is an example of a company that promotes disruption within their culture. As a leading provider of application monitoring services, they challenge businesses of all sizes to solve their biggest problems with ongoing monitoring and support. At their Solarwinds headquarters, they encourage real-world technology issues to find practical solutions that disrupt the industry. How can you use these ideas in your own business?
3. FIND NEW TECHNOLOGY
Finally, the last element of a successful digital transformation strategy is to pursue new technology. While you shouldn’t fall victim to shiny object syndrome, finding technology that makes your business run smoother should be a priority. Compare your current capabilities with the problems you need to solve. What outcomes can you expect with new technology?
How can you harness your new technology to produce more effectively? Can you utilize new data to make smarter decisions and increase ROI? More importantly, how can you use this new technology to better meet your customers' needs? Increased revenue will follow naturally.
MAKING AN IMPACT
If you want to been seen and heard in this digital age, you need a digital transformation strategy. Don’t be afraid to be disruptive in your strategy and to shake up your company for the better. Your cultural transformation will also shift, and you’ll find it aligning with your new risk-taking mindset.
Digitally-enabled businesses simply achieve more. They’re ready for the next best thing, but they know where to focus their time and energy. While this transformation might be costly and challenging, it will pay off in the long run.
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