Digital Transformation Strategies
Many companies are now opting for digital transformation as the benefits and advantages of such a revolution are very promising. However, some companies may experience difficulties in developing a strong hold on this transition of technology. How can we overcome such difficulties? What are the right ways of implementing digital transformation strategies? These questions will be answered as we explore them in this article.
Here are the top 21 digital transformation strategies (8 to 14) recommended by businessmen and company executives who have successfully overcome the challenges of digital transformation and the pains associated with it. It will help you come up with creative solutions to level up your business in this digital age.
Part 1 of the top 21 digital transformation strategies can be found here
Part 3 of the top 21 digital transformation strategies can be found here
Digital transformation strategies (Part 2):
- Create integrative digital solutions that can be connected with other digital systems
- Create company policies that encourage digital transformation
- Form a research & development team for digital transformation systems
- Attend seminars & conferences related to digital transformation
- Seek advice from businesses that have successfully implemented digital transformation
- Move away from legacy technologies and embrace digital transformation
- Train employees properly on how to use digital transformation technologies
1. Create integrative digital solutions that can be connected with other digital systems
The decisions and planning behind establishing an integrative business system drive the journey towards having an efficient digital platform. Identified effects of non-integrated business software systems are: wasted productivity of employees, a deficiency of real-time visibility, spending too much on maintenance complexities and cost, and even customer churn rates.
However, having a properly designed system can increase a number of benefits for the company such as efficiency levels, improved visibility, savings on cost, and growth. Nucleus, an independent analyst firm, revealed that through the use of an integrated suite, companies sped up their financial close times by up to 50%, as well as boosted their sales productivity by 12.5%. Adapting to digital systems that are generally interconnected and integrated fuels growth in virtually every industry.
Practical Tip
Utilize SWOT Analysis With Your Team
Implement a SWOT Analysis. SWOT is an abbreviation of Strengths, Weaknesses, Opportunities, and Threats. It allows you to approach problems in a holistic way. This will help the whole team look at the bigger picture and understand the business better. By looking at different angles, all team members will have a clearer perspective of what’s holding the company back, and what boosts it.
2. Create company policies that encourage digital transformation
The need to overcome employee resistance and to encourage the use of digital systems has also risen along with the disruption of the business traditions. Culture change is hard but not impossible. Creating and implementing corporate policies that involve and motivate every member of the company to embrace digital innovation is a useful and good start.
For example, setting the rule that all transactions must now be recorded on the computer systems is simple yet compelling. Some of those employees and even customers used to traditional methods may find it hard to adapt, but they will soon get used to the new digital culture urged by a company policy.
3. Form a research & development team for digital transformation systems
The purpose of research and development is to maximize the usage of available technologies. Forming a competent R&D team to improve the systems for digital transformation initiatives also offers the capability to further explore the functions and uses of new and promising machineries.
Technology cannot be stagnant because it grows obsolete as time passes. It is bound to develop and advance. With the presence of a team for research and development, the enterprise will be able to keep up with the demands of the market and may even encourage innovation. Technology must be put to its optimized usage, and this team promises that possibility.
4. Attend seminars & conferences related to digital transformation
Though they say experience is the best teacher, wise men also learn from other people’s experiences. Attendance of seminars and conferences, whether local or international, help such learning. Conferences and seminars elaborate and focus on driving digital transformation initiatives to success. The insights and strategies a business-minded individual will learn from these meetings and conventions are helpful in practical situations.
In addition, the interaction with other business personalities at these events helps with network building. The advice you glean can be useful in designing your own digital transformation platforms. Learning as much as possible is something that technology requires us to continuously do. Every piece of information and nugget of useful strategy you learn is immensely valuable.
Practical Tip
Offer Business Advice Online
Do some research and list the experts on digital transformation, as well as the companies that specialize in digital transformation processes. Check out these companies and people on LinkedIn. Visit their websites and their different social media channels as well.
5. Seek advice from businesses that have successfully implemented digital transformation
“How did they do it?” is a valuable question that will be answered from promptly seeking the professional advice of those firms who have successfully implemented their digital transformation. They have been there and done that, and thus, they know better. There may be some instances when there is a pressing problem that needs to be addressed, or the strategy to be implemented is under scrutiny. In these cases, reaching out for help is a good plan. Seeking help from successful individuals or companies may also allow you to obtain further strategies on how to take the whole technology system to a higher level. This is a further compelling reason for establishing a firm network base.
6. Move away from legacy technologies and embrace digital transformation
A common mistake made by companies is relying too heavily on legacy technology. However, people know what technology they want, and businesses have to accommodate the markets’ changing desires.
So, instead of relying on legacy technology, companies should instead invest and focus their resources on choosing appropriate databases and using them to their maximum potential to deliver the best results possible. You won’t want outdated technology to keep ruling your systems. New technological advancement serves many uses. You just have to know, understand, and use them appropriately.
7. Train employees properly on how to use digital transformation technologies
An important aspect of digital transformation is the training of employees in how these new technologies work in order to gain real efficiency. It is essential to prioritize training in new technologies. The new methods of operating and managing – which now involve technology such as robots, Artificial Intelligence and data clouds – are practically worthless if not put into maximized usage or without proper training for the people who are going to use it.
It is essential for the company to train its employees properly in order to effectively make use of the available technologies laid out during digital transformation. This also fosters the team members’ personal growth and job satisfaction as they also develop new skills.
Digital Transformation Strategies & What It Means For Your Business
Digital transformation might be driven to maturity by digital technology itself. Technology indeed plays a big part in all of the business’s advancements. However, in light of the advantages that the digital revolution has promised businesses, the strongest foundation relies greatly on the human brain and human capability.
The management, the employee’s reaction, and the customer’s response all contribute to the definitions of growth in digital innovation. In the end, it’s not only the technology that works for us, but the strategy itself. And we must take advantage. It is highly recommended to learn more about digital business transformation. You can do this by enrolling in IMD’s digital business transformation course and ensuring you are best placed to guarantee success.