Digital transformation is not an afterthought anymore and certainly not just a phraseology. It has become a wave that is sweeping the business landscape by storm. As per Grand View Research, the global digital transformation market size was valued at USD 284.38 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 22.5% from 2020 to 2027. Let’s quickly check out some of the notable advantages that digital transformation brings to help organizations.
- Drive innovation for business agility and leaner operations,
- Systematize the management and allocation of resources,
- Meet customer expectations to offer great user experiences,
- Foster the digital-first mindset and cultivate digital ecosystem,
- Bolster transparency, efficiency, and strengthen collaboration,
- Empower employees by the digitization of business operations,
- Enhance product quality and new product introduction throughput,
- Improve user experiences through insights on customer behavior,
- Develop and deliver digital products or services with automation, and more.
This blog will dive deep into some crucial digital transformation points to propel a company to new heights. It’s time to dive deeper and understand what issues need to be considered to develop a winning digital transformation strategy.
Key Points To Consider While Getting Started With Digital Transformation
To survive in the digital-first world and withstand the transformation-driven storm, businesses need to stay agile, resistant, and robust. Call it a smart digital transformation strategy or call it smart business - there are specific points that need to keep in mind while getting started with a digital transformation journey. To devise a well-planned digital transformation strategy is no piece of cake as it incorporates a lot of underlying elements that require a detailed assessment beforehand. Business assessment includes gauging the end goals and overall objectives, key performance indicators (KPIs), growth opportunities, competitors, and industry trends holistically for a 360-degree view. A successful strategy should be based on organizational vision, seniors and leaders' involvement, the company’s culture to support digital innovation, and identifying the right technology. This competitive analysis will equip the C-suite executives with an understanding of the market and potential opportunities to build a thriving business. “Do you know, there isn’t a single ‘make or break’ step in a digital transformation,” says Michael Wade, professor of innovation and strategy at IMD?“ Keeping an eye on competitors is essential before getting started on the transformation journey hence groundbreaking research of industry trends and competition is paramount. Focus on how the competitors react to digital transformation by analyzing at which stage they fall and the digital solutions they have opted for. A critically devised strategy focuses on vision, plan, and action. Organizations need to,
- Identify the strategic gaps in the organization,
- Analyze how transformation can increase workplace productivity,
- Assess how it can help to develop and deliver cutting-edge products or services.
Also, the business must consider all the challenges that it may face in the entire transformational journey. It is critical to evaluate new technologies and tools that are used in your industry. A delivery plan is formed, including a strategic roadmap for every digital initiative, resource needs, and stipulated criteria to analyze results. It is crucial to identify development and delivery processes to finalize best practices across the organization; however, the transition carries its own set of hindrances. Some of the substantial obstacles that hinder organizations from adopting digital transformation include financial crunch or budget constraints, complex legacy IT infrastructure, unavailability of skilled workforce, and lack of visibility across the end-user experience. It calls for the need for a concise roadmap.“ Do you know, 77% of CIOs name Digital Transformation as their biggest budget priority of 2021?”Digital transformation is inescapable. The journey is erratic as digital transformation comes with its bucket of hindrances. Digital transformation is paramount to achieve phenomenal business success. Organizations can either love it or hate it, but they can’t afford to ignore it. Three fundamental questions that need to be answered beforehand are,
- What needs to be transformed?
- Why is the transformation needed?
- How to do that transformation?
Once you have answers to these questions, you are good to go. Businesses that ignore the power and potential of digital transformation can’t even think of surviving a day, let alone growth. Corporate giants like Google, Microsoft, Netflix, Apple, Deloitte, Accenture, Infosys, and Ford have already executed digital transformation methodologies and witnessed phenomenal results. (You Might Also Like - Unlock digital transformation success with cloud)Digital transformation has been acting like a wild beast in metamorphosing the world, thereby forcing us to thrive in a competitive landscape. There is no false dichotomy here. Either businesses need to ensure survival by embracing agility or get disrupted by the disruptors. Developing a successful digital transformation strategy doesn’t have to be a challenge if you have partnered with an experienced business consultant. Zymr’s digital transformation services can help you develop a cohesive cloud strategy to transform your digital businesses. How Can Zymr’s Digital Transformation Services Help You Realize Your Goals?Experience some brilliant cutting-edge transformation initiatives and best-of-breed designs to stay ahead of the race by developing rapid proofs-of-concept and devising cohesive digital transformation strategies. Leverage our digital solutions to realize the true potential of digital transformation.To know more about our digital transformation services, and better understand how to embrace digitalization, get in touch with our team now!