Implementing digital transformation in every industry is different. But, there is a common challenge. It needs investment and has risks.
So, how can you apply it successfully?
Read on to learn more about implementing digital transformation.
Overview: Implementing Digital Transformation
In 2016, more than 125,000 businesses adopted digital transformation. They also expect sales increase by more than 80% this year 2020. But, only 27% of them have effective digital strategies.
Effective strategies include:
- predicting potential risks
- calculating the budget for tools
- ensuring results
So, how can you be successful in implementing digital transformation? The following steps will help you.
Five Steps in Implementing Digital Transformation
Step 1: Creating your vision.
Before you apply DX, you should know your goals. So, do not just look at the areas you want to innovate. Determine what you want to achieve.
Moreover, it is best to think about your long-term goals. And not just your short-term concerns.
This also means that you must focus on making a better experience. Thus, both your customers and employees can benefit.
Yet, your vision should also be realistic. You can also look for gaps in your workflow. So, you can optimize it by implementing digital transformation.
Step 2: Analyzing the market before implementing digital transformation.
After you create your vision, make effort to analyze the market. Why?
Change is constant in technology. So, your digital strategy should be updated when you implement it. And market analysis will help you with that.
One example is the New York yellow cab company. They were the leader in taxis. But, they went bankrupt after Uber came.
Also, almost every automotive companies now have self-driving and electric cars. If companies do not invest, they will be left behind.
Step 3: Build the right experience.
After the two steps, focus on building the right experience. It should also benefit your customers and employees.
So, instead of limiting these technologies. Think about how you want your services to be valuable.
For example, you can give the customer experience. That allows them to get your service anywhere and anytime.
Also, implementing digital transformation can be beneficial for your employees. It can make them work quicker and easier.
Step 4: Examine your status.
After identifying how you can deliver, stay critical with your status. Also, know your technologies and tools. So, you can address your future needs.
Moreover, in this step, you can find new areas that need more improvement. You can also determine what needs to be updated.
Thus, your investment will be worth it. And you can apply it in the best way.
Step 5: Adjust your technologies if necessary.
After the four steps, you have to prepare your digital transformation infrastructure. How?
First, establish a team. With a Chief Information Officer, Chief Digital Officer, or other experts. If you can’t have them in your company, you can hire security partners.
Second, help them acquire skills. So, they can help you in the future.
You can also give training and upgrades. Or maybe hire third-party agencies to assist you.
Lastly, make digital transformation a part of your company. Having a dedicated and connected culture helps you in implementing digital transformation.
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