For many organizations, digital transformation is at the core of pushing business forward. When done the right way, it can help businesses achieve sustainable growth and stay ahead of their competition. However, since technology is always evolving, some companies don’t know where to start. In this post, we’ll break this down to make the process less complex. Want to know more about how to build a successful digital transformation strategy? Here are five tips you should know.
What is a digital transformation strategy?
A digital transformation strategy is a plan to help you analyze your own needs, understand the role of technology, and set business objectives.
In fact, data from Tech Pro Research shows 70 percent of companies have a digital transformation strategy in place or are working on one. Fifty percent of companies also say their digital transformation budget is increasing every year. These statistics show that the concept of digital transformation isn’t going anywhere anytime soon. To keep business going, organizations need to plan for these changes.
5 Steps to Create a Successful Digital Transformation Strategy
Once you understand what a digital transformation strategy is and why it matters, you can start putting plans in place. Let’s take a closer look at five steps you can take to achieve success with digital transformation.
1. Define your vision
Before you jump into digital transformation, think about the experience you want to provide. As part of this process, you may ask yourself the following questions.
- Where are the strategic gaps in your organization?
- How can you use technology to support your employees?
- What challenges does your team face when they engage in day-to-day business processes?
Getting clear on what you want to address and what your goals are will put you on the path to a successful digital transformation strategy. However, you also need to think about how digital transformation will impact your customers. This will involve asking questions like:
- What experience do you want to provide for your customers?
- How can these initiatives help you meet their changing needs and expectations?
This can quickly have an impact on your bottom line. Many high-tech companies report that they've cut costs by 10% to 20% with digital transformation. They also report revenue growth of 10% to 15% from transforming their customer experience processes.
2. Get leaders involved
Next, it’s important to involve the right leaders in the digital transformation process. In fact, data shows that companies that engage a chief digital officer to support their transformations were 1.6 times more likely to report successful digital transformation. Having your leaders on board with transformation planning and execution is critical. It can be the difference between failure and success with these initiatives.
3. Focus on culture
If you want to build a successful digital transformation strategy, you have to create a culture that supports digital innovation. One study shows that company culture is one of the biggest hurdles for effective digital transformation. Getting the right leaders on board is a good first step. However, you can’t stop there. The next step is to make sure that everyone in your organization understands this vision. That way, you can ensure that all the people on your team know why these efforts are important.
4. Gather resources and expertise
Digital transformation requires expertise and often a team of people to keep your organization on track. There are a few different avenues you take to put this team together. You can select people from within your organization, outsource, or work with a technology partner. That said, there are specific qualities you should look for in the people you choose to work with. They have to be willing to learn about new technologies, be open to ideas and have a willingness to adapt as the business continues to evolve.
5. Choose the right technology
There are many vendors, platforms, and solutions that can help you meet your digital transformation goals. The problem? Many organizations don’t take the time to think about what they actually need before choosing to implement technology. This wastes time, money and it can lead to digital burnout.
However, it’s possible to avoid this. Before you add any new technology, ask yourself: does the technology you’re investing in align with your digital transformation strategy? Does it fill a gap in your organization? If you can answer yes to both of these questions, that technology is an important part of your digital transformation strategy.
Measure and adjust
Digital transformation doesn’t have a finish line, it’s an on-going process. For that reason, you need to determine what metrics you will measure and track the impact. As you implement changes in your organization, take a step back to evaluate these efforts and make adjustments as necessary. Then, you can communicate with key stakeholders about the progress your making and what isn’t working.
Ready to start your digital transformation journey?
Building a successful digital transformation strategy doesn’t have to be a challenge. With the right support and expertise, you can adapt to change and outpace evolving demands. Unosquare is a trusted partner for these projects.
Our experience has proven that a successful digital transformation strategy needs to focus on two things. First, your strategy must include ways to manage evolving business goals. These strategies also need to account for the cultural change that comes with those advancements. Using our proven Distributed Agile Framework, our software development engineers provide the kind of external perspective, agility, and understanding required for real innovation.
When you partner with Unosquare, you’ll have access to highly skilled software development professionals, Business Analysts, SCRUM Masters, Quality Assurance Engineers, and all the ancillary roles for delivery of your strategy. Each of us at Unosquare is directly accessible to your project stakeholders. We also live and work in your time zone, and have the support and training from one of the best global software development companies in the world. To learn more about what we can do for your organization, check out our blog.