When it comes to technology projects, 54 percent of businesses worldwide say digital transformation is their top priority.
Digital transformation has many advantages, including increased sales and stock values. However, financial gains take precedence over all other considerations, as these are the companys primary objectives.
Companies like Target, Best Buy, and Hasbro were quick to recognize the value of digital technology and have leveraged its full potential. However, some businesses failed to implement the right digital transformation strategy, which eventually led them to shut down their operations.
According to Harvard Business Review, 52 percent of Fortune 500 firms from 2000 are no longer in business now. The reason behind? They couldnt keep up with how the world was changing, and they couldnt keep up with the latest tech trends.
Hence, Ive listed some practical Dos and Donts for new leaders to implement digital transformation in this article.
Dos and Donts for making the journey towards digital transformation a success
Things new leader need to focus for persuasive digital transformation Dos
Map Out A Clear Strategy
To create a solid digital transformation plan roadmap, you must first conduct a thorough business analysis. Simultaneously, you can concentrate on your objectives and assess how they will impact your current business model. Determine the digital transformation vision and consider how it can enhance customer service and company culture.
Customer engagement, employee empowerment, operational optimization, and business model change should all be part of a successful digital transformation roadmap.
As a leader, you can begin crunching numbers once everyone is on board. How much expense do you have to devote to transform your business digitally?
Its essential to remember that digital transformation is a long-term project. Its a futuristic approach to how you do business that will affect all aspects of your company.
On the other hand, the budget should be measured, keeping all of the business areas in mind that will benefit from digital transformation. By specifying goals and defining the scope of the process, you can implement the best digital transformation strategy.
Research and Incorporate New Technology
As a business leader, you must remain informed on emerging technology and trends to expand and meet consumer demands. Digital transformation services are not a one-time fix but rather a process that leads to a commitment to digital relevance. However, each business must be careful when introducing new technology, as not all of them can best fit its objectives.
An effective cognitive computing system will aid in digital transformation and place business on the road to being a successful digital enterprise.
According to Research and Markets From 2019 to 2025, the digital transformation market is projected to rise at a CAGR of 23%, bringing the total market value to $3.3 trillion.
Assess The Progress
Once youve started implanting your digital transformation journey, keep track of your progress or monitor essentials steps. Adopting the pinnacles of lean thinking will enable you to track your progress. This involves providing value to the end-user, cultivating a culture of continuous improvement, reducing redundancy through operations (e.g., via automation), and concentrating on people, process, and output iteration.
Points a leader should evade while implementing digital transformation Donts
Overlook The Security
With more and more apps migrating to the cloud, its imperative to know what experts thought about cloud storage security. Surprisingly, one out of every five (22%) individuals believes that data kept in the cloud is not as secure as data saved locally. Furthermore, 30% of the participants believe that data is not currently stored securely within the organization.
Hence, during the digital transformation journey, a leader must closely watch the data security aspects. Dont think of your network as a security barrier. Using the same network you used in 2010 isnt going to help you. And dont expect to find your ideal frameworks and diagnostics tools on the first try.
Investing In Unwanted Tech Or Tools
Dont be over-enthused and purchase or invest in all the tools that come across during the process. Understand your business requirements and accordingly look for technology, tools that would help run the business operations smoothly.
Its also unnecessary to use a paid software or service, initially looking for free tools in the market. This will assist you in understanding the effectiveness, features of the software. As a leader, you must ensure that every process, tool, or strategy built is efficient, reliable, and scalable.
Stop Experimenting (once digital transformation is done, they stop)
Never stop experimenting with trying new strategies or technology. Several digital transformation agencies enable the business to move ahead by introducing cutting-edge tech solutions on a timely basis. Its a fact that tech is ever-evolving; the new tech that was talk-of-the-town today will be labeled old-school the next day.
So dont get satisfied or stop once youve started the journey towards digital transformation.
Let The Past Data Go To Waste
These technologies have the advantage of being data-driven from the start. The adoption of digital technologies is part of a more significant shift toward a data-driven organization in which information is shared across the ecosystem. Consider how production performance data could be valuable to both the line manager looking to increase efficiency and the engineers looking to ensure quality.
Because every interaction in the digital world from buying things to learning new food dish is based on data. And data has become a critical pillar for digital transformation. This data allows you to set baselines and benchmarks for your digital transformation and serves as a valuable indicator of success.
Managers struggle to understand what digital transformation consulting means for them to pursue opportunities and prioritize efforts. Its no wonder that many C-suite leaders anticipate major business disruption, significant new technology expenditures a complete shift from physical to virtual channels, and the acquisition of tech start-ups.
Some businesses have succeeded in responding to the digital challenge by making significant changes to their distribution processes, production channels, or business models. In contrast, many others have done so by taking a more incremental approach that keeps the fundamental value proposition and supply chain largely untouched.