Is improvement/growth possible without any change? Not certainly. This makes digital transformations quintessential for businesses to accelerate growth and beat the competition. Nevertheless, digital transformations are long, risky and can either make or break your business.
So, what is important or required for digital business transformation success?
In this post, I would be covering 7 must-know tips for business heads to enjoy successful digital business transformations.
I’ll walk you through the tips along with some valuable information that will help you plan and strategize your digital transformation services well in advance.
Business transformation vs. digital transformation
Well, there is a misconception that business transformations are digital transformations. They are not. Even digitization or digitalization of your legacy systems to digital-enabled systems can be termed as business transformation.
However, on the other hand, digital transformations globally impact your business structure including your stakeholders, processes, workflows, technology, and most importantly culture and it is more about conducting your business.
This is why digital business transformations require utmost care and planning to succeed.
Identify your business need for a transformation program.
It gets extremely tricky and this is one of the areas most companies falter and you could too. First, ensure there is a strong need for transforming your business with digital solutions.
As the program impacts your employees, customers, vendors, culture, etc., it is a must to identify one or more strong reason(s) to invest in digital transformations to ensure success.
Here are a few questions you can consider before planning for a digital overhaul.
- Does your customer experience need a transformation?
- Do you lack data-based insights?
- Is there greater collaboration between departments?
- Is your entire process agile and innovative?
- Is your process redundant?
- Do you have complete visibility over your business activities?
- Do you think your stakeholders will adapt to innovations quickly?
- Do you believe digital transformations could improve your RoI by at least 10x?
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Talk to your customers first.
As I stated earlier, digital makeovers are not just about changing one or two elements. They impact everyone involved in the process and customers are no different.
It is always wise to discuss with your customers to understand whether they are comfortable with the present system or they would love to upgrade to a new one.
Explaining the benefits of transforming your business and interim challenges they might face during challenges will help them decide faster.
If your customers aren’t convinced, you have to give up the idea as they are the ones that decide your business's success. However, persuading with the right details will help customers accept the transformation project.
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Wither the cultural change storm.
The biggest of all the roadblocks of digital transformations is negotiating cultural change. Adapting a new culture hits hard at the luxury of most senior-most employees, HR, even some C-level executives. Many fear the upcoming change might impact their comfort and luxury.
It is quintessential to discuss with them about the cultural change your business will bring up to get the buy-ins.
Without the stakeholder's support, performing a digital overhaul could produce only disastrous results, so be prepared to wither the cultural change storm.
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Communicate often to win your IT team/CIO’s confidence.
As soon as you start discussing the digital transformation project, it is better to communicate early, often with your entire IT team.
CIOs and IT administrators are the ones who will be responsible for the digital efforts and they should know exactly what has been planned and whether that will work for them or not.
As they know the business infrastructure and technology enablement in and out, they can help you make the right decision at the right time.
Many companies falter because they don’t communicate the digital transformation plans to their IT teams and this is the common cause of most failures.
Conclusion
If you really think your business needs a major transformation, you really have to consider the above elements. As per the latest reports, the number of companies that transform their businesses for accelerating revenue and improving customer experience is on the rise. Get started today before your competitor does.
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