According to Harvard Business Review, 84 percent of today’s CEOs believe digital transformation is imminent, and almost half think their business model will be obsolete by 2020.
Every successful company is on a journey to become a digital business. However, leaders are up against the fact that they can’t future-proof their businesses. The rapid pace of technological change, coupled with shifting market forces, is leading them into a period of intense, continuous evolution. There’s a lot of opportunity, but it’s not without risk.
Business decision makers will be asking their teams:
Those are two critical starting points for any business preparing for digital transformation.
The answers, combined with changes in technology, may completely change a company’s business model.
Yet most companies don’t have a plan in place how to transform digitally. They may not fully grasp the current state of their own digital maturity and what a digital future could hold for them – much less those of their industry or their competitors.
Here are some thing to consider:
To avoid these all three above, there are few important things you should do if you want to start a true digital transformation.
Create a digital culture
Culture is at the heart of every successful digital transformation. In our increasingly digital world, a digital culture cannot thrive if your company operates in silos with disconnected or under-connected business functions. With technology as an enabler, a modern workplace needs to find that harmony between the hierarchy of a traditional org structure and the fluidity of a network. To spark a change in digital culture, you must begin thinking in a “boundary-less” way across your internal organizations. Your work needs to be measured with real data, and that data needs to be used to equip employees in ways that let them truly understand and serve their customers.
Have a strategy for your data
In a digital world, you have more data being captured from more sources than ever before. The opportunity and challenge is to bring all that data together, analyze it and use it in a way that’s contributing to better decision making and better outcomes. Properly connecting data also allows you to think differently by taking advantage of the power of artificial intelligence and machine learning — two of the most effective tools for identifying connections, insights and trends that are not yet obvious. Without real measurable data, AI and machine learning are useless.
You’re going to have to constantly look around all four corners: How you empower your employees, engage your customers, optimize your operations and transform your products.
It starts with building your digital dream, which comes down to identifying your desired business outcome. We find that identifying the right problem to solve (or opportunity to realize) is often harder than solving a hard problem.
In most cases, digital transformations do not start with an organization-wide plan of change, but rather with a series of micro-revolutions. These are small, quick projects that deliver positive business outcomes and accrue to the digital dream. Once complete, the company moves on to the next. It creates digital momentum.
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Based on materials from Microsoft blogs.