The rewards of a digitally mature company include higher traffic, greater conversations, increased sales and lead generation. Digital transformation has the potential to increase revenue while reducing costs. The question you are most probably asking is how to get your business from where it is to maturation.
Management consultants and leaders agree that building a mature digital business is more about strategy than technology. The following strategies from business leaders create a roadmap that can see companies reap returns from digital transformation.
Have a Broader Perspective On Digital Transformation
One of the major drawbacks towards digital maturity is having a narrow view. Digital transformation should not be viewed as an IT problem, it is in fact, a business problem. It is much more than adding efficiency to the existing structures. In some cases, it needs a paradigm shift.
As a company, you need to explore new business models and opportunities that will help you achieve transformation. Business managers need to shift from the mindset of looking at transformation as a side venture. Digital transformation should be at the core, in fact, it should inform the way you do business.
Address cultural barriers to digital transformation
Culture is one of the major obstacles toward achieving digital maturity. Business culture refers to the firmly held beliefs and deep values. It takes years to have these values entrenched in the employees, and this tells you that it will take time to change them. Culture change becomes easier if you are dealing with new employees, especially the millennials.
However, you still need your existing workforce, and you must find a way to transition. Industry experts in management consulting recommend these strategies:
- Change of business language: the language used in the business should reflect the objectives that the company wishes to achieve in the digital transformation journey.
- Fostering a culture of change: business should not just initiate change and simply sit and wait for the next five years. Continuous improvement will ensure that all employees get onto the change wagon. Change needs to be deliberate and consistent.
- Board of directors restructuring: companies need a board that will support the digital transformation process. It is important to have members who will not fight your efforts or play them down. Leadership is key when it comes to transformation.
- Organization structure: digital transformation will require changes in the organization structure. It is important not to allow the politics or talent gaps to get in the way. The changes can start small as you build towards major changes.
Build Digital Capabilities
Change is the operative word when it comes to digital transformation. To mature as a company, you need to build and even recruit digital capabilities. Infrastructure and talent must align with your digital goals.
For this, you will need new skills such as data science. New infrastructure is also needed to deal with the new skills set and to provide the tools necessary for the shift. Thinking about how to achieve this can be overwhelming. However, the change should be incremental. Small steps towards maturation will lead to compounded advancements.
Create a Digital Roadmap
While you will have objectives and time-sensitive goals, you need a broad and strategic digital transformation roadmap. This is more of a vision. The map will keep on the right track and motivate you through the journey. The roadmap is also a new business model that reflects a digitally mature organization.
Industry trends reveal that mature digital businesses have the potential to earn 5 times more than their peers who have not gone digital. Your business stands to gain a lot using the above tried and tested strategies.