Recent innovations have forced every company to undergo digital transformation. Research by BCG showed that 70% of digital transformation projects fall short on delivering their expected objectives. Businesses should therefore adopt measures to redress the challenges faced during the transformation.
Having assessed over 100 companies against the Deltabase 6-factor assessment model in the last year, we’ve learnt that the following are measures that have been taken by companies who have successfully undergone a digital transformation:
1. Benchmark where you’re starting from and know what the competition are doing.
On any strategic journey, understanding your starting point is critical to having a successful path to your desired end point, so benchmarking your current strengths and capabilities compared to your competitors and best-in-class will help you understand how you can maximise impact of your transformation,
2. Prioritize on progress instead of perfection.
Technology keeps on changing very first; hence business leaders should stop trying to perfect results in order to obtain success in the transformation. Employees should instead focus on ensuring there is progress.
3. Tracking the success of the transformation.
To determine whether digital initiatives deliver the expected results, business leaders should track technology implementation. Value realisation should be tracked accurately by correlating the inputs with the outcomes. Digital transition leads to an increase in revenue generation due to the optimization of business operations.
4. Adopt transparency.
The digitalization process requires leaders to enhance transparency in the business. Transparency is achievable through effective communication in business. Communication goes down, up, and across the enterprise. Employees should be able to air their views on the transition process without fear of victimization.
5. Data governance.
Data governance is vital in ensuring that leadership commitments and business processes align with the transformational agenda. The IT experts should enhance the accuracy of all corporate data and also maintain the source.
6. Gradual transition.
Digitalization should be gradual as businesses need to adapt to the changes. It should be in phases. During the digital transition, teams need to test, recapitulate, learn as they undergo the operational changes, and identify new opportunities and revenue streams.
7. Adoption of cross-functional approach.
A successful digital transition requires close collaboration between technology experts and business leaders. Both parties, businesspeople and IT experts, should understand the roles played by each other. Business leaders must acknowledge the benefits brought by technology in business operations. IT experts must also know the business operations to diagnose any challenges arising during the implementation.
8. Adopt innovation besides digitalization.
Digital transition can’t be successful without creating room for innovations to identify businesses’ remedies during the transformation. Leaders should develop a culture of innovation within the workforce as it is a pre-condition to a successful digital transition.
9. Implement the changes systematically.
Since people fear and resist change, digital transformation should be systematic for it to be successful. The changes should be gradual. Business leaders should not force their team to change but help them embrace and accept the digital modifications at their own pace. Employees should understand the process of digitalization and the importance of the process for it to be successful.
We are in an era with the widespread integration of technology in business processes. Businesses can’t afford to cling to the status quo but must adopt any innovation that comes in their way. Digitalization is all intended to cut down costs and bring more productivity.
If you want to find out more about how Deltabase intelligence and benchmarking can help you on your journey, then we’d love to talk to you, so get in touch: