What you need to know before embarking on digital transformation
Most people know that digital transformation is important, but they don’t know how to go about it. Even after the pandemic, many companies have not yet embraced digital, or have tried to, and found the experience too overwhelming. With “65% of the world’s GDP is predicted to be digitized by 2022 (IMF, 2020)“, it should be a priority for companies that still haven’t done so.
If your company is one of these, don’t fret, you’re not alone, in fact, according to Statista, “spending on digital transformation technologies and services worldwide is predicted to increase from $1.8 this year to $2.8m by 2025, indicating that there are many companies in the same position.
In reality, the process can also be streamlined and even enjoyable, especially if you work with a partner. In the following article, we will outline the five key steps you need to undertake to deliver a successful digital transformation:
- Identify the right stakeholders
- Develop a clear vision and strategy
- Establish a culture of change and empower staff
- Build a roadmap to transformation
- Operate transformation based on validated learning
Let’s take a closer look at each of these steps.
1. Identify the right stakeholders
The first step is to identify the right stakeholders. Stakeholders are individuals or groups who have a vested interest in the success or failure of the digital transformation initiative. To identify the right stakeholders, it’s important to consider who will be affected by the digital transformation and who stands to gain or lose the most from its success or failure. Once you’ve identified the stakeholders, it’s important to engage them in the digital transformation process from the outset and ensure that they understand the goals and objectives of the initiative.
2. Develop a clear vision and strategy
The second step is to develop a clear vision and strategy. The vision should be a long-term, aspirational goal that the organization wants to achieve through digital transformation. The strategy, on the other hand, is the plan of action that will be taken to achieve the vision. When developing a strategy, it’s important to consider the following factors:
- The current state of the organization and where it wants to be in the future
- The specific goals and objectives that the digital transformation should achieve
- The resources that will be required to support the process
- The timeline for implementing the process
- The risks and challenges associated with this
- The budget available to undertake the transformation
3. Establish a culture of change and empower staff
The third step is to establish a culture of change and empower staff. To successfully do this, it’s important to create a culture within the organization that is supportive of the change. This can be done by communicating the goals and objectives of the transformation initiative to all employees and ensuring that they understand how it will impact their roles.
Additionally, it’s important to provide employees with the training and tools they need to effectively support the process. Furthermore, your staff need to be empowered to make their own decisions and have the latitude to make changes that will improve the way things work. Be aware that you will need to keep communicating this to staff throughout the process and beyond.
4. Build a roadmap to transformation
The fourth step is to build a roadmap to transformation. The roadmap should be a detailed plan that outlines the specific steps that need to be taken to achieve the digital transformation. When creating the roadmap, it’s important to include the following factors:
- The current state and capabilities of the organization and where it wants to be in the future
- The specific goals and objectives of the digital transformation
- The resources that will be required
- The timeline for implementing the process
- The risks and challenges associated with the process
5. Operate transformation based on validated learning
The fifth and final step is to operate transformation based on validated learning. To successfully implement this process, it’s important to constantly test and learn from the initiative. This can be done by conducting regular reviews of the digital transformation and making adjustments based on what is learned. Additionally, it’s important to share the lessons learned with all employees so that they can continue to support and improve the initiative.
Digital transformation can be a daunting task, and a complex process, but by following these five key steps, organisations can increase their chances of success. It is important to consider all of the factors involved before taking any action. If this all seems too much of a challenge, and you recognise that you need help to make this a reality, please feel free to drop us a line to see how we can help.
At Polything, we help companies use the power of storytelling to elevate their marketing and grow their business. Our collaborative and strategic approach to marketing can be applied to any direct-to-consumer business, and we work with clients all over the UK and further afield. Our team is experienced and passionate about helping businesses achieve their goals, and we’re always on the lookout for new and innovative ways to market products and services. If you’re interested in learning more about how we can transform your business, get in touch today.