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Change Management

Digital Transformation Strategy

What is your company’s digital transformation strategy? Do you know what steps to take for this journey? If not, then this article is for you. So, keep on reading.

Digital Transformation Strategy

To begin, digital transformation is a strategic process that allows organizations to understand and manage the opportunities and challenges brought on by digital technologies. It will create a digital-ready organization that can transform its business model, products, services, and/or any other aspect of the company.

Further, digital transformation is not just about technology. It is also about culture, people, and processes. The key to digital transformation is to be able to adapt your company’s mindset, processes, and culture to suit the digital age.

Thus, a digital transformation strategy is crucial because it will set the course for the journey. The transformation strategy will define the specific actions companies must take to achieve a more digital-oriented organization.  

When developing this strategy, it is important to identify what challenges need to be overcome. And then how much time and money should be allocated toward digital transformation efforts. Next, you will need to define how these challenges will be overcome. You need to create a plan for how you will achieve your transformation goals.

Digital Transformation Strategy Steps

Now, let us look at the steps that you need to take for this strategy:

  • Align with the digital mandate. Organizations should align their business strategy with the digital mandate. So, this means that businesses should make a clear statement about why the transformation is important to them. And then, they should outline their vision, objectives, and goals to drive change throughout the organization. Thus, the new digital strategy must reflect the core values of the company. And it must be communicated to all stakeholders. The company’s leadership team must be fully engaged in this process.
  • Engage in digital innovation. Organizations should run experiments that can lead to innovation. This is to drive new business models and revenue streams for the company. For example, these may include a strategic partnership with start-ups or other organizations. Or a direct investment in an outside entity that has the potential to create new business opportunities.
  • Focus on digital literacy. Digital transformation requires a certain level of digital literacy among all employees. Therefore, organizations need to make sure that there is a high level of readiness among employees. Especially when it comes to knowledge of available digital technologies (e.g., cloud computing, mobile apps). Another important point is that employees need to have access to digital training programs. So they can develop their skills as technology evolves.
  • Improve customer experience. The transformation is also all about improving the customer experience. This is by refining your ability to deliver products and services at a faster pace than competitors can. Thus, the goal should be to make the customer experience simpler, better, and more convenient than before. 

Conclusion

So, if you are looking to transform your business model, then it is a great idea to create a transformation strategy first. This will help your journey to run smoothly.

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Change Management

Digital Transformation Strategy Examples

What are some digital transformation strategy examples that you can follow today? What can you do when planning your company’s transformation? Let us find out below.

Digital Transformation Strategy Examples

For many, doing a digital transformation can be tricky, and creating a digital transformation strategy can be even trickier. Digital transformation strategy examples are needed, to avoid common mistakes and to learn from other’s successes.

We have found some great digital transformation strategies (and failures). These digital transformation strategies can be used as examples for you to use as a guideline when creating your digital transformation strategy.

Digital transformation can be defined as the process of transitioning from an analog-based company to a digital company. This transition is not easy and requires a strategic approach and a clear vision. It is not only about implementing new technologies and business models, but it is also about changing your company’s culture and processes. 

Some of the strategies companies can follow are:

Focus on customer experience

First, focus on customer experience. This strategy isn’t new, but it is important to always remember this. Customer experience is what you want to provide your customers. It could be the experience of buying a product or service, or it can be after-sales service. Customers want to be treated well and companies need to keep that in mind.

Have an open culture

Another digital transformation strategy example is focusing on creating an open culture at your company. This can also be called “flat culture”. This means that everybody at the company has the same opportunities and there are no blocked paths for people who want to reach higher positions at their company.

So, you should focus on how to change your company’s culture. This is something that doesn’t happen overnight, but with time and awareness, you will see that it transforms into something better.

Focus on partnerships

A strategy that many companies implement is to focus on partnerships. The digital transformation strategy examples show that you don’t have to do everything yourself, you can outsource some of the work and focus on other things that will bring more value to your company.

For example, if you have a website, you can use a platform like WordPress or Squarespace for this, instead of developing it from scratch. Building a website from scratch is not an option anymore for most of the companies out there.

Using data

Another digital transformation strategy example is using data in every decision you make. For example, if you want to create a new product or develop a new service for your customers, use data from different sources when developing this product or service (think about customer surveys, case studies, etc.). Using data when making decisions will help you achieve better results in the future because you will know what works best in certain situations and what doesn’t.

Follow These Digital Transformation Strategy Examples

As you can see, all these examples are strategies that many companies use. It doesn’t mean that you have to implement all of them, but it is good to know what others are doing out there. Working on a digital transformation strategy can seem challenging, but if you keep these examples in mind, you will be able to create a great plan for your company.