Digital transformation is business planning is digital transformation.
Digital transformation is the process of re-designing your enterprise with the consumer at the center, all enabled by technology. It’s business planning 2.0.
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No business is safe from Digital Transformation. In fact, according to Forrester, even professional service organizations are expecting that 50% of their revenue to come from digital products by 2020. It is a reality that we have to embrace. However, some organizations and industries are turning a blind eye to it - which will be to their detriment (a moment of silence for Sears and Toys R Us).
The biggest opportunity for digital transformation isn’t becoming more efficient or having new, shiny technology to brag about. It’s the opportunity to completely re-establish and re-design your business through a digital lens. This alone offers up massive areas of growth by building products and services that consumers want, building new business models to better serve your consumers and finding ways to build long term relationships and value with your consumers.
Take notice, digital transformation is business planning. And business planning in today’s marketplace is all about the consumer.
“Executives predict that by 2020, 50% of all revenue will be influenced by digital. ”
When preparing for your digital transformation, you need to keep a few things in mind. Below is a list of considerations we use with our client-partners.
Business planning without digital is ludicrous
This should be a no brainer. There is nothing about an organization (or life for that matter) that isn’t digital. Every action in the physical world can be turned into data to be consumed by technology. This reality should put digital or technology at the head of the boardroom table. Not only can digital help you be smarter, but it can build new revenue streams, new relationships with the consumer, new avenues for products and services and make your operations more efficient. Digital is definitely not a silver bullet, but it puts rocket fuel in your business strategy.
It’s all about the consumer
The consumer lives in a highly connected, always on world. As they go about their day and interact on social media, with their mobile devices and with startups that use technology in new and interesting ways, they are building their expectations for your company. If you don’t provide the experience they are needed or expecting, they will defect and you won’t be on their consideration set. Digital transformation must start with the consumer and work backwards into a business model.
The experience is gold
Technology is nothing with out the business strategy. The business strategy sets the vision and the pace of the organization and the technology brings it to life. However, where strategy and technology intersect is where the experience happens for the consumer, your employees and your operations. This experience is where expectations get set and where brand promises get fulfilled. Architecting and orchestrating the right experience is where your company’s success lies.
Tech is an enabler
Tech for tech’s sake is never the answer. Shiny objects don’t stay shiny if they don’t add value to the organization. Technology will always be an enabler to something bigger, something more robust. It is the engine the powers the business strategy and the experience with the consumer.
Diversifying talent
Digital transformation and digital thinking requires a diversified talent pool. By coupling business strategists with experience designers and creative technologists, you can really start to see magic come to life. Organizations need to start to embrace the CTO and CIO and their departments. There is a lot of information, passion and knowledge that can bring new ideas and business strategies to life.
Are you digitally transformed? Let’s chat.