Creating change with digital transformation from within your company isn’t easy, but it’s the hardest things which are the ones worth doing. Corporate digital transformation is the path of the future, and if you’re going to embark on a digital transformation journey, you should do it right, from the very beginning.
As iScoop put it, “Digital transformation is the profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way, with present and future shifts in mind.”
The extent of the current digital transformation upon society is profound. Seemingly no aspect of life has gone untouched by this revolution, yet only a small percentage of businesses are getting it right. With 96% of execs confirming that digital transformation is critical to the survival of their companies, we can’t afford to mess this up.
Here’s a closer look at what companies are doing wrong with their digital transformations, so you can do it better.
Mistake #1: Allocating Action to Lower Level Management, Instead of Upper Management Owning the Change
Everyone agrees that digital transformation is a necessity, but who’s responsible for making these waves happen? Like any major undertaking, the success of the project is determined by the one running the show. Many companies depend on lower level management to take care of the transformation. But this is a mistake, because in reality, the only ones who can really get things moving in the right direction are the top players.
Corporate digital transformation entails restructuring departments, reallocating funds, and reassessing current business practices and models. Who else will make things happen other than the decision makers in your firm?
→Takeaway: Don’t hand off this important project to lower level management. Let the transformation begin from the very top, and have the effects trickle down into every department.
Mistake #2: Viewing Corporate Digital Transformation as an Expense, Instead of an Investment
When looking to take your company through a long-term, strategic process such as digital transformation, a process which (when done right) will have a great affect on your company, you absolutely must weigh the cost vs. gain of any new objectives. The mistake companies make is in viewing digital transformation as a technology play, something that will keep them afloat in a competitive market. While this definition is not in itself an incorrect one, using this definition seriously and grossly undersells the value of the shift to digital transformation the entire industry and a large part of society is going through.
→Takeaway: Businesses need to understand digital transformation is an investment into the future of their company, one that will reap measurable ROI. CEOs need to set long-term goals and be ready to put in the work for the long haul.
Mistake #3: Remaining Too Rigid, Instead of Allowing Time/Space for Innovation
One of the most exciting aspects of the digital transformation is embracing new concepts and practices. It’s a total mental shift in which businesses are beginning to look at every aspect of their company, platform, product, and customer from a new angle.
Unfortunately traditional business owners don’t have the stomach for new innovation. They want to see employees doing work in a structured, measurable fashion. That’s what gets results, right? Maybe not. Companies that embrace innovation within a less structured work format have seen dramatic improvement in their work output, both quantitatively and qualitatively.
→Takeaway: Give your staff, management, and influencers room to explore new or different angles. A hackathon, for example, is a proven way to tackle old problems with innovation and clarity.
How to Make Digital Transformation Sexy (& Successful!)
Now that you understand the importance of and benefits involved in digital transformation, as well as the mistakes you should avoid, it’s time to get to work. Here are some clever tips on breaking into the transformation.
1. Change the Way You Think
It can be difficult for traditionalists to understand the appeal of the latest breakthroughs in hi-tech. But any business that wants to succeed in 2017 and beyond needs to change:
- The mind-frame in the company about digital transformation, thinking of it is a strategic decision which needs to be led by senior management and work its way down, from top to bottom.
- The business culture, to not only be digital by hardware and software, but also to be more innovative, putting a spotlight on a business culture of innovation and collaboration.
- The business model, to a technology-focused one. From websites that expand your customer reach with easy ordering, shipping, price comparisons, and discounts to tools that help you organize everything from meetings to restocking inventory, technology is there to make your business run smoother, so embrace it!
Acclaimed European futurist Gerd Leonhard explores the cultural and technological shifts that will influence digital transformation in the coming decades.
2. Make a Plan
You’ll need a clear plan of action in order to accomplish digital transformation. Visualize your goals for the company. Then map out how you are going to make these new network/platform adjustments happen. Remember that this is often an entire infrastructure modification, which will require tremendous time and collaboration, so don’t skimp on the planning stage.
3. Track Your Progress
Even with an appreciation for the significance of this transformation, CEOs need results. Additionally, you’ll never know what’s working and what’s not if you don’t measure and track. Incorporate new technologies for tracking, measuring, reporting, and comparing metrics to gauge what’s working for your company and what needs tweaking.
4. Use Digital Tools & Gadgets to Ease the Transformation
Now for the fun part. Think big, and your company will follow suit with the help of digital technology that’s changing the face of the world as we speak. Utilize cool tools to make all this easier!
- Use campaign workflow tools like Qmarkets to automate and streamline key processes in your marketing and development.
- Engage the mobile market with apps that make instant access possible.
- Get on the cloud for easier, faster, smarter storage and sharing capabilities.
Digital transformation is happening all around you, but it won’t happen on its own. Having the tools to create a digital tidal wave within your company is one thing; knowing how to use these tools is another. That’s where Qmarkets steps in. Equipped with both the technologies and the industry experience to utilize those tools, Qmarkets helps companies generate innovations for every aspect of their business including products, services, policies, lead generation, value propositions, and beyond.
With Qmarkets, you can expect a total revolution to occur, one in which we review your employees, assets, and resources and rearrange them for optimal success so you can meet your goals.
Don’t get left behind as the world evolves. Contact Qmarkets to find out how we can take your corporate digital transformation strategy to the next level.