Digital Transformation: A CEO’s Agenda

  • Posted by: Richard Impenge

Digital Transformation: A CEO's Agenda

A digital transformation is no longer an option for businesses; it is a requirement. A quick glance around you is enough to show anyone the importance of going digital.

But what, exactly is a digital transformation? 2018 will be the year of digital transformation on most CEO’s agenda.

Interestingly, a recent study by Altimeter Group found that 88% of executives and digital strategists stated that their company is undergoing a formal digital transformation effort in 2014. Yet, only 25% had mapped out the digital customer journey. Despite being given Altimeter’s definition of digital transformation at the beginning of the survey.

That definition?

 

THAT DEFINITION? 

“The re-alignment of, or new investment in, technology and business models to more effectively engage digital consumers at every touchpoint in the customer experience lifecycle.”

Many respondents confused increasing digital investments with true digital transformation. In truth, the first steps to establishing an effective digital transformation require a change in the mindset of business and understanding the importance of the buyer’s journey. This is the springboard from which a successful digital strategy is launched.

As the leader of your company, here are ten things to help you in your transformation.

Prepare yourself for a new climate

The biggest difference between the business world of yesterday and today is the need for flexibility. Never before has the business climate been so quick to change. It is imperative to shift your thinking to a fast-moving market because with technology comes unpredictable, constantly-shifting consumer needs and focuses. A company that has figured out how to saturate digital media and establishes an online presence can become successful in record time with just a few clicks or, conversely, can nosedive with a few bad reviews.

A survey conducted by A Forrester Consulting found that 94 percent of mature businesses have plans to shift to a digital platform(s) and agility is among the highest necessities in doing so.

Assemble the right team

In the Altimeter study mentioned above, the majority of respondents of mature organizations agreed the “CEO drives the digital vision and strategy.” As the CEO, you know the best people for your transformation so it is important that you utilize your knowledge of your organization to put together the best team to get a clear picture of the best places to start. A dynamic digital transformation team could include:

  • Executive Management
  • IT Department Leaders
  • Operational Leaders
  • Outside Experts

Establish your needs

With a good team in place, you are able to get a more rounded picture of the buyer’s journey. No matter what sector of business you are in, consumer climate has dramatically changed in the past 10 years and continues to shift at a staggering rate. For this reason, it is vital to establish a hierarchy of needs based on your market and business.

Rethink your business model

As with preparing yourself for this important shift, understand that a digital transformation involves design thinking, not just product or service design thinking. It is an intrinsic approach to redesigning how you reach your customers.

Research necessities, possibilities, and changes

While there are certain elements necessary for a successful digital transformation already available like cloud services that integrate and streamline your organization, it can often be beneficial to invest in specialized innovation that caters to your company’s particular needs. Experts in digitization can offer you options that are not available but are unique to your strategy and digital implementation or they can tweak specific options like Salesforce platforms to suit your transformation objectives, as well as spearhead training in your organization. It may be beneficial to work with experts who can help you to determine your specialized needs and help you build a network of design-driven solutions that are industry-specific.

Start Small

The transformation to a digital enterprise can be overwhelming for even the savviest CEO. It sometimes helps to begin with small steps. As your company shifts, be mindful of the needs and changes in each department. While it may feel uncomfortable to create new opportunities and/or eliminate old ones, a fresh perspective and professional insights can help you make the right decisions towards a successful transformation.

Contact us today to discuss ways to begin the journey of digital transformation.

success@baybridgedigital.com

Author: Richard Impenge

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