Digital Transformations

Digital transformation is essential for businesses that want to stay relevant and competitive in today’s digital economy. Companies will have to reinvent their operations through the entire lifecycle, starting from customer acquisition and operations, to post-sales service and customer service.

Companies with stronger digital transformational intensity derive 6% to 9% more revenue, are more profitable by 9% to 26% and achieve higher market valuations. (Capgemeni)

Definition – Digital transformation defines the integration of digital technology into all areas of a company –  to increase efficiency, drive greater business agility and unlock new value for employees, customers and shareholders on an ongoing basis. Digital transformation is a foundational change in how an organization delivers value to its customers. 

Only about 30% of companies navigate a digital transformation successfully – especially because new behaviors and expectations take shape and evolve at warp speed. (BCG)

What’s the difference between digitization, digitalization, and digital transformation?

• Digitization – the process of changing something from analogue to digital or creating it in a digital form (e.g. online brochure, newsletter, white paper) 
• Digitalization – using digital technologies to provide a new stream of revenue or fundamentally change your business model (e.g. mobile digital applications, cloud computing, API to streamline workflows).
• Digital transformation – is all about reinventing your business model and leveraging digital technologies and processes to exploit new opportunities.

Digital transformation will impact many areas of your business such as your: 

• Activities/functions 
• Processes 
• Business models 
• Ecosystems 
• Asset management 
• Organizational culture
• Ecosystem and partnership models
• Customer and worker

Here are five steps companies can follow to affect the kind of digital transformation change they desire.

• Align objectives with business goals. 
• Ensure IT and business co-create
• Pick strategic partners
• Redesign business and products around customer outcomes 
• Retrain employees around digital

Let’s show you how you can do this successfully.