It’s a Digital world and many UK based traditional businesses must transform in order to flourish. So where do you begin on your Digital transformation journey? The answer is with a Digital transformation strategy, but Digital transformation consulting has become an expansive term, and it’s getting to be more and more of a priority in the minds of executives. It’s also become an increasingly popular topic in the news. But what really is Digital transformation consulting and Digital strategy? A general definition of a Digital strategy is:
“Digital strategy is a plan of action designed to achieve business goals via the implementation of Digital initiatives.”
Increasingly, Digital strategy has come to encompass all aspects of business decision making as it concerns the strategic adoption and creation of new technologies and surfacing new, actionable information that fuels innovation. The end goals of business strategy, therefore, aren’t changing. What’s changing is that as technology develops and creates new efficiencies and insights, the strategies businesses use to increase their ROI must also develop to match it.
Perhaps the most crucial element of Digital transformation consulting is the introduction of new and improved Digital solutions to familiar business challenges. Employees should be made more effective as a result of Digital initiatives and a good Digital strategy empowers employees and stakeholders with the information and technologies that make them better at their jobs.
The process of developing a Digital strategy starts with an assessment of the organisation’s current capabilities and Digital process, or in other words by benchmarking an organisations Digital maturity. In order to begin benchmarking a businesses digital maturity, at Strategic Asset Digital Transformation Consulting we begin with two simple questions…
- How do your company’s Digital presence and Digital capabilities stack up against your competitors’?
- What are the areas of your business that would be most improved by Digital initiatives?
A thorough, honest assessment of what your business is already doing with Digital is a useful starting point from which impactful Digital strategies can be conceived and implemented. In the assessment phase, interviews and focus groups are conducted to identify the bottlenecks and inefficiencies that will form the focus of your Digital initiatives. This is because in our experience the biggest problems are best tackled at their smallest point.
Once a thorough assessment has been conducted, potential solutions to the problems identified are proposed and vetted. These initiatives can transform everything from internal processes to customer facing landing pages. A Digital strategy often attempts to unify existing silos of the business and improve visibility for decision makers and executives. With a solution or suite of solutions in mind, businesses create a roadmap complete with clearly defined deliverables, milestones, and a timeline for implementation. Some businesses choose an agile, iterative execution model with rapid development and deployment cycles, as well as rounds of feedback along the way. Other organisations pursue a more traditional route, with Digital strategy furnishing a complex schedule of planned investments over a six to eighteen month timeline.
Whatever you choose, the resulting strategy should focus only on helping you accomplish tasks more quickly, easily, and affordably, not on flashy new trends that may or may not increase ROI. Whilst Digital strategy is an increasingly important, relevant concept, what makes it important isn’t the buzz that surrounds it, but its pertinence to businesses everywhere in the UK in what is a quickly shifting landscape. For example, many retail businesses such as Woolworths, MFI, and BHS have all failed to transform because their executives failed to understand the importance of disruptive technologies and changing customer demands. In particular, the board of Blockbusters believed that they were a Digitally transformative and disruptive business that gained a dominant market share due to entering new markets opened up by technology such as DVD's and games consoles. However they failed to continue to innovate and monitor disruptive technologies such as the Internet and how it changed customer demands. This led to their business model becoming obsolete in a very short time period by competitors such as Netflix. The board at Blockbusters became complacent and failed to monitor ands react to emerging Digital trends and paid the ultimate price.
Therefore, in summary and in caution, as a leading CIO or IT Director it's time to become a Digitally transformative business and change the game before it changes you. The Digital transformation of traditional businesses has already begun in earnest throughout the UK and it at Strategic Asset Digital transformation consulting we offer a free consultation to help you begin benchmarking your Digital capabilities.