Has the time come to start the digitalization process in your company? How should you approach it, and what kind of steps should you take towards a fruitful digital transformation? Where to start and how do you know it is done? These are the burning questions for an increasing number of managers and executives in almost every sector of today’s industry.
Unfortunately, there is no short answer to these questions, and there is definitely no one size fits all solution. However, there are some solid work philosophies that will help your company get through the digitalization process.
Yes, the very first step to executing digital transformation properly is to realize that there must be no loose ends when it comes to the core of your strategy. No matter how agile the employees are, there absolutely mustn’t be no “we’ll cross that bridge when we get to it” risks.
Land the idea softly, and convey to every part of your enterprise, not just the tech savvy members, that the company is going to change from its core, and that everyone will have a part to play.
Keeping in mind that every sector will start blooming as soon as the new tech is applied, set the course and start strategizing. A large chunk of any digital strategy nowadays is none other than investing into employees, particularly into the opportunities for them to transform and develop much-needed digital skills. According to an MIT Sloan meta analysis, 75% of digitally maturing organizations provided their employees these opportunities. On the other hand, only 14% of immature, early-stage enterprises found this investment helpful.
As you can see, getting on the same page will return tenfold, and get you the necessary head start towards a new, digital era of your company.
An often overseen fact is that you need to get everyone onboard, and that “everyone” includes the clients too. After all, the service you provide, especially financial service, will evolve the most. Prior to the whole digital strategy execution, some customer/client/user research should be in order. This is valuable input that you should always factor in into the digitalization tactic.
Let’s be real here for a moment. There is no, and never was, perfect execution of any transitional period regarding a business model that includes more than one employee. So, when it comes down to the very strategic core, the best option is to synchronize the 4 key aspects:
No matter the sector, these 4 essential components are always there, each baring equal priority and equal vital significance.
Culture is the very first step simply due to the fact that digitalization is not a process that prioritizes technology. It is there to change work dynamics and, above all, the way everyone interacts with ongoing/future projects. In a digital culture you will be able to strengthen risk/failure tolerance, and develop quick-response contingency plans on the go.
Structure stability represents the sole combination of collaborative and distributed leadership. A solid structure is there to help you define goals more clearly. Additionally, in the case of large scale projects, you will be able to scale tech solutions up, and vice-versa. Practicing structural stability will also yield a far more productive hierarchy among coworkers and team members.
People are, regardless of the fact that we are talking about digital transformation, the key component of a digital strategy. When it comes to tech integration, it is of utmost importance to make it clear that soft skills come first (with the exception of IT development companies). Striking that perfect balance between soft and tech skills will ensure that everyone is onboard, and that everyone makes a contribution.
Task handling and organization is what digital transformation tends to improve the most. A well-integrated Digital Service Management platform can and will help you streamline tasks end-to-end, while automating repetitive ones. And the most important part is organizing work into scalable projects, thus avoiding high-risk situations that occur with the traditional approach.
Finally, the last thing that every leader should realize is that technological advancements are not there to make your business instantly better. Digitalization is not just a process of installing some SaaS and waiting for the magic to happen.
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