Across industries, the Covid-19 pandemic forced many companies to accelerate their digital transformations to compete and even survive.
As the world and its consumers become more digital, a company’s success is contingent on how digital it can become. This applies to both B2C and B2B sectors as consumer behaviors, knowledge consumption and processes have now changed.
In 2022, spending on digital transformation technologies and services is projected to reach $1.8 trillion and increase to $2.8 trillion by 2025 according to Statista. That growth demonstrates how much companies are planning to invest to compete.
So, how can your business drive its transformation to be where your customers are? And what strategies are different industries using to ensure their long-term survival in a digital world?
In this blog, we’ll dive into the ins and outs of digital transformation by exploring:
So what is digital transformation? If you type that question into Google, you’ll get billions of results. There may be a misconception that digital transformation is just about technology, but that’s not the case.
Digital transformation is a foundational change in how an organization operates, communicates, and engages with customers. It’s a disruption to the ‘traditional’ way of operating to become more digital. It’s also about cultivating a digital culture and upskilling the people in your company as it takes a team to work through a transformation.
As Brian Corish, Managing Director of Accenture Interactive simply puts it: “Digital transformation is reinventing the business model. It’s reinventing processes”
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Digital transformation is really about transformation of people, not just your business. In this episode with host Will, digital marketing and branding specialist Clark Boyd breaks down the five myths of digital transformation and looks at how changing your digital mindset and culture are more important than just buying the latest tech solution.
The people part of digital transformation is just as important as the technologies, processes and infrastructure involved.
A huge aspect of digital transformation is the culture of a business and what it offers in terms of learning and development, not only to drive digital maturity but to demonstrate investment in the future of its employees.
As the pressure to improve learning and development opportunities continues to intensify across industries, those charged with skills progression need to develop new ways to empower employees while offering opportunities to grow within the business.
According to LinkedIn’s Workplace Learning Report, 94% of working professionals confirm they would remain loyal to their current business if it invests in their continual learning and development.
So, how do businesses drive the ‘people’ part of digital transformation? To answer that we need to explore the three essential elements of the process: mindset, skillset and toolset.
When it comes to digital, the mindset stage of the transformation process is about leadership, strategy and culture. Here, the end goal of the business is adopting a culture with digital threaded into its DNA.
While the lack of buy-in from senior executives was once cited as the reason for the slow progression of digital transformation, it now seems to be the involvement of frontline staff that is causing obstacles.
While CEOs are heavily involved in (and committed to) transformational change, many frontline employees find the process more challenging. Yet, while this is the case, studies from McKinsey & Company show that many leading organizations find it harder to attract and upskill tech-savvy executives than talented technical frontline staff.
To reap the rewards of a seamless digital transformation process and ensure everyone is engaged in the process, the solution is two-fold; communication and empowerment.
Communication – Companies with senior executives that communicate with employees across all levels of the organization are far more likely to achieve transformation success compared to those who don’t employ it.
In fact, businesses with effective communication programs and support are 3.5 times more likely to outperform their rivals. What is seen to work in terms of communication is:
Digital technologies can be very helpful in aiding communication and these channels should be leveraged to engage staff such as social media channels, change management apps or games and live feedback tools.
CPD Credits DIGITAL TRANSFORMATION DEFINITION Marketing human Resources ,CPD-registered members are entitled to claim 1…
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