Digital Transformation: 10 ideas to begin your journey
Ambitious business owners will always look to improve how their organisation functions. Digital transformation is one great way. It enables a business to function more efficiently and in the long term with greater cost savings. But to see any of these transformations occur there is a requirement for a solid IT strategy that fits in with the overall business strategy and an experienced technical leader to help you get there. Here are 10 ideas to begin your Digital Transformation journey:
- Look outwards: Draw inspiration and new ideas from outside. Look at other companies, other sectors, other countries. Think like an outsider. Rebel against what has become normal in your company.
- Mobilise your entire company: You cannot make a radical change alone, you will need to engage your entire Board and your entire workforce. Digital transformation is a cultural change.
- Think like your Gen Z and Millennial customers: Understand what your customers value and identify how much of your company’s effort is really focussed on meeting this?
- Don’t let risk rule your business: If you could quantify and manage risk accurately then could you radically improve pricing and service? Do risks in your business activities prevent growth?
- Radical internal redesign: Integrate more closely up and down your value chain to reduce cost and time, to add value, build barriers for the competition and improve customer lock-in.
- Use artificial intelligence and automation technology: What are the root causes of errors, waste or delays? Can machine learning, language processing, robotic software, blockchain or bots allow you to automate your business or simply ‘declutter’ it so your people can focus on what matters?
- Data visualisation can bring about revolution: Up to date, accurate information can be revolutionary. Identify what real-time dashboards would allow you to delegate more authority to managers. Use this as the starting point for your systems strategy.
- Automate fulfilment and focus your people on real service: Identify functions that should be self-service for your customers and free up your people to focus on outstanding personal service when it really matters. Every one of your customers, suppliers, partners and staff has a smartphone in their pocket – are you there?
- Monetise your Intellectual: Property Can you create software to capture the knowledge and expertise in your team to lock in your customers. Or to create new license revenues, or to allow you to build the value in your business beyond the individual people today.
- Remove barriers to your business being the leader: Understand the strengths in your business and what prevents your company from being the industry leader. Whether it’s lack of finance, lack of vision, or just legacy beliefs there is always a way through these barriers.
Digital Transformation means using IT to deliver dramatic improvement. That’s different to just an upgrade or fixing some niggling problems. It means: using IT to make a significant change for the better.
For more information about FC and our services visit www.freemanclarke.com