The Five Things You Need for A Successful Digital Transformation Strategy

Five Gears Representing The Five Things You Need to Know for a Successful Digital Transformation Campaign

Vision

Without vision, digital transformation strategy can go awry. For example according to research by Bain & Co only 8 percent of companies succeed at digital transformation campaigns.

Whatever you can do or dream you can, begin it. Boldness has genius, and magic and power in it. Begin it now.

– Goethe

How is Vision Built?

  • Vision starts with well-defined intentions because this is what creates the motivation needed to execute the vision
  • Vision requires market knowledge because in order to successfully have vision, some level of market pattern recognition and market predictability is essential in order for the vision to be successful in the respective market
  • Vision requires objective thinking because you must have very specific objectives in mind in order to successfully map out the vision into actionable steps
  • Vision requires a degree of flexibility because without the room for spontaneous events, the vision will likely fail simply due to the changing nature of people

The power of transformational leadership to facilitate change implementation lies in its ability to create and communicate a strong vision, provide empowering opportunities, encourage employees to think beyond self-interests, and boost employees’ confidence in adapting to a new environment

– (Carter, Armenakis, Feild, & Mossholder, 2013; Herold et al., 2008)

People Centric Approach

I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel

– Maya Angelou

A people centric approach is absolutely necessary for a successful digital transformation strategy. This is because an understanding of the needs, mindset of everyone in the organisation is the prerequisite to better decisions when it comes to choosing the right technology. People centricity is a great approach to appropriate justification for the difficult technology decisions your organisation is sure to face.

Not only does this lead to more appropriate technology decisions but it also helps with getting the entire organisation on board with the transformation that is to occur. By helping people understand the why, how behind the transformation you are allowing them to see their purpose in the transformation which will increase the motivation of the entire organisation.

According to Gallup, organisations with high employee engagement have lower absenteeism, less turnover, fewer workplace accidents and fewer defects.

(Roy Plaeger-Brockway, 2018)

Unify the Organisation

Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organisational objectives. It is the fuel that allows common people to attain uncommon results.

– Andrew Carnegie

Unity has historically not been an easy task as we can see through the eyes of various leaders in times past as well as in the modern eyes of leadership. While this is often a difficult challenge, unifying the organisation is crucial to avoid roadblocks in the transformation process that could cause critical failures. This can be accomplished by many measures. One of the more appropriate measures is to ensure that the organisation has a culture code or statement that is being reflected in the behaviours of all employees, leadership and one that aligns with the vision of the digital transformation strategy as well.

Finally, information and communication technology use affects collaboration and communication in organisations. In general, the importance of teamwork increases, as ‘knowledge as a resource can only be developed and advanced together. Communication and cooperation serve as a prerequisite.

– (Tanja Schwarzmüller, Prisca Brosi, Denis Duman, Isabell M. Welpe, 2018)

Strategic Partnerships

If everyone is moving forward together, then success takes care of itself.

– Henry Ford

Strategic Partnerships are a great way to leverage resources that your organisation may not currently have access to. These partnerships can allow what once may have been a failure point in the transformation process to instead become a point for growth. Strategic partnerships can allow your organisation to get access to skill sets, experience that don’t currently exist within it.

This can also allow you to strengthen the core of your business while outsourcing some of the growth. Your organisation could even gain access to a market that it previously did not have access to while using the new digital transformation strategy.

For example, Apple leans heavily on complementary resources from its alliance partners in order to maximise the value of its own R&D efforts. Accordingly, the company earned $267 billion in annual revenue in 2019 while spending only 7.9% of its revenue on R&D. Even in areas such as artificial intelligence (AI), in which Apple has traditionally followed a more conservative partnership strategy, the company has started collaborating with its competitors to enhance its gains from R&D investments (Tilley, 2017)

By contrast, Google earned $161.19 billion in annual revenue in 2019 and spent as much as 16% of its revenue on R&D.

Continuous Feedback

Continuous Feedback is a great way to ensure the success of your digital transformation campaign at every step. Establishing this means creating great communication channels if they do not already exist throughout your organisation with every part of the organisation. Some of these communication channels can include emails, live chat, interviews, calls and surveys.

No matter what communication channels you choose, you must make sure you have a well defined continuous feedback plan with well-defined means of measuring results.

Here at flektion, we will show you all of the digital avenues that lead to success. To learn more, drop us a line and we’ll happily give you a free consultation.