To get started, it is first essential to define the concept of digital transformation strategy. A digital transformation or digitalization strategy is a plan to help you analyze your company’s needs and goals, understand the role of technology, and set business objectives.
According to Tech Pro Research, 70% of companies already have a digital transformation strategy or are in the process of developing one. Fifty percent of companies surveyed say they are investing increasingly in digitization yearly. These figures show that enterprise digitalization is becoming more popular and essential.
Here are five steps to create a corporate digitalization strategy:
Defining the vision,
Involving leaders,
Focusing on culture,
Gathering expertise and resources,
Choosing the right technology.
For many companies, digitization is a crucial driver for improvement. If implemented correctly, it can help companies achieve sustainable growth and stay ahead of their competitors. The following statistics highlight the importance of digital transformation and its impact on business results:
According to Gartner, 87% of companies believe digital transformation is vital to survive in a competitive business environment.
Companies that fully utilize digital technologies are, on average, 26% more profitable and generate 12% more revenue than their competitors.
According to a McKinsey Global Institute report, digital technologies can increase companies’ operational efficiency by approximately 20-25%.
Digital transformation also significantly impacts the customer experience. According to an Adobe report, companies that deliver a superior customer experience increase their annual revenue by an average of 1.6 times more than their competitors.
These statistics make it clear that digital transformation is essential to ensure that companies remain competitive and thriving in the future. The five steps can help companies develop and implement a successful digital transformation strategy.
Defining a vision:
Defining a vision is the first step in developing a corporate digital transformation strategy. This means defining what you want to achieve through digitalization and how you want to transform your business. In this step, it is essential to answer questions such as:
Why is digitalization important for the company?
What benefits do we want to achieve?
What are the benefits for the company?
Defining a vision helps kick-start the whole digitization process and directs the strategy.
Involving leaders:
A key element for the success of a digitalization strategy is the active involvement of managers. This includes the participation of company leaders, managers, and decision-makers in developing and adopting the approach. Leaders must understand the opportunities and business benefits of digitalization and support the implementation of the strategy. With their commitment and leadership, successfully implementing enterprise digitalization is easier.
Focus on culture:
Getting the corporate culture right is critical to the successful implementation of digitalization. This means embedding digital thinking and ways of working into the company’s culture. A digital culture fosters innovation, agility, and continuous improvement. This may require changes in the working environment, communication processes, and staff training, which must be prepared for. The transition to digitalization must involve employees and support them in adapting to change.
Gather expertise and resources:
The right expertise and resources are needed for the success of enterprise digitization. This includes hiring or involving digitalization specialists, IT specialists, and other relevant professionals. In addition, it is essential to provide financial and technological resources. The necessary investments and tools for digital upgrading will help to deliver the digitalization strategy. The assessment and appropriate allocation of resources will ensure the smooth progress of digitization.
Choosing the right technology:
The final step is to select the right technology for enterprise digitization. This step is the concrete implementation of the strategy by choosing technology tools and solutions. It is important to carefully assess the company’s needs and objectives. The technology used will help optimize processes, increase business efficiency, and enable innovation. The choice of technology should take into account the company’s needs, market trends, and long-term sustainability.
These five steps will help you create and implement a corporate digitalization strategy in a structured way. However, it is essential to note that every company is different; therefore, the plan should be developed considering the specific needs and challenges.