APPLYING A CAUTIOUS APPROACH TOWARDS YOUR DIGITAL TRANSFORMATION PLANS
Many businesses are using this time to reflect, to reinvent, innovate and launch creative digital strategies. Social media channels and blogs are providing a number of insights into how and why we should transform our digital strategies. While change and innovation are clearly important right now, businesses should ensure they approach digital transformation with a clear understanding of what will specifically work for their organisation and what actually needs to happen.
For some time now digital transformation has been a top priority for many businesses and has recently become even more vital for strengthening and developing a company. Whether it be in response to potential and perceived competition or to enable an added edge to your business, digital transformation has become an embedded element of strategic business plans.
The pandemic has made businesses rethink and reconsider both their existing and future plans. Business leaders have been forced to reassess current projects associated with digital transformation. Senior executives are now having to consider whether the investment they have put into previous digital plans is capable of enabling them to continue thriving during and after the pandemic. In truth, many organisations are facing up to the reality that certain projects implemented in the past may not provide the required business and revenue expected in today’s economic environment.
Many efforts in digital transformation have involved testing and utilising all of the new platforms available, such as AI, IoT, predictive analytics, and so on. While this displays a positive image to your audience and shows individuals that you are staying connected to new technology, it doesn’t necessarily convert into more effective levels of performance. In reality, many organisations launch and test new products which may present a positive representation of the business, but fail to progress much further and deliver effective long term results. The lack of a decisive strategy and a focus on long term objectives can result in a digital strategy that, on the cover, looks effective but actually has little depth into how to specifically drive a business forward.
This is not to say that businesses should shy away from innovation and new technology. The important factor is that business leaders need to carefully consider their wider strategy when approaching and implementing new platforms. Aside from focusing on creating that competitive edge, a business must carefully understand how new digital tools will support and strengthen their performance, now and for the long term.
There are a number of new technology services and innovative product options to support and enhance digital performance, but this doesn’t necessarily mean they are a good fit for your business. Companies should take a relatively pragmatic and simplistic approach to work on digital strategies, ensuring any new service will generate revenue, is something their customers will want, and provides a competitive edge. Understanding the core principles mentioned above will support businesses with their plans, and how to shape their digital strategy for the future.