6 Checklist Points That Promise ‘Digital Transformation Success’
Digital Transformation (DX) has become imperative for organizations of all sizes globally. But the path to achieving that transformation is often not clear for many businesses. Digital transformation’s most common misconception is its introduction to digital applications, processes, and related technologies.
This is when organizations find their path blurred in moving ahead in their DX journey.
Don’t worry! A comprehensive assessment or a checklist can help you assess your path towards digital transformation.
Here, we bring some crucial checklist points (as a combination of attributes) that can help you measure your Digital transformation initiatives:
1) Strategic Vision
- A well-defined strategy linked to the understanding of digital requirements
- Existence of a strategic vision
- Proper knowledge about digital technology capabilities among the senior executive teams
- No concerns about the lack of digital leadership to develop a strategy
- No hurdles in developing a strategy
2) Culture of Innovation
- Inclination towards innovation and risk-taking abilities
- Encouragement for new thought process and diverse perspectives
- Learning from failures is a process, without considering that as a negative mark
- Due recognition to innovators and innovations
- No issues of cultural resistance
3) Software Usage and IP Assets
- High usage of software in the following areas define this checklist:
- For improving operational performance
- For customer understanding or engagement
- To understand and know about the products
- To enhance supplier interactions
- Existence of sufficient IP assets to implement the strategic vision
4) Digital Abilities
- Digital Expertise
- Innovative ability to define strategic vision within
- Grading of individuals by their knowledge on DX
- Technical resource availability required for DX implementation
- No lack of digital skills to implement the strategy
5) Alignment with Business
- Ability to fund digital initiatives with uncertain returns in mind
- Openness to make changes to revenue streams and business models have given long-term gains
- A perfect collaboration between business units and M&A teams
- No issues with budgetary allocation to DX initiatives
- Rise of investment in new software forms over the last three years
6) Technology Assets
- Following technologies are already in use:
- Big Data
- Data Mining and Analytics
- Mobile Technologies
- Cloud Computing
- Internet and Wireless Communications
Understanding The 6 Checklist Points
Assessing your organizational abilities by each of the above six checklist points and their attributes help you understand:
- Current strengths and weaknesses towards change
- Progress of your implemented procedures, if they are progressing in the desired way
- Competitive edge with your competitor
Companies that report good matching scores with these checklist points and their attributes are more likely to perform well in the Digital transformation journey and ahead of their competitors.
While those reporting low scores are far behind their competitors.
Comparing the difference between high performers and low performers by these six checklist points, those willing to perform well should take the top-bottom approach.
While those companies that already have a clear strategic vision may proceed for investment in technology and talent.
Overall, the success in digital transformation journey comes by:
- A company-wide effort with cross-functional change
- Active engagement of domain leaders
- Initiatives led by top C-suite executives at a higher level
- Conversations and continuous assessments based on the checklist points
In Conclusion: It’s All Digital Transformation Ahead!
Be it the market volatilities or sudden outages or outbreaks like Covid-19, intelligent players believe that success purely lies in digital transformation.
At the current rate, around 70 percent of the organizations, globally, either have a digital transformation strategy in place or planning to do so soon.
Irrespective of industry, there is the rapid adoption of digital strategies and an eventual shift in technology investments towards such transformation.
As the surveys show, 40 percent of technology investments, globally, have shifted towards digital transformation.
Supporting the DX demand, 65 percent of companies are ready for technology disruption in the next three years, and 87 percent of companies, in another survey, are confident about digital disruption.
While 60 percent of companies that already implemented digital transformation are developing new business models.
But for all this to happen and to see the complete digitally-transformed IT world, there needs a strong openness to ‘change’ in thought and organizational behavior.
As the surveys say, Digital transformation initiatives promise you:
- 40 percent more efficiency
- >30 percent faster time to market
- >30 percent ability to meet customer satisfaction
For these results, all you need to do is welcome the ‘change’ that’s waiting to offer you more success!
Why not? Step ahead, take help if required, and get on the next wave of business transformation!