6 challenges that an effective digital transformation strategy should solve for Scaleups
In 2019 alone, businesses spent $2bn on digital projects. That's before Covid wakeup call. Research shows 70% of businesses have a Digital Transformation Strategy or are working on one. This is a race that is only getting faster. So how to make sure you have an effective Digital Transformation Strategy?
The age of digital chaos
With the fast evolution of technology, businesses now find themselves in a digital chaos. Software solutions are in abundance, yet businesses find themselves hungry for technologies that are enabling them to grow, stay ahead of the competition and develop their top talent.
And if you are a scaleup, time is working against you. The need to have an effective digital strategy is even more vital. As business leaders you need to lead with open eyes in the age of digital chaos and your strategy needs to have the answer to the following challenges.
1. Identifying the right problems to solve
Rushing into initiatives without objectively understanding the current state of the business and the impact of the choices in front of you, is a common challenge. It happens when you are trying to tackle all problems at once or a few of them in the wrong order, you are very likely to invest in the wrong areas.
2. Getting ahead of customer expectations
Technology changes and as it does it impacts what your customers expect from your business. To be an industry leader, you need to proactively assess and improve your customers' digital touch-points.
3. Increasing the capacity for innovation
Identifying areas of your business that can be transformed using technology can bring a massive advantage to you. Making sure the application of technology creates more time and space for your team to innovate, is a key success factor.
4. Attracting and retaining top talent
There is not much time before most of the talent pool are digital-first workforce. Your business needs to be digitally smart, so you are not only attracting the top talent but also retaining them. They need to see you as a destination for their career growth.
5. Increasing the effectiveness of your operations
Your business is wasting more than you think. You might have been able to absorb it so far, but with scaling plans, the waste will quickly get out of hand and become a blocker to growth.
6. Measure, measure, measure, then improve
Objectivity and data-driven decisions are what gets everyone behind your strategy. You can't improve what you don't measure. This is how you can create and maintain the right culture for effective digital transformation.
What is DiGence®?
DiGence® is a methodology, empowered by technology, for effective digital transformation. It focuses on deep understanding of the current state of your business. It creates insights into the biggest challenges and opportunities in front of you. It forecasts the impact of scale to your business. And it produces effective recommendations for your digital transformation journey. With DiGence® you can align your entire business from top to bottom and set the business up for success.
Want to learn more about DiGence®, visit here