General Electric Company started a new business unit in 2015 with the aim of leveraging data for its in-house operations to be more technologically focused. In spite of huge investments and skilled resources, the model failed. Additionally, the company had to show performance updates and profit-loss statements that limited its growth and the stocks toppled with its CEO consequently having to leave.
We all are aware that the need to adapt to digital technologies is becoming absolutely necessary for businesses in order to keep up with both customer expectations and growing competition. So, while digital transformation has become imperative, executing the extensive process can be challenging at every phase of its implementation. To successfully maneuver through this and find clarity in chaos, a digital transformation framework acts as a guide and helps an organization build a roadmap while undertaking this journey.
Only 34% of companies have started the digital transformation process with defined programs so far.
Moreover, a significant proportion of businesses hold no intention of executing the process. One of the probable reasons could be that they feel overwhelmed by the enormity of the operation. An effective digital transformation framework simplifies the approach and helps organizations evolve in a structured and efficient manner.
F.O.C.U.S. by Net Solutions
Net Solutions’ Digital Transformation Framework offers enterprises a guide to ensure that the digital transformation is holistic and cohesive at all stages. It incorporates all areas and teams within the business and helps understand the extensive areas that need to be looked at during this metamorphosis.
The following points highlight the broader areas within the Net Solutions’ F.O.C.U.S. framework that are essential for a plain sailing transformation.
1. Formation of Connected Platforms
Businesses today need robust platforms while undergoing the digital transformation journey to be able to offer a seamless experience across all customer touchpoints. A platform such as CMS, for instance, helps in managing the overall digital experience spanning across various channels including mails, apps, social media and so on.
Also, many enterprises continue to conform to conventional practices of doing business that ignore the importance of data and analytics which are the two key accelerators of any organization’s efforts to digitally transform. Net Solutions F.O.C.U.S. framework stresses on the importance of this cultural shift of connecting various channels to deliver an agile and seamless experience.
A report by Google states that 85% of digital consumers start the purchasing workflow on one device yet finish it on another.
2. Operational Agility
Digital transformation cannot be achieved by a single team or through a rigid or inflexible plan of action for that matter. Operational agility is extremely essential since it helps solve digital transformation challenges collectively with the constant communication, regular collaboration, and continuous feedback.
In addition to letting teams work on short but productive sprints, the agile estimation approach offers the advantage of learning and sharing knowledge at every step of the project. Also, since agile processes are all about flexibility, it opens doors to experimenting and switching to the most ideal solution during the various stages of product development.
A study reveals that 68% of companies identified ‘building agile business through digital transformation’ as one of their most important initiatives of digital transformation.
3. Culture and Leadership
An organizational vision and leadership commitment are the defining factors for any company’s digital transformation. Organizations often start their digital transformation journey without a comprehensive and strategic approach, leading to undesired challenges along the way.
Many a time there is a clear gap between how the higher management perceives a process and the way managers execute it. This pitfall can be avoided by building a collective vision and ensuring proper distribution of ownership and tasks. The F.O.C.U.S. digital transformation framework effectively delves into the different areas pertaining to culture and leadership.
“Treating employees benevolently shouldn’t be viewed as an added cost that cuts into profits, but as a powerful energizer that can grow the enterprise into something far greater than one leader could envision.” – Howard Schultz, Chairman and CEO, Starbucks
4. Unified Digital Technology
Implementing the right technologies helps in delivering a continuous digital experience throughout the journey of a customer and regularizing their activity, end-to-end. Organizations often collaborate with technology partners who help them meet their business goals by efficiently laying out a digital transformation strategy.
Some of the emerging technologies and tools that can be deployed for this transformation include digital apps, robotics, artificial intelligence, chatbots, Internet of Things (IoT), customer data and analytics.
Research indicates that CEOs see cloud computing as the second-biggest technology trend (after the Internet of Things) that will significantly impact their business in the coming years.
5. Seamless Customer Experience
Digital Transformation requires businesses to deliver an exceptional experience to their users at every step of their journey. Enabling this can include scrutinizing the multiple engagement points such as transaction history, demographics, support issues/complaints, product purchases, etc to be able to keep the experience customized and consistent.
Parallelly, their experience is also the sum of the interactions spanning across several online social channels as well as offline stores. Therefore, ensuring a great customer experience requires a holistic approach that utilizes modern technology and innovation to continuously surpass customer expectations.
A research by Gartner indicates that two-thirds of all customer experience initiatives will use IT by 2022, a jump from half in 2017.
Any transformation in an organization is a complicated process. Nevertheless, it promises huge benefits for the business. Organizations are able to work on innovative ways of building and personalizing customer experiences, developing interesting services and eventually disrupting the market. Organizations that have been able to successfully transform, tend to lead the market and are the customers’ most preferred choice.
The Net Solutions’ F.O.C.U.S. Digital Transformation Framework endeavors to help organizations that are willing to embark on the journey that aims at putting customers at the forefront of their business. The factors mentioned above in the article give an insight into the most relevant parts that matter during digital transformation. The framework is an ideal answer for anyone wanting to know from where to start. And for when to start, the answer is now.