In the span of just a few short years, digital transformation has gone from buzzword to best practice to baseline. No longer confined to Silicon Valley or corporate giants with bottomless pockets, digital transformation is now as critical to the longevity of a business as sound risk management or disciplined financial stewardship. The exigency of digital transformation isn’t hyperbole, but simple fact: 100% of middle market organizations have either developed or are planning to develop a digital transformation strategy.
But now that virtually every business is planning for digital transformation, the stakes are higher than ever. Simply adopting a digital transformation strategy is no guarantee of competitive advantage. Success depends on coming up with the right digital strategy and effectively executing it.
What does it take to turn digital transformation into real ROI? We’ve got it covered.
Organizations that embrace digital transformation have greater resiliency in the face of adversity—and a leg up on the competition that will enable them to recover faster and pivot from playing defense to chasing growth.
True digital disruption—the kind that marks lasting paradigm shifts in the predominant way things are done—is more than a technology story. It’s a virtuous circle in which technology innovation spawns changes in market and competitive dynamics, and vice versa. To stay on the right side of disruption, businesses need to anticipate the signals and adapt and reinvent themselves before disruption upends them.
Important Factors to Consider for Digital Transformation
At its core, digital transformation is the application of today’s digital advancements in technology to solve traditional business problems, as well as a tool to combat competitive pressures and economic headwinds. How that actually translates into strategy depends on a combination of internal and external factors that will vary from organization to organization.
Digital 3+1 Approach
Disruptive technologies like artificial intelligence robotic process automation, advanced analytics, and extended reality, among others, are enabling organizations to drive value in new ways, from powering new operational efficiencies to creating new sources of revenue.
Data is the foundation of digital transformation. More data equals more value—but only if that data is clean, accurate and accessible as part of an overall data governance strategy.
In the face of digital disruption, people are more essential, not less. To fully realize the value of their digital investments, organizations must give equal weight to enabling the people behind the technology.
Assess security and privacy risk at the onset of any new digital initiative to ensure strong controls are factored into the user experience from the very beginning.
Because the underlying value drivers and forces of market disruption are fundamentally different in every industry, so are the digital transformation strategies to remain competitive in the future.
See how digital transformation delivers real results with these real-world case studies.