Everywhere you look, companies are announcing plans to undergo digital business transformations. The problem they are facing, however, is deciding where to start.
A recent study by Gartner found that 66% of leaders have plans for a digital transformation, but only 11% are actually able to achieve it at scale. And the reason for these poor results? A whopping 57% of organizations are struggling to find a starting point for their transformation. If you happen to be one of these organizations, keep reading for the top 4 things to consider when starting a digital transformation.
A good place to start your digital transformation is to build initiatives that focus on changing your operating model. But what does being more connected actually mean? Well, for starters, one of the main ways that companies are getting more connected is by making their data more available and transparent across their entire digital ecosystem. This will actually help you make money in new ways. For example, you can gather and use that data to create new revenue-generating services.
Being more connected will help your organization cross the threshold of your transformation to enable you, your suppliers, partners, and customers to work more closely together, and improve value throughout your business.
Automation tends to overlap with all the other starting points, but it will truly help you reinvent the way that value is delivered. For example, with automation tools, data can flow in real-time and be automatically updated across your entire digital ecosystem.
This not only greatly improves productivity, but can also enable you to understand your audience and thus deliver more value to your customers. This tends to be a great starting point for organizations as it helps decrease cost, reduce time to value, and change the way you engage with your customers.
While the first two steps are focused on improving your operating model, this one will help you change your business model completely. For example, by utilizing the right tools and technology, you will be able to empower your partners and customers to create value for themselves, which will multiply your business's potential.
But what does this actually mean?
Instead of you proving to your partners and customers the benefits of working with you, you are providing them with the tools so they can easily discover this for themselves. Not only that, but this also enables you to provide a self-serve model throughout your business, so you can focus your resources on improving your services and offerings.
This last step is key, as it will help you focus on changing both your business and operating models. Simply by utilizing others to help create and deliver the value to your business. For example, instead of using your own resources to build tools that would help bring value, you can outsource and have experts do it for you, so you can focus on what you do best.
One great tool that would help you achieve this, is a CIAM solution. These platforms are a huge help in regards to helping you manage and secure you customers' data and identities. And another great thing about them? The newer platforms are completely cloud-based and are managed for you. Meaning the potential for the value it could bring to you are endless.
Curious about what value this could bring you? Check out these resources to learn more.