CIOs are at the forefront of business innovation and technological development. But as the volume of competitors rises, how will you ensure you’re on track to succeed?
In 2015, half of the total profit produced by public U.S. companies was split among 30 companies. Twenty years earlier, in 1995, 89 companies shared that 50 percent of the total profit. The dominators in the market are becoming stronger over time, leaving less room for competition.
These market leaders have the means to pursue digital transformation more than ever. And, there’s no reason for them to hold back. Companies across various market sectors are expecting that 47 percent of their revenue will be influenced by digital factors in 2020.
Today, without a solid digital strategy, it will be impossible for to stand out from — let alone keep pace with — the dominators.
Start with the following strategies to step up your digital transformation in 2019.
1. Align your change initiatives with strategic goals
Before pouring resources into a new software implementation, make sure that it’s capabilities align with your organization’s goals. If it doesn’t, it’s time to reevaluate your digital strategy.
Your digital transformation should be able to present tangible results to the organization. Company leadership across the board will want to see the output from all the effort (purchasing new software, training, onboarding, etc.), so find out how you will be measuring success. While digital transformation is an ongoing process, it should be results-oriented, with new milestones created along the way.
Once you have aligned your change initiatives with your strategic goals, don’t forget to develop a communication plan. You can strategize all you’d like, but the momentum will not extend past your office door if employees are unaware of the plan.
2. Empower your employees to be digital adopters
First communicate the plan to your employees, then give them the tools to achieve digital adoption and best support your digital transformation.
The greatest ideas about going digital might never see the light of day if your employees do not engage with your digital tools. Simply implementing a new software doesn’t mean that people will automatically transition into full-time users.
Instead, digital adoption means that employees have the tools and support to use software as it’s intended and to its fullest capabilities.
Encourage employees to engage with and adopt your new digital platforms and strategy. And, when they have feedback, listen and respond to it in a timely matter.
3. Embrace advanced technology
Think about some of the buzzwords that hover when diving into digital transformation: artificial intelligence, automation, virtual reality to name a few.
Despite the fact that these concepts have been discussed extensively for a while, their actual delivery is still quite new. The newness gives it an exciting edge that translates to a competitive advantage when you figure out how to implement them in your organization.
AI has the potential to contribute $15.7 trillion to the global economy by 2030, according to a report by PwC. AI increases your business’s internal productivity and external engagement by offering personalized experiences for every end-user.
To further save time and streamline your business processes, it’s worth your time to consider a second buzzword, “automation.”
The same way factories have streamlined goods production, automation streamlines your workforce’s manual tasks. We can expect over half of the activities we do for work to be automated by 2055. Find out what core processes you can automate in order to free time for your employees to focus on more strategic and value-driven work.
4. Use data and analytics to your advantage
A digital transformation overhaul in 2019 can sound daunting. But, using tools that are already at your disposal can make the idea a bit more approachable. Your own pre-existing data and analytics are strong, low-cost tools for digital transformation, assuming they are being gathered regardless.
Data creates personalization, which leads to stronger user engagement. Users are sometimes willing to pay more or even wait longer for a more individualized experience. 48 percent of consumers are comfortable waiting for a personalized product.
Use your data to help create these experiences for your customers and drive your digital transformation forward.