When clients come to ask for help to improve their digital transformation, it’s not so much that they want Digital Transformation, they want business improvement which often means increased performance metrics and the opportunity to grab more profit.
In essence, they want some of our special sauce that helps them prime the business for success, to move faster to value, saving time and money, and tipping the balance of success in their favour.
Change is risky, difficult, emotional and failure intensive. Statistics and stories tell us that we think we are good at leading change, but actually, we aren’t. Or rather, we aren’t as good or capable as we hope we are. Many websites still note that ‘80% of change fails’, whilst others state that failure rates or digital transformations can range from 50% to 84%. Prior to covid, McKinsey suggested ‘that around 70% of digital transformations fail to reach their stated goals.’
Our job is to greatly increase the likelihood of your success, move more quickly, sustainably and become better at leading change, therefore developing change as a skill within the business.
Let’s look at two Elements of Digital Transformation: Profit and Speed.
Speed is both about moving faster to value in digital change or transformation, and improving the speed of business itself.
Digital transformation can, as we all know, significantly improve speed in business operations by leveraging technology to streamline processes, enhance decision-making and fostering an environment for innovation.
It can improve the speed and quality of service for clients, staff productivity, supply chain
management and marketing. By integrating appropriate digital transformation strategies, businesses can significantly increase their operational speed, agility and overall efficiency, leading to enhanced competitiveness and the ability to quickly adapt to market changes and customer demands.
Improving the speed of delivering digital transformation involves thoughtful strategic planning, use of agile methodologies, effective communication, leveraging the right technologies and engaging people – clients, staff and service providers.
When it comes to digital transformation, never underestimate the people elements. Even in this technology-filled world of instant connection and access, it’s people who drive change or slow it down.
To better deliver any change or transformation, we need to define the future value and vision, ensure the strategy aligns with the business, and agree objectives, with goals and milestones. Engaging people maybe your greatest challenge and triumph.
Change often requires skills and knowledge development, training and coaching. You may need to check-in on Culture to ascertain if the culture supports change and innovation. In a large project we did last year with a client, we identified specific culture elements that were significant hurdles to delivering the transformation, and could therefore be attended to.
There are plenty of process matters and technology challenges and opportunities to consider in improving speed and efficiencies in the project, such as the adoption of agile methodologies like Scrum and Kanban. Leveraging technology and automation, such as cloud computing and DevOps practices to streamline workflows, automate testing and accelerate deployment cycles. AI and machine learning can help to automate processes and gain insights that can drive faster decision-making.
Digital transformation can significantly improve profitability in business by enhancing efficiency, reducing costs, creating new revenue streams and improving customer satisfaction. These benefits include the likes of improved operational efficiency by automating repetitive tasks, reducing bottlenecks and improving turnaround times.
There is savings to be had in reduced overheads, reduced infrastructure and energy saving through smart technologies and optimising supply chain.
Increased profitability can be found through better marketing and sales, improved customer service and satisfaction, new revenue streams and service innovation.
By incorporating these aspects of digital transformation, you can improve profitability through cost savings, increased revenue and enhanced customer.
In addition, our job, in helping you move faster to the cost savings and improvements, also improves the economics of the change. Therefore, our work will help saved money in the process and help you move faster to earning more through the digital transformation in the business.
If the change process takes too long, as they often do, costs rise, interest wains, opportunities are missed, staff leave, there can be brand damage, loss of clients and contracts.
Change is often difficult, risky and emotional. And one of the keys to successful change is to identify, understand and mitigate potential hurdles that might slow or derail change. This puts management on the front foot and gives time to re-focus attention and resources where they are most needed in order to mitigate hurdles and exploit the opportunities arising quickly and precisely.
Our EXACT process offers five clear steps to help you move faster and more efficiently to value. We take into account both the science and emotions of change, and better enable you to move along your journey more efficiently and effectively, thereby improving both Speed and Profit.
In summary, digital transformation can be a powerful driver of speed and profit for businesses. By strategically planning, leveraging the right technologies, and focusing on the human elements of change, you can significantly enhance your business’s performance and profitability. Our expertise is here to guide you through this journey.
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