It is no longer enough to be online and available in the digital age. To stay relevant and competitive in a world that moves at breakneck speed, business owners must have a clear and distinct strategy for their company’s digital presence.
Based on Contino’s Europe digital transformation innovators’ report, digital transformation pioneers explain the need for digital transformation for business success.
Business Leaders With Successful Strategies For Digital Transformation
Fumbi spent two years as the Chief Information Officer of Adidas, based in Germany, before recently moving to the same post in BECU, a Seattle-based credit union.
Fumbi’s strategy is to keep up with the consumer by identifying their requirements, then developing goods to meet them while minimizing friction.
Using technology as an enabler to understand, anticipate and serve the customer is essential to her thinking. She achieved this by creating aligned incentives; focusing on desired behaviors, not just outputs; and empowering her team to make decisions.
The strategy has resulted in a more significant number of high-quality, more personalized, and more responsive goods being produced. The adaptability of the new system also allows Adidas to pivot, which is essential when the world is changing at such a rapid pace.
Fumbi has said, “Incentives determine if individuals and teams are pulling together or pushing against each other. Teams being compensated based on a common goal is an important cultural shift that needs to happen.
Stay humble. It’s a journey. There is no real success or failure”.
Dean is a Digital Transformation Leader and Blockchain Activist at BNP Paribas/Startup Accelerators in the USA.
Dean’s strategy focuses on paving the way for blockchain and artificial intelligence to work for society in the 21st century and believes that every business should think and work with ecosystems in mind, educate and have a vision for sustainability.
This is done by taking an agile approach to development, leveraging emerging technologies (such as blockchain), and building an ecosystem of partnerships with startups, technology providers, and other financial institutions.
“The future requires an integrated approach: combining business strategy, creativity, and technology to serve the planet and humanity,” said Dean.
Dean believes that by utilizing cutting-edge technology, businesses may transform society and, in doing so, better the lives of people everywhere. His work looks to impact the creation of these innovative technologies for the common good by encouraging companies to unlock the potential of the green and climate finance through blockchain technology.
At the time of the Contino report, Suren was the Director of Strategy and Innovation at Credit Suisse. He believed in creating a collaborative innovation ecosystem in financial services. To be successful, he interacted with the FinTech environment and developed connections at all levels.
He established an industry peer group to talk about the common issues they face and how they might be addressed on a larger scale as a means of promoting industry collaboration.
Suren explored the whole value chain, from front- to back-office, identifying opportunities for transformation, whether small changes to differentiate services in the market or larger ones to evolve business models.
Once these opportunities are identified, he specialised in embracing the innovation that FinTech partners can bring to the table to accelerate Credit Suisse’s transformation. The bank has collaborated with various FinTech firms to automate processes, monetize data and leverage the power of artificial intelligence and machine learning.
As part of the critical digital transformation success factors, Suren said that relationships must come first and that you need to bring the conversation into the wider ecosystem.
“It is the leaders and the innovators that will shape the next chapter of transformation, with advancing technology being a byproduct of those human relationships. Talk to your peers, see what they’re doing and see if there are common problems that can be shared and solved collaboratively cross-industry. “
The Importance Of A Clear And Distinct Strategy In Digital Transformation
The importance of a clear and distinct strategy in digital transformation cannot be overemphasized. In a world where new technologies and communication channels are cropping up every day, companies need to have clear goals in mind. Hence, they know how to allocate their resources accordingly.
For example, suppose your company’s social media presence isn’t performing as well as you would like it to be, maybe instead of spending more money on Facebook ads. In that case, you could buy a new camera and try filming your promotional videos instead.
By being clear about what they want to achieve with their marketing efforts, companies can allocate resources without worrying that they will be wasting time or money by trying different things out.
A clear strategy that is easy for everyone on your team to understand is essential for achieving digital transformation for your business.
Having a clear and distinct digital transformation strategy is essential for any business looking to succeed in today’s ever-changing online marketplace.
Developing A Clear And Distinct Strategy For Digital Transformation
Self-reflection And Analysis Of The Current Situation
The first step that companies should always undertake before embarking on any digital transformation efforts is self-reflection and an analysis of their marketing strategy, resources, and goals.
By taking this initial step, companies can get an accurate picture of where they currently stand and use that information to guide where they want to be in the next few months or years.
A comprehensive analysis includes reviewing current digital marketing channels, determining which ones you plan to keep for at least another year or two, and which ones you plan to retire.
It also includes an analysis of your company’s current social media following and engagement levels, as well as a review of the traffic coming to the website and conversions from each marketing channel.
Developing Goals That Are Both Achievable And Challenging
Another essential component of digital transformation is setting achievable and challenging goals. It is crucial to have goals that will push your company forward, but they should also be realistic, so you don’t become discouraged if you don’t meet them right away.
For example, one goal could be to increase website traffic by 50% in the next six months. This goal is challenging and will help your company grow, but it is also reasonable, so you don’t become frustrated if you don’t meet the plan right away.
This will keep morale high as everyone on your team is working towards the same goals, and it will also help you pace yourself when trying to accomplish them.
Once companies have analyzed their situation regarding what they currently have and where they want to be, the next step is developing clear goals for themselves.
Keeping An Eye On Your Competition And Adapting To Meet The Demand Of The Market
In addition to having a clear digital transformation strategy, it’s also vital for companies to keep an eye on what their competitors are doing and how customers are responding to those efforts. This is because they can use this information to gauge how their company needs to adapt to meet the demands of the market.
For example, suppose your competitors are doing a better job than you using Instagram and Snapchat as marketing platforms. At the same time, they have stagnated or even declined on Facebook and Twitter. In that case, it’s time for your company to begin shifting some of its focus onto those two platforms.
By continuously monitoring your market and adapting to meet the current demand, you will achieve digital transformation in a much shorter amount of time than if you were trying to force change upon yourself without any outside feedback.
Having a clear strategy is necessary for achieving digital transformation because it will help you determine where each of your marketing efforts is being most effective and what areas need improvement so that you can reach those challenging but realistic goals.
It’s also essential to have this information available in one place so everyone on your team can access it and stay up-to-date with the latest changes.
Once you have a clear strategy, update it regularly, as your company’s goals and objectives will likely change over time. This way, everyone is always working towards the same end goal, and there isn’t any confusion about what needs to be done to reach it.