Here’s the first part of your roadmap for digital transformation. As you may be aware, a growing number of executives are becoming aware of digital reality. You, too, have grasped the enormous promise of digital technology. That’s why you’ve come!
You can see how first-movers have a distinct edge. You’re also aware that digital has the potential to birth entirely new business models, potentially disrupting entire sectors. Those who are unable to adopt may be left behind.
However, such activities necessitate strategy, funding, and time. Fortunately, we’ve created a digital transformation strategy specifically for you. This is the first installment of the “Roadmap Series.”
Start by making digital transformation your priority. Also, recognize the need for everybody’s support, especially, the higher-ups. It’s not for the faint of heart, but CEOs need to recognize this.
Secure Senior Management Commitment
Yes, any transformation that lacks the commitment of the CEO and the leadership team would fail terribly. However, this does not exclude the CEO from approving a digital transition. Instead, he or she must clearly describe the initiative’s vision. As a result, CEOs will be able to demonstrate that digital is a key concern. Hold other leaders accountable at the same time, and make it more difficult to change direction.
Set Clear, Ambitious Targets
Investments need clear, ambitious aims to set sights on the correct level. This is beneficial on three levels.
To begin with, it underlines the massive potential of digital technology. People in the company must realize that previous methods of operation were incredibly wasteful. As a result, people might be more ready to join the initiative. You should also emphasize that DX is a must rather than a desire.
The time it takes to complete a task is reduced thanks to digital transformation. As a result, if an employee understands this, the transition will go more smoothly.
Second, establishing clear goals from the start eliminates backsliding when things are tough. Of course, tough times can’t be avoided. But, with the proper mindset, you’ll overcome those.
Finally, it enforces rigor in the process of determining which activities will have the greatest impact.
For digital transformation, significant investment is a no-brainer. You’re going to require a lot of money for this project.
Axa, a European insurance company, invested €950 million on the project in just two years. Over the next five years, organizations with outdated systems may need to triple their current IT spending.
Although such an investment may result in lower profits in the short term, profits will increase in the long run.
As a result, firms must invest money in both strengthening existing businesses and starting new ones.
For example, insurers will need to form alliances, establish a venture capital arm, or do both. Simultaneously, invest in innovation labs to build knowledge in new areas and stay ahead of the curve.
If you wish to start your own digital transformation journey, WalkMe is a terrific partner to have. WalkMe is a well-known automation platform that makes it possible for success to flow. So, go to WalkMe right now to get a better understanding of it.