Who Is the Industry Digital Transformation Leader?
Who is the industry digital transformation leader? All companies need it to survive and thrive. Find out how to adapt your business today.
Companies that meet three or more digital goals have revenue growth 9% above average. Digital transformation has clear benefits. But around 87% of companies surveyed have met less than three digital goals.
Where does your company fall in the spectrum? Are you a digital transformation leader or somewhere in the middle of the pack? How can you measure your digital performance?
Learn more about why being a digital transformation leader is so important. You’ll also see how your business can get there.
What Is Digital Transformation?
Digital transformation integrates digital technology into all areas of your business. It creates new business processes or modifies existing ones.
Digital transformation goes beyond business processes, though. It’s a fundamental change in how you operate and provide value to customers.
It changes your culture. Your company can challenge the status quo and experiment more freely.
Why Do You Need Digital Transformation?
Digital transformation helps you meet changing business and market requirements. You can anticipate the wants and needs of your stakeholders.
Digital transformation gives you the tools you need to adapt quickly. You can create more innovative solutions.
You can leverage digital transformation to see benefits across your organization.
Better Resilience and Agility
Digital transformation makes your business more resilient. The use of technologies like cloud computing gives you built-in redundancies and elasticity.
Your company also becomes more agile. You can scale up and down quickly based on changing circumstances. Better collaboration and streamlined processes let you create and implement new solutions faster.
You can adapt your business to meet the challenges of the modern marketplace.
Greater Efficiency and Productivity
Digital technologies speed up processes and streamline your operations. Optimized workflows and automation of manual tasks improve productivity. Integrated data throughout the organization helps personnel work more efficiently.
Cutting costs is often a primary motivation for digital transformation. You can lower expenses in several ways.
For example, moving data to the cloud lowers your operational costs. You spend less on hardware, software, and IT personnel.
Automation reduces the number of hours your employees spend on mundane tasks. Your personnel can focus on higher-value activities. Automation and other tools reduce errors, which saves you the time and expense of having to fix them.
Better Customer Experience
Digital transformation adds value to customer interaction. It improves the customer experience. You can reshape customer service.
Customers expect the same functionality from you as they get from top consumer sites. Digital transformation helps you give them a more seamless and intuitive experience.
Improved Data Collection and Analysis
Managing the full data lifecycle is one aspect of digital transformation gaining importance. Your company is probably already collecting large amounts of customer data.
Digital transformation provides a way to gather the right data. You can optimize how you use data for business intelligence.
Data-driven customer insights can help drive growth. You can create a more powerful business strategy.
Digital Transformation by Industry
Certain industries have emerged as digital transformation leaders. They’re getting the most benefit from what technology is capable of.
The consumer goods sector is one of the most successful at digital transformation. Increasing consumer pressure for better digital experiences may be part of the reason.
The technology and telecommunications sector, industrial goods, and financial services are other leaders.
These sectors are used by consumers with high expectations for their digital experience. Many tech companies are digital natives with new ways of working. They have fewer legacy IT systems.
Becoming a Digital Transformation Leader
No matter what sector your company is in, your digital transformation can succeed. You need ownership and accountability at all levels to support an integrated strategy.
Defining Your Strategy
Your strategy lays out the main goal of the digital transformation project. It should be tied to specific, quantifiable business outcomes.
A clearly-defined scope for your project helps you focus on your goals. You’re more likely to stay on track and avoid inefficiencies.
Getting Ownership and Accountability from Leaders
Leadership commitment and engagement are critical for the success of a digital transformation. In many companies, the CIO owns or sponsors digital transformation projects. The CEO is also frequently the digital transformation manager.
Leaders from the CEO through middle management need to have ownership and accountability. This includes enabling the most capable personnel to drive the transformation project.
Leaders need an agile mindset. They need to address problems quickly and promote behavioral change throughout the organization.
Getting Employee Accountability
IT plays an important role in driving your digital transformation strategy. However, everyone is responsible for implementing and adapting to the systemic changes.
Digital transformation can reshape workflows, job titles, and traditional business processes. These changes can inspire resistance from employees.
Leaders must be motivated to help everyone understand why the transformation is necessary. They should explain why it’s moving forward in a particular way.
Promote Accountability with ROI
One way to promote ownership in digital transformation is through quantifying ROI. You can tie the technology to key performance indicators.
Setting your initial digital transformation metrics in advance is important. All stakeholders start on the same page. You can incorporate business outcomes including:
- Strategic impacts, like revenue growth or time to market
- Operational impacts, like improvements in productivity and efficiency
- Cost impacts
Taking a holistic view of your transformation efforts is important. That way, an underperforming project doesn’t discourage focus on the overall goals. You maintain the necessary risk tolerance for a true digital transformation.
How to Measure Digital Transformation Performance and ROI
Measuring ROI can be difficult for digital transformation. It’s an ongoing and evolving project.
You don’t want to lag behind your competitors. But measuring performance also poses challenges.
Scoretize has an innovative solution to help you track your digital transformation performance. It also tracks ROI. You can see how your business compares to category and industry competitors.
Our platform uses technology like AI, machine learning, and web scraping. It measures your comprehensive marketing efficiency score.
You get a daily score that reports on your digital effectiveness and ROI. You can monitor competitors and improve your strategy based on data-driven insights.
This type of score-based solution can help you increase employee accountability. It can build ownership of your digital transformation across the organization.
Take Control of Your Digital Transformation
Digital transformation is critical for businesses in all industries. To become a digital transformation leader, you need strategic leadership. You need ownership from all employees.
The insights you gain from Scoretize help keep your digital transformation on track. 98% of our users continue their subscription after a free trial.
Sign up for your free trial today. See what a difference quantifying your digital performance can make.
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