The business world has been digitally evolving for some time. And every industry needs a plan to stay ahead of the competition. From cars to communication, medicine to manufacturing, food to finance. Having a digital transformation strategy is a must. It allows you to not only adapt quickly to situations but deliver a more personalised service and engagement with your customers.
But how do you go about making these changes? Our Chief Strategy and Transformation Officer here at BT, Michael Sherman, recently sat down to chat through his thoughts. We’ve pulled out some of the hints and tips he recommends from his interview with the Business Reporter. It’s time to get your business on the digital transformation track.
"A lot of businesses have been around for a while. Their brands, services and products are well known and respected by consumers. Having a historical success rate is great – but it often means the technology being used behind the scenes is as old as the business itself. And in order to evolve and grow with the market, this tech needs to be updated. Having legacy tech may work for you now – but it’s time to think about the long term. Will it still be up to the job in five years’ time? You may begin to fall behind the competition – and nobody wants that. Technology is often the foundation of a business – but it needs to be invested in and nurtured to drive the transformation."
It’s time to make sure you have the right technology and services to deliver a digital experience for your customers.
Culture is key
"The mindset of the past has often been – how can we get people to do more of the work? But times have changed. We no longer need to rely so heavily on human interactions thanks to the ever-evolving digital world."
We now need to focus on how we can use technology to drive better outcomes. This comes with a change in mindset. A cultural shift is needed in how the business actually operates.
"Everyone in the company should be digitally savvy, digitally native and digitally trained. But they’ll need support. Try to find the right coaches to suit your business. Their training will allow your transformation journey to flow easily through every layer. People need to understand the new way of working – and an immersive experience will help them reach their potential. There’ll always be mistakes along the way – but it allows room to experiment, try things out and lets new ideas flourish."
"Businesses a little older than others, often have processes in place that’ve been there for decades. They’ve worked for years – so why change them? The old saying ‘if it isn’t broken, don’t fix it’ comes to mind.
But that isn’t how the world of business works. Before, processes dealt with the complexity of technology. But now, the digital technology we have allows us to be efficient and effective. Processes need to be in place to support the tech – allowing your employees to work seamlessly."
We all need a helping hand
"A lot of us are in the same boat. We’re all trying to navigate our own digital transformation journey and evolve where necessary. So, try to open your business up to seeking advice from others in your line of work. They can give hints and tips as to what’s worked and what hasn’t in their own experiences. We regularly share insights with other big telecoms companies – they’re always willing to lend us a hand.
It’s good to look at others. Whose digital engagement model is working brilliantly? And what affect does this have on revenues, profit and employee productivity? Use these businesses as a benchmark to drive your transformation. It’ll allow you to see what’s going well for you, and some of the challenges you’ve faced along the way."
Measuring the magic
It’s important when driving your digital transformation strategy to define your ROI.
- A good metric to use is your customer NPS score. Do they feel engaged?
- Are your digital customer facing services fast enough? People expect things quickly thanks to businesses like Uber and Amazon. So how far are you from immediately providing your services to your customers?
- Check in regularly with your employees. They’re the ones who can say if it’s easy or difficult to do things. A successful digital transformation strategy should allow things to be done with ease.
We can help you start your journey. Get in touch to start planning your digital transformation strategy today. Be ready for the future.