Why Digital Transformation Isn’t One-Size-Fits-All and How to Customize It, Tim Hughes

No two companies are exactly alike. Neither are two digital transformations.

According to this article

"Organizations will spend an estimated $2.3 trillion per year on digital transformations by the middle of the decade, but they will spend it in drastically different ways.

Therefore, while it can be tempting to follow the lead of others (especially into the digital unknown), doing so can easily guide digital transformation in the wrong direction."

Here at DLA Ignite, we provide a one day strategy session, which breaks down as follows

1. We share, how the world has changed via a zoom (or teams) session and the sort of answers our clients have come up with. This is about inspiring and getting the team up-to-speed in matters of a digital nature.

2. Next we run an online questionnaire, where people plot the "as is" position within your business.

3. We then run a brainstorming session, where we take you through the "as is" position, plot out a "to be" digital business environment and then the blockers that will stop you getting there. The blockers can be people, processes or technology based.

The business then gets a documented strategy on how they can move forward with digital, it is this that a business can use to have digital leadership within your business.

What are the benefits of this

Let's go back to the article

"1. Map stakeholder expectations.

Digital transformation may have one overarching agenda (update technology, gain experience, etc.), but it doesn’t have to be single-minded.

Speaking to different stakeholders across departments and levels of leadership can help uncover what people want (and don’t want) from digital transformation.

Recording and then mapping these expectations helps whatever strategy gets put into action have the biggest impact possible.

2. Plan long-term.

Regardless of whether a company needs to focus on technology, strategy, or experience, it will need to address all three during the course of a comprehensive digital transformation.

It’s unrealistic to think any aspect is “transformation-ready” on its own.

Furthermore, updating one affects another (adding new tech requires a rethink of the business model, for instance).

A long-term plan will identify the highest priority and dedicate resources accordingly without neglecting other areas.

3. Keep changing.

Here’s one way that digital transformation is equal across companies: It’s never complete."

Why do we do this?

One size does not fit all

For a successful transformation, a cookie cutter approach is not the way a business will get the most value from a digital transformation.

The best strategy for the board

Understanding that all digital transformations are not created equal is the unfortunate reality for most Board. We all know that budget needs to be spent, but we also need to get results. All Boards face mounting pressure to make progress on this issue and show results; how many digital transformation projects have you read about where no results are achieved?

It would help them to follow a proven playbook — but that doesn’t exist.

There was a time when playbooks probably existed, but with the changes that have taken place under Covid, no company, industry, geography is the same.

Time and Money

To make matters more difficult, digital transformation must happen while daily operations continue running as normal. That means the Board have to fight for funding on top of their typical budgets and they must find time to handle new responsibilities without neglecting their old ones.

A Holistic View

Back to this article..

"The Board must also think in terms that go beyond cost-efficiency.

It’s easy to justify digital transformation initiatives that offset their own costs, but those are just cost-neutral — and not necessarily beneficial.

A better approach takes a holistic view of ROI and prioritizes whatever initiatives deliver the highest value, even if that means spending a little more upfront."

Back to the article...

"The Necessary Evolution

Another factor to consider is the dynamic role of people and processes in digital transformation in addition to technology.

Full transformation isn’t complete until every part of the company evolves — from the C-suite downward, and from the sales outward."

What can we learn in conclusion?

Let's go back to the article...

"From now on, companies will need to constantly evaluate their technology, strategy, and experience level for signs that things are falling behind.

Digital transformation will be a key competitive differentiator. Some companies will use it to surge ahead; others will neglect it and suffer the consequences. Once again, every company will need to evolve and adapt in different ways moving forward. That said, no company can afford to call the process complete and end there. It’s time to stop thinking of digital transformation as a shared experience that companies are going through collectively.

On the contrary, every transformation is unique in its own way.

The more that leadership teams blaze their own trails, the better."

So who's social selling?

In case you missed it, the Bank of America’s Merrill Lynch have banned cold calling and have moved all their people to social selling. This isn't some trendy tech company that might have decided to do this on a whim, this is a very conservative financial services company that has made a decision based on data.

But surely cold calling has a better ROI than social selling? Not according to Merrill Lynch.

"They will also be encouraged to contact prospects over LinkedIn, which has a higher hit rate than cold calling"

The CRO (chief revenue officer), Richard Eltham of Namos Solutions, of one of clients posted a comment on LinkedIn about social selling. See here.

“Social selling is not an option now it is the way of the world and you either learn and execute it or fear getting left behind”

Kevin Murray who is the Head of Sales at MacArtney Underwater Technology recently posted about his success with social selling here and wrote an article about the transformation that has happened in sales here.

Other articles you might be interested in ....

Organizations will spend an estimated $2.3 trillion per year on digital transformations by the middle of the decade, but they will spend it in drastically different ways.

https://readwrite.com/2021/08/27/why-digital-transformation-isnt-one-size-fits-all-and-how-to-customize-it/