Why Digital Transformation Strategy?
A true digital transformation strategy is less about acquiring new digital tools and more about using digital tools to build new business capabilities. As the lives of consumers and the market in general undergo unprecedented changes in the digital world, without a clearly defined digital strategy, your bottom line will suffer. You will mainly suffer from decreased efficiency in your overall operations and therefore decreased competitiveness in your market.
Setting up a well-defined digital strategy will help your organization to make the right decisions on investing in the right technology solutions. You can avoid ending up with solutions that are arbitrarily designed and implemented using a trial-and-error approaches. A well-defined digital strategy will eventually empower your enterprise to innovate.
Every function in your organisation becoming more and more dependent on digital tools. If every function is running its own digital silos, your enterprise will not be able to consolidate and optimize the activities. There have been instances in where two different departments of the same enterprise have worked with two different vendors to build the same digital tool.
Enterprise Digital Strategy
Your digital strategy impacts your enterprise. Therefore, the involvement of stakeholders from all departments of your enterprise is important in the formulation and execution of the strategy. With every department having unique needs, getting all the stakeholders on board with the strategy is not going to be an easy task.
Your digital strategy and your business strategy must work together for your enterprise to gain maximum advantage. Competitive advantage today is gained less from management of tangible assets like finance and more from how well enterprises manage intangible assets like knowledge, R&D, and IT to improve customer experience.
Tech Falcon's Approach to Digital Transformation
From our experience, we know that one plan doesn’t fit all. Which is why we work with a framework. Our Digital Transformation Framework consists of four phases.
Phase 1. Chart the Course of Your Journey
In this phase, your goal is to define your destination and chart out a roadmap. Knowing where you want to go is the best way to go there.
Phase 2. Power up Your Innovation Engine
Transformation is all about asking ‘How can we do it better?’ and finding out how to do it.
Phase 3. Accelerate By Doing More With Less
Productivity is eliminating uses of time which do not add business value.
Phase 4. Drive Decisions Using Data
Foresight is the disciplined exploration of alternative futures.