Calling the “digital transformation” a buzzword doesn’t begin to do it justice. Far from a fleeting trend, the shift toward digital is shaping the business landscape more and more with each passing day. Back in 2015, 46% of executives in a landmark Forrester study predicted that digital would impact more than half their sales by 2020. But given today’s landscape—where “digital first” is rapidly becoming “digital only”—that prediction feels like an understatement. B2B companies that lead in digital drive 5X more revenue than their competitors.
Simply put, organizations that don’t evolve with the digital landscape will be left behind. But without an expert partner to lead the way, adopting a digital-focused strategy is often easier said than done.
A Forbes article famously claimed that 84% of companies fail at digital transformation. And in one recent study, 89% of organizations planned to adopt a digital-first business strategy. How many have fully adopted it? Less than half, or 44%. Going digital brings many challenges, and enterprises echo consistent pitfalls: resistance to change, a lack of understanding about the digital customer journey, rigid technology, the inability to gather and analyze data, and legacy business models that serve as a handcuff rather than a tool for innovation.
Where does my organization fall on the digital transformation spectrum? How do I ensure I stay competitive in today’s rapidly evolving business landscape? Our savvy clients come to us with important questions, and we’ve developed the following digital transformation guide to connect them with answers that drive action.
The stages of digital transformation
Digital transformation is a process—and a daunting one at that. But like any other business strategy, clear steps and benchmarks will help you assess exactly where you stand. We assess an organization’s level of digital transformation on a scale ranging from “rigid” to “fluid,” with a key focus on moving our clients from merely experimenting with digital to moving the needle.
How to tell if this is you: Your organization continues to operate with legacy systems and processes both internally and externally. You acknowledge the fluid digital marketplace but have not given much thought to your place within it.
How to get to the next level: Dig into the tactics and strategies of your digital-focused competitors. Then, engage key members of your team in a larger conversation about where your market is headed and what digital strategies are driving that forward movement.
How to tell if this is you: You’re regularly engaging in the “digital” dialogue, experimenting with digital touchpoints within the workplace and among external teams. You have many creative ideas but have not yet implemented them in a deliberate way.
How to get to the next level: Talk to OBT about how we can help your organization transform ideas into a concrete strategy that moves you toward fluidity.
How to tell if this is you: Your organization is beginning to accept and embrace the new digital marketplace, and execution is happening in a more sophisticated way. You have enlisted digital transformation experts to lead you through three key processes: planning and design; deployment and integration; and network and data migration.
How to get to the next level: Once data and migration are complete, begin shifting toward strategic integration and collaboration.
How to tell if this is you: The teams and other groups within your organization recognize the power of collaboration. You’re actively compounding the impact of your digital efforts by sharing knowledge, integrating systems and finding new ways to enhance collaboration.
How to get to the next level: Focus your efforts on laying a foundation that makes your progress sustainable.
How to tell if this is you: You’ve formed a team dedicated to creating and facilitating your digital future. You actively train and empower this team to shape systems, roles and processes that give your digital transformation staying power.
How to get to the next level: Set your sights on innovation and prioritize “what’s next.”
How to tell if this is you: Your organization has a thriving culture of innovation and adaptation. Your executives and other key stakeholders understand that in order to achieve success, evolution is necessary and change is constant.
Reaching fluidity is no small feat, but it doesn’t mean you can sit back and run on autopilot. The digital world is continually evolving in terms of legislation, technology, tactics and user experience, with no signs of slowing down any time soon. The organizations that gain an edge—and keep it—invest in partnerships and systems focused as much on the future as the short-term.
No matter your stage in the digital transformation process, OBT is ready to help you achieve a strategy that delivers a sustainable competitive edge. Reach out to our experts today to discover powerful ways to drive lasting digital innovation in your organization.