“Building a strategy for a solid digital core” Rahul Maheshwary, CEO
Digital Transformation or DT is popular term right now. Some people think it’s just transitioning paper documents to an electronic format or changing manual processes to digital workflows. But after 20 years as a chief digital officer and digital consultant, I can tell you that DT is much more than that.
I’m CEO of Captivix, a leading digital transformation firm that helps companies become more successful by using digital technologies. We’ve worked with dozens of companies to transform their businesses using a proven framework that you can find out more about in our video series. Building a strategy is the first part of a DT transformation and you can find our unique approach by watching this video series.
Digital Transformation is Business Transformation
The first thing you’ll learn about DT is about how many companies fail at it. A recent Tech Pro Research survey found that 70% of respondents said that their companies either have a digital transformation strategy in place or are working on one. But according to a recent Forbes article, 84% of organizations fail in the digital transformation efforts. Why does this happen?
In my experience, people fail at DT not because of a lack of desire, but because of a lack of strategy and a supporting framework. Your DT efforts are designed to build a new foundation for the future, not to rescue, improve, or rebuild an old one. As the name implies, you will have to digitally transform your business with the goal of building a solid digital core for the future.
But transformation means change. Companies don’t always embrace change and it can be even harder for employees and stakeholders to grasp the magnitude of uncertainty that DT can bring. Companies aren’t just implementing new software and processes, but revolutionizing how they do business. Unless you’re prepared for business transformation, your DT efforts may not be successful.
The #1 question you must answer
Your DT strategy will be closely intertwined with your business strategy. That means to develop a solid digital core, you’ll need to define the core competency that drives your business. What is your core competency – and will it change as your DT initiatives proceed? Your leadership must answer this question:
What capability or advantage do you have that distinguishes you in your industry?
Once you’ve answered that question, you’ll be able to define the digital core you need to execute upon your unique advantage. Your digital core will transform your business, but must be aligned with your core competency for your DT efforts to be successful.
When clients truly understand their core competency, they can clearly articulate the digital requirements they need. We’ve worked with clients who are experts in their unique industries, from gloves for heavy industry, to high end fashion fabrics and Fortune 100 financial service firms. They understand their core competencies and what they must do to reach their ideal client base.
Your Digital Transformation Mantra
As I explained, your DT strategy is based on your business strategy that supports your core competency. Once you define it, repeat it, share it, and make sure everyone in your organization knows it. Keep it simple so you (and your staff) can remember it and repeat it. If you’re not sure where to start, fill in the blanks below and create your own mantra.
- We make “X” so that our customers can do “Y”.
- Our customers buy from us because ________.
- Our product/service helps people do _______ better/faster/cheaper than _______.
Be creative, but keep it simple and memorable. Your mantra will transform your company and form the basis of your solid digital core for future success.
Captivix helps leading companies execute successful digital transformation strategies, providing expertise in ERP, Mobile, eCommerce, Web, and Data Intelligence. Our SPEC framework helps business leaders digitally transform their business using proven strategies. For more information on how you can use this framework for digital transformation, by watching our video series.