Ask the right questions from the start
Lists of Technology Trends come out each year, like this one from Gartner for 2022 published in Forbes. But which belong in your digital strategy? Blockchain, metaverse, AI, cloud technology – all offer massive opportunities for new business. While it’s important to be aware of new technology, it’s most important to start with the right question, and it’s not “Which Technology?” Instead start with this one:
1) What role do we want to play in the market in 3 years, 5 years, 10 years?
Building a Holistic Strategy
After we answer this with a clear view of our goal, we can consider which technologies can move us toward that vision. Starting with this question, we create a strategy for the whole company, not just for a department, product line –or for a specific trending technology.
For a successful transformation, companies require a holistic strategy that incorporates digitalization in all areas. The strategy therefore derives from both the digital vision and the company‘s DNA. The next questions are:
2) What is our DNA?
3) And how do we transfer this into the (digital) future?
Questions for a Customer-centric Foundation
Specifically, this means translating the existing strengths and competencies, sustainable products and services for the customers of tomorrow.
4) What will our customers want?
5) Which problems can we help them solve going forward?
As is the case when building a house, the foundation must sustain the rest of the structure. In digital transformation, the foundation is the business model and the corporate culture. The pillars of the house form the strategic goals of the company, while everything under the roof is the digital vision. To achieve this, the market environment must be understood and current trends recognized. This way, a holistic strategy based on a solid foundation can be founded. Then we can choose the right technology.
How to implement successfully
Digital changes are still causing fear and uncertainty for many people. To remediate this, it is important that all team members are involved in the strategic process right from the start.
6) Have we clearly defined the individual elements of the strategy?
7) How will we communicate the elements transparently and often?
8) How can we make employees feel valued and a part of the strategy?
9) How will management make the strategy tangible and easy to understand for all?
Only when each employee has understood what the strategy means for them, what goals they are striving for and how to achieve these goals, can the strategy become a reality. In a successful digital business, every employee isn’t just a spoke in the wheel, but rather an important part of the big picture. The employees must know their roles within the holistic strategy, and feel valued for their work and contribution to it.
The development of a holistic strategy is, after all, a process that incorporates the topic of digitalization in all areas.
Think it through start to finish
In order to find and implement the correct business strategy for the digital transformation, it is important to thoroughly think through all necessary processes from start to end, and to clearly communicate them. The development of a holistic strategy is, after all, a process that incorporates the topic of digitalization in all areas.
Digital topics, including emerging technologies available to you, must therefore be considered at every stage of development. When they are relevant, they need to be integrated into the company‘s DNA. This does not mean that companies have to bend at their core, but rather focus on and develop the company‘s strengths. The motto here should be to stay true to oneself while making the most of digitalization opportunities.
For more on how to develop your digital strategy, download the Digital Fitness White Paper here: https://www.enable2grow.com/en/digital-transformation-challenges/