Digital business is changing the way organizations use technology, moving it from a supporting role to a leading player in innovation and productivity. It represents a revolution; the digital revolution, an essential switch that can transform companies greatly.
According to the International Data Corporation (IDC) Worldwide Semiannual Digital Transformation Spending Guide, digital spending will reach almost $2 trillion by 2022 with companies allocating 10% of their revenue to digital strategies. This figures show us that companies are recognizing the relevance of digital transformation.
Everyone wants and needs to go digital. But which way to go? We have identified six critical steps that will help managers to build an outstanding digital enterprise.
- Digitize your operations
Businesses who have not embraced automation, cloud computing, and mobile enablement will not be able to remain relevant in this ever changing marketplace. By implementing digitization strategists, companies can improve accessibility and facilitate better information exchange for staff and users and increase efficiency and productivity. Digitisation can give your business a competitive advantage and improving the efficiency of processes and quality.
- Create the right mindset
To set up a successful digital business, business leaders must think of technology in a proactive way and focusing on competitive advantage. Companies must identify the resources they need to create an ecosystem that can help developing successful projects. For that reason, it is fundamental to develop an experimental mindset. Bear in mind that digital business should not be considered an IT program and should instead become an enterprise mindset with digital expertise spread across the organization.
- Define digital business roles
Digital business does not only involve implementing and using technology. Actually, many organizations do not have the right roles to face new digital business challenges. To become a successful digital enterprise, HR executives and managers must rethink their quest for talent, opening new approaches that can widen access to talented people. There are 3 roles that have become essential in this digitalized era which are the digital strategist, the digital marketing leader and the digital business unit leader. These roles are likely to be around for the next five to 10 years.
- Create a digital business strategy
A digital business strategy is a plan for maximizing the benefits of technology-focused initiatives that will help you to analyse and reach your business objectives whilst measuring your successes and failures. To implement a successful one, you need a cross-functional team with executive leadership, marketing and information technology (IT) members. We suggest to keep in mind these elements that should be included in any digital business strategy which are: people with new skills; new digital business models; the product and service portfolio; information as an asset; digital business technologies; and content, media and channels.
- Develop the team and knowledge to execute the strategy
Digital business is not an IT program but an enterprise mindset. Underestimating the expertise and competence required to develop a digital business can have negative consequences. To succeed, digital business initiatives need to count with the appropriate workforce and they need to constantly stay up with the latest developments.
- Create new digital business channels
Companies should launch innovative learning programs, use the new technologies in order to distribute the work more effectively and develop channels. Before you select the most suitable channels for your industry, you should be able to identify the best digital tools available and familiarize yourself with all the channels available.
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