Companies know that digital transformation is essential. Questions we often hear include "How should I start?" "Where do I start?" and "How can I fund this transformation?" Here are six action steps that help answer those questions and make change possible:
- View it as business transformation. Customers should be top of mind in any transformation. Companies should start by identifying the key friction points that customers may be facing—whether in equipment sales, parts, service or elsewhere. Companies across industries are embarking on large-scale transformations as dramatic market shifts drive reinvention.
- Develop your strategy and organizational change. A clear vision, an integrated approach and a focus on value are key to any transformation. Having the right transformation strategy and workplace—typically called a transformation office—is critical for all stakeholders.
- Break down barriers to change. Focusing on customer challenges enables the breakdown of functional silos. It generally takes multiple functions to share information and solve for a quality customer experience.
- Cultivate your partner ecosystem. Our study in the high-tech and software segment found that 89% of partners are looking for new sources of growth and operational effectiveness.
- Adopt an agile approach. Agility is the key to any transformation. Fostering it starts with creating a business culture in which experimentation is encouraged and innovative ideas can flourish.
- Fund it as an investment. Funding digital transformation is a complex process that is best approached one step at a time. In the short term, start with an end-to-end view of digital opportunities and requirements across the customer journey. From there, choose a challenge that fits your desired investment and payoff opportunity. By doing these things, organizations can self-fund innovation, optimize technology investments and remove roadblocks to change.
