Is Your Company Prepared for Digital Transformation?

Compiled By; Rachael Kendi K -MPRSK

While digital technology is enabling whole new methods of doing business, some businesses fall short of their goals and instead focus on enhancing old ones.

Consider a few questions that go beyond "what skills do I need" or "how much money is necessary" when you invest in technology to navigate your own digital transformation.

Tasking a small team to rebuild your firm to evaluate how technology might progress your core business is a proven starting point. A word of caution: many businesses strive for digital transformation but end up with digital upgrades, which are essentially employing digital technology to improve the efficiency or effectiveness of something that already exists (sorely falling short of the desired outcome).

It is critical to understand that digital transformation occurs when digital technology is utilized to change the way you operate, particularly in terms of customer interactions and value creation.

If you discover that you are embarking on an upgrade rather than a transformation, consider if this will be adequate to retain competitiveness.

When organizing your IT team for a digitization initiative, consider this:

In general, a digital update need a well-defined team with a limited scope.

And digital transformation requires a team with a cross-functional mandate and strong support. Where the team “sits,” both physically and on the organizational chart?can have an impact on their capacity to influence the cross-functional groups that are essential to true digital transformation.

Finally, the most crucial question:

How will you measure value?

It is important to note that digital transformation activities may not necessarily have an effect on the KPIs that a firm already measures. Naturally, the ultimate purpose of a change is to quantify revenue, profitability, and investor value. Yet, along the way, it is critical to identify and track early signs of your initiative's progress.

COSEKE knows what it takes to effectively change organizations by Capturing, Managing, Sharing, and Preserving their information assets in ways that decrease overhead and significantly enhance operational efficiency.

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