The following is a common question asked by Business executives and sponsors:
Why Should I Bother About Digital Transformation?
Digital Transformation is not the next big thing that every business should invest in. The question is how do you know if you should be thinking about investing in Digital Transformation for your business?
In this post, I am sharing five symptoms that may be affecting your business. If your business is experiencing these symptoms then invest time to seriously think about Digital Transformation:
Your competition has more mature digital capabilities to serve its customers. You are finding it challenging to acquire and retain customers due to a lack of digital capabilities. As a result, you are losing business and opportunities to the competition.
Due to manual information processing, it takes too long to do everything. As a result, there is a lack of transparency of information within the business. So, decision making is based on gut feel (not supported by analytics)
Your company is planning to pivot the Business model. You may require Digital Transformation to support the new Business model.
You want to proactively explore technology that can take your business to the next level. You see an opportunity in transforming the company by investing in technology.
You are aware that existing digital assets are aging and are complex to maintain. They may not support future business operations and growth.
Summary – Why Should I Bother About Digital Transformation?
Digital Transformation requires a long term commitment of time and investment. Therefore, you must undertake deep analysis before committing to the transformation. The above points are a few symptoms to assess. If you are experiencing them within your business then it is a good time to start thinking about Digital Transformation.