Digital transformations are quickly accelerating in all industries across the world, with all companies re-branding themselves, and going through various changes in their business models as well as heavily investing in the latest and cutting edge digital technologies. This does not yield effective results all the time for all companies. In fact, there is abundant data that shows that a big number of transformation initiatives do not produce desired results for their companies, with total failures that take place frequently. Most business owners and leaders have started to approach digital transformations the same way they would if they were technology initiatives. Even if the transformation is enabled with technology, but companies have realised that unless the human dimension within the organization is understood properly, these initiatives will never succeed. When they change the transformations and turn them into talent driven ones, the results are almost always successful.
Digital Transformations are Iterative - Here is Why and HowDigital transformation initiatives are different from other technology implementations because the regilar implementations follow a waterfall, agile or another methodology, while on the other hand, the transformation initiatives have to go through four major stages in a predecided sequence. Each step readies the transformation process for the next iteration. The stages are as follows:
Leadership and Decision MakingThis stage is where all business owners and leaders decide on the vision of the transformation, its priorities, and all other concepts.
The Innovation of Business ModelsThe second stage involves various teams starting the process of the innovation of their business models, products or services among optimizing other business processes.
Reinventing Experiences and ProcessesBusiness and IT teams work together in this stage to bring about innovations in their products, services and processes to fruition, along with reinventing consumer experiences
Rolling Out the Final Digital TransformationThe business and IT teams launch all their transformed products, services, models and process. Then, they start measuring results which may be both good and bad.
- The more data-driven the approach towards digital transformation is, the higher the chances of achieving objective evaluations
- This will create a higher probability of success for digital transformation in the company