Have you been riding the massive wave of digital transformation, or do you feel like it’s crashing on top of you? Maybe you feel like it’s a buzzword that shows up in your social media feeds but isn’t applicable to your business or industry.
All the research indicates that digital transformation is the key to success in today’s business world.
Here’s a question that you’ve possibly never thought of before and never answered. Ready for it? Okay. Question: Do you have a digital transformation doctrine?
That’s right. A Digital Transformation Doctrine (DTD). Do you have one? Have you thought of creating one? Let’s discuss why it might be the best thing for your business.
First off, define which technologies your business needs to implement. Now diagram in what order you need them. It’s different for different industries, so yours will be unique. What about your competitors? Write down what areas they stand out in. Now write down where you think you have weaknesses. Finally put it all together in a succinct mission statement. You’ve got it.
Armed with your DTD, you are better prepared for what is guaranteed to hit you if it hasn’t already: disruptive transformation.
Has your business felt the impact of social, mobile, analytics, cloud, and the internet of things? What about cyber security. These digital technologies can be addressed by your DTD. Implement them in line with what you’ve written out. Get these right, and you have the best foundation for technologies to come.
What’s to come? Some have used the term, “hyper-digital transformation.” It’s driven by new tech such as telepresence, AI, robots, wearables, digital currency, and the sharing economy. For your business, it matters as it can create an inability to transform to online or in the mobile sphere, which has led to big bankruptcies. A recent CNN article put out the sensational headline “Retail bloodbath” to describe the number of bankruptcies caused by the failure to transform to the digital age. More than 300 businesses have filed for bankruptcy just this year! Big names include Gymboree, Payless, The Limited, and RadioShack. (Yes, RadioShack filed for bankruptcy, again.) Digital transformation is real, and those that don’t figure it out aren’t just left behind. They’re dismantled.
Still to come are exciting new technologies that are guaranteed to continue the upheaval of disruption. These include blockchain, VR, 3d printing, drones, and more. Are you ready?
If you don’t have the foundation for your business, you won’t be prepared to keep riding the wave as new technologies roll in. We can help you structure your game plan. If you don’t have your DTD together, do you feel prepared?