In order to really transform their business model and tap into all the potential of digitalization, companies must take some key steps: these are 3 basic elements of your digital strategy
Bridge the digitalization gap: the first steps towards innovation in your company. | Shahadat Rahman, Unsplash.
Innovating and improving a business based on a solid digitalization strategy ranks between the main objectives of many companies worldwide. In fact, it’s expected that between 2020 and 2023, direct digital transformation investments are forecast to amount to almost 7 trillion dollars, according to a report in Statista.
But adopting a digital strategy is not only about software and hardware… To bridge the digitalization gap and transform any business model, the starting point is related to the people that make the company.
Precisely, just as this article from the Harvard Business Review explains, digitalization or digital transformation in any kind of company is more related to people than technology itself.
Using tech tools is just a part of the wide scope of digitalization and the potential it unleashes.
What is digitalization and how does it impact your business model
What is digitalization and how does it impact your business model | Amith Nair, Unsplash.
Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities, according to this Gartner definition.
Taking this in account, the process of digitizing implies more than just incorporating tech solutions. It requires a reconfiguration of the way people collaborate, as well as the capacity to adapt and develop a new generation of skills.
Key for digital transformation: your company’s first steps
Your digital strategy cannot be limited to the IT department or be reduced to new software, because you take the risk of not obtaining expected results.
According to an analysis from McKinsey, up to 70% of complex, large-scale change programs don’t reach their stated goals. The reasons: employees are not engaged, there is a lack of collaboration, there is not adequate support from management and zero accountability.
with this in mind, Apprendo shares 3 key angles that can define your first steps:
— Set priorities. Before deploying digitalization initiatives, evaluate which would be the more receptive and easier to adapt areas, the operations that could have less complications or delays, as well as the tech tools that will really give you value and competitiveness.
Without a plan, disruption could have a negative effect rather than a positive one.
— Define objectives and how to measure them. Data is the heart of tech innovation. Therefore, it ‘s natural that certain numbers should be taken into consideration. In joint with your plans, set objectives and specific ways to measure them.
For example, how much invested time is reduced in certain tasks, increases in productivity or even more subjective metrics, like that overall climate and your teammates perception of the company’s performance. The idea is to turn them into insights that help you polish your strategy.
— Consider and train your work teams. Foster a new work culture and considering your team for decisions will be strategic aspects, since with the renewal of your business model, your collaborator will have to adapt to new work methods.
This, at the same time, implies that training will be and important axis. Adopting new tools and forms to carry out their work when there was precedent can be a huge challenge.
Nonetheless, it’s an investment that will allow you to tap into the know how of the teams that you have created and find new sources of innovation.
Prepare and train your teams to enter a new stage of digitalization and innovation in your company
Apprendo can help you to prepare your teams and unleash digital transformation in your company. Learn how here.