Think digital transformation isn’t for you? Think again.
Markets are being disrupted. That is a fact. There are dozens of examples of traditional, well-established markets being flipped upside down, where the successful incumbents are being ousted by start-ups. These start-ups are agile and innovative, moving at lightning speeds to capture markets. Why? Because the customer wants change. The customer is demanding slick buying journeys and fast responses, at ever-decreasing prices.
Bulky companies, drowning in legacy systems, burdened by manual processes aren’t able to respond to such changing customer demands. By the time they have evolved, the customer has too.
Is digital transformation the answer?
Technology is moving at a fast pace, fuelled by speedy internet access and the cloud. Just keeping up with the Joneses is no longer an option. To compete, businesses should not only be using technology for “business as usual” operations, but actively seeking opportunities to completely shift working practices. Rather than simply keeping up with tech as it evolves, the most successful are those businesses that can achieve digital transformation.
While it’s unlikely your business will fold overnight if it doesn’t take advantage of digital transformation, failing to get ahead of your market will set you on the back foot, making recovery from that position much more challenging. Why? Because digitally transforming operations means improved response times, reduced operating costs from automation and less manual data processing, just for starters. Reduced operating costs means lower prices or more profit to invest further down the line. Improved customer response times means better customer retention and increased lifetime value. How can you compete with that, if you’re not digitally transforming?
So, you don’t want your business to get left behind… Now what?
Realising that you need to digitally transform your business is a great first step but the rest of the journey is complex, with 70% of digital transformation projects failing (Harvard Business Review). Don’t let that put you off though – you just need to prepare well!
What are your goals? Where is the business going? What are the challenges preventing you from getting there? These are the starting questions you need to answer to build a strong business case for digital transformation. This will help set out your vision for the project, ensure a cohesive direction and increase the likelihood of success, as well as help get buy-in from your peers and management which is absolutely essential.
But how do you go about writing a business case? Find out the 5 steps to writing a winning business case for digital transformation.