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Joe Aherne, CEO, ReganStein, on digital evolution in business.
It’s a term that’s often bandied about, but a true understanding of digital transformation is often lacking.
We uncover the key principles and practicalities behind digital transformation.
The demand for digital transformation across all sectors and industries is near-palpable, from a consumer’s perspective.
By embracing digital transformation, companies are equipped to stay in touch with their target market at a moment’s notice, improve their customer service ratings, and further encourage brand trust and repeat business.
Adopting digital transformation strategies has paid off for countless businesses, with the other, more reticent brands and businesses being left far behind, sometimes to the point of complete collapse.
To outline the importance of digital transformation strategies, we can simply turn our minds towards the crisis of Kodak.
As digital photography took hold over the camera giant’s industry, Kodak hesitated to act.
It’s one of the world’s most famous corporate blunders, and it’s one that largely decimated the company’s market share in the realms of photography, cameras, and technology.
Established in 1888, Kodak created a near-dominance over its industry and sector, with a seemingly brand-loyal customer base spanning the globe.
But, in 2012, Kodak filed for Chapter 11 bankruptcy. To its seemingly loyal customer base, however, this was no surprise.
The ins and outs of Kodak’s troubling times are well-documented, and while the company has managed to salvage some of its market share, its blunders and failures can be directly attributed to one single approach: a failure to innovate.
By opting to ignore the potential of digital photography, Kodak did not adopt a digital transformation strategy, and was soon overtaken by its all-too-eager competitors in the race towards capturing consumer attention.
The idea of ignoring what’s in front of you has never been a good strategy, and simply ignoring your company’s need for digital transformation won’t solve the problems that lie ahead.
But, beyond relationship building, improving customer service, and enhancing your product line, what does a digital transformation strategy truly do?
Digital transformation is an integrated, full-scale approach to changing your business and adapting it towards the needs of your customers, while embracing technologies that help you stay ahead of your target market’s needs.
Moreover, digital transformation is a cultural change, as adopting technologies that work for your business needs deeply alters the way you work, the way your teams operate, and the manner in which you provide services and products to your clientele.
If the idea of digital transformation still feels somewhat obscure, perhaps a simple ‘scroll out’ of your perspective may help.
The way the world consumes media has changed in a multitude of ways over time, specifically over the past three decades.
The journey from the printing press to the always-on world of social media is impossible to ignore, and the effects of that digital transformation are felt in every corner of our world, homes, workplaces, and lifestyles, every day.
Ultimately, as a tool for ensuring business survival, and improved business growth, a digital transformation strategy should be viewed in the same way — an all-encompassing journey that fundamentally changes the way you do and deliver everything.
Now what happens if you marry lean and digital together to form a lean-digital transformation for your business?
A standalone lean transformation is a large scale programme implemented across all aspects of a business revolutionising how it operates from the inside out.
Businesses benefit financially thanks to additional capacity delivering higher revenues as well as improvements in how the business operates.
Lean digital transformation is the process by which companies apply lean principles to the design, development, and delivery of new digital experiences for their customers.
To really tap into the full potential of digital technologies, lean needs to be integrated to ensure that the digital transformation adds value and eliminates waste.
Beyond building your market share, improving your customer relationships, streamlining your service delivery processes, as well as enhancing your product line, digital transformation can:
As a crystal ball mechanism for managing your business growth, digital transformation must become a business imperative.