How to conceptualise a digital transformation strategy

It is important for businesses to have a profound appreciation of digital transformation and leverage fully the opportunities it presents. Let Ignyt help.

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When the digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.

– George Westerman | Principal Research Scientist with the MIT Sloan Initiative on the Digital Economy

It seems inadequate to label digital transformation as a gamechanger. Fact is, it has actually revolutionised the way we live. For example, in banking, as people grow comfortable and confident using digital banks in the fintech era, traditional brick-and-mortar banks find themselves playing catch-up. At work, people are getting the hang of using Google Meet or Zoom to have meetings.

Perhaps the most evident transformation of digital technology to the man-in-the-street is the way businesses reach out to them. It started with scroll-and-click, then tap-and-swipe and now using your voice. Digital technology has displaced window shopping with screen shopping, retail assistants with chatbots and generic ads with personalised ad copies. The evolution has been swift and profound.

Only our imagination inhibit further digitisation of our lives. At present, there is little evidence the end is near. It will continue to disrupt our lives. Indeed, there will be challenges and opportunities. As such, it is important for businesses to have a profound appreciation of digital transformation to ensure it mitigates the problems associated with it and leverage fully the opportunities it presents.

Let’s explore the four corners of digital transformation
understanding:

What is digital transformation ?

It is a journey that radicalises the way we live, work and play. In an organisation, it places technology as the heart and soul of everything and everyone involved in getting things done. It’s not just used in production, marketing or accounting. To this end, to claim that an organisation at this juncture has been fully digitally transformed may be somewhat premature. The fact is, not every sphere of our lives have been digitally transformed. So it can’t be for an organisation either, be it business or government.

Pillars of a successful digital transformation strategy

A digital transformation is a massive undertaking. It cuts across systems, processes and people. Without a strategy or roadmap, the risk of losing the forest for the trees is high. Incomplete digital transformation projects aren’t unusual occurrences. However, adopting a strategy ensures the parts and pieces are held closely together.

In this section, we will discuss the pillars of a successful digital transformation strategy. The application may differ according to the sector or industry as well as the size of the organisation. But in principle, they are the foundations of an effective digital transformation strategy.

Benefits of digital transformation

1. Data-driven decision-making
It’s the data age. Almost everything can be tracked and measured. Failure to capitalise on this reservoir of data can be a huge loss. Digitally transformed organisations have access to data that sharpens their competitive edge. Blind spots can be eliminated or reduced in decision-making.

2. From data to insights
As a corollary of the above, it is important that we are not drowned by the massive amount of data available. It is imperative to organise and structure it. Unorganised data is nothing more than clues. When organised and structured, it transforms into invaluable insights. With a digital transformation strategy in place, there are systems and processes to ensure the latter happens.

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How we help businesses make
the digitally leap ?

At Ignyt, clients engage us as partners in their digital transformation journey. We adopt a problem-centric approach to ensure clients get the best out of their digital transformation strategy. It must improve business performance and profitability. Book an appointment here today to brainstorm your digital transformation strategy.

Start your digital success story here! Get in touch to find out more.

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