BrandPost Digital Transformation Steps to an Effective Strategy
0BrandPost Digital Transformation Steps to an Effective Strategy.
Digital transformation (DT) is defined as the modification of business activities, procedures, capabilities and models to take advantage of the changes and opportunities presented by new digital technologies, as well as the impact they have on society, while always thinking about current and future trends. Why is this so important to businesses everywhere? Because DT is fundamentally changing the way we live, work and buy.
The first step to a complete transformation is to develop a clear strategy. According to The Digital Business Transformation Playbook For 2017, only 27% of today’s businesses have a coherent digital strategy that sets out how the firm will create customer value as a digital business.
But what should you consider when developing your strategy? First, you need to look past your competitors. This is not ‘keeping up with the Jones’, this is surpassing them. The reason why many companies are not transforming is fear – fear that a competitor will go to market first or that a disruptor will leave them in the dust.
A 2016 study conducted by Capgemini Consulting found that the average lifespan of S&P 500 companies has declined from 61 years in 1958 to about 20 years in 2016, indicating that disruption, rather than longevity, is the new norm.