To keep up with market demands and evolve with consumer needs, companies must embrace digital technologies as the pandemic has highlighted. Nevertheless, transitioning to a digitalised infrastructure may appear intimidating and organisations can feel indecisive on where to start. Thus, what is the appropriate time and method for companies to embark on this transformation?
Undoubtedly, this is a complex undertaking. Yet, with a thorough strategy, strides can be taken towards digital adoption. Implementing a plan to expedite digital progress guarantees that your organisation can capitalise on beneficial technologies.
The plan comprises several vital components; however, presently, I will emphasise on the first step, which is pivotal in deciding the ultimate triumph of this endeavour. During this commencement phase, the focal point should be on choosing suitable digital projects.
Hurdles in Prioritising Projects
Initially, deciding which digital endeavours your organisation should undertake may appear to be an easy feat. Nevertheless, there are many conceivable methods that your company could utilise in order to advance with digital transformation. It is crucial to guarantee that the chosen tasks are the most fitting for the present circumstances.
Having an extensive workload might lead you to believe that any digital projects involving new technology will be prosperous. If your organisation is presently undergoing digital transformation, you may presume that the subsequent steps will become clear as you move forward.
Neither of those assertions are valid.
It is normal to expect that some of your digital endeavours might not succeed. This could be due to various factors such as implementation difficulty, exorbitant costs, low return on investment, or just not being the right solution for the task. Unfortunately, there is no guaranteed method to undertake a digital transformation. As you proceed with creating and implementing more intricate digital solutions, you may realise that your original plan requires modification.
At Works, we use the term “digital acceleration” to refer to the rapid adoption of digital technologies in the business environment. This approach transcends just speeding up digital transformation as it is a holistic method of digitalising workflows that results in both immediate and long-term advantages.
With the swift progress of digital technology, it is technically feasible to promptly adjust to evolving market demands. Organisations can choose already available solutions such as those offered by cloud hosting platforms to hasten digital transformation. Conversely, corporations may prefer to develop their own digital tools to augment current frameworks.
As a result, digital acceleration can fulfil all of your organisation’s present and future necessities. The approach provides the adaptability to swiftly switch between projects to guarantee the most effective returns. The four-stage process employed to select the most advantageous digital project to pursue enables this.
Now, let us examine that approach in more detail.
Formulating a Successful Digital Acceleration Strategy in 4 Simple Stages
A profitable digital transformation strategy must incorporate a plan that can be modified as circumstances change. To guarantee success, it is imperative to follow the four-stage process described below. This will allow you to establish the original roadmap and any subsequent adjustments, enabling you to pinpoint the digital endeavours that will create the most significant impact on your organisation.
These are the stages:
Thoroughly examining all available alternatives. The first stage is to compile a comprehensive list of all conceivable digital projects. Initially, these should be documented, but it is advisable to subsequently categorise them based on their expected return on investment (ROI) or value. Then, critical elements such as the necessary resources (equipment, staff, finance, time) must be considered.
Assessing your resources. The initial evaluation is liable to be insufficient as the set priorities may not take into account the necessary ability to execute the initiatives. To determine whether the organisation possesses the necessary skills, resources, data, and personnel to undertake these initiatives, an internal review should be conducted. With this information, it will be feasible to determine which initiatives can be accomplished with the existing resources and which should be given priority for a greater return on investment.
Re-prioritise things to make them more critical. It is recommended to take time to assess whether the top priority projects suggested by the preceding analysis are the most appropriate. There is no rush to immediately implement any of the identified feasible and desirable initiatives.
It might be alluring to concentrate on implementing a Customer Relationship Management (CRM) system first if the required resources are accessible. Nevertheless, since automated customer service solutions have a lower return on investment (ROI), it may be more advantageous to focus on automating the customer service process if customers are currently dissatisfied.
This stage is entirely focused on identifying the specific solutions that can assist you with your most pressing issues.
Create, test, and repeat the process four times. After conducting a comprehensive examination of the data regarding all accessible projects, the emphasis should now be on those that can be executed quickly and efficiently, ensuring a profitable return.
The creation and execution of projects do not represent the last stage. It is important to evaluate the assumptions made in the decision-making process and appraise the progress of the project. Are the expected benefits being realised as a result of the solution? Have any unforeseen difficulties emerged during the process? Scrutinising these metrics can aid in refining the development cycle and prioritising tasks accordingly.
It is evident that identifying the most appropriate projects for your enterprise entails a data-driven strategy that prioritises potential areas of advancement according to relevant criteria. While implementing such a strategy can be challenging, having the appropriate information available can assist you in making informed choices when faced with difficult trade-offs between various initiatives. Although it is necessary to rely on your own judgement, it is equally vital to take into account any feedback from shareholders and employees.
A lack of resources necessary to complete a project may imply that it should be deprioritised. However, this is dependent on various factors. For instance, there may be a scarcity of CRM setup professionals, QA testers and CRM engineers within the enterprise. This could be perceived as a significant hurdle, although it may be more manageable than originally presumed (in this scenario, it may be feasible to enlist the services of a QA testing provider to fill any talent gaps).
For numerous enterprises, determining which digital projects to prioritise can be a daunting task. It is vital not to become overly anxious or worried, and to take sufficient time to ensure that the decisions made are appropriate, rather than hurrying and possibly triggering digital catastrophes.