In our digital world, we have endless information right at our fingertips. With this trend dominating the business world, we are seeing greater speeds, more information, and automation sparking innovations everywhere. All these changes create new ideas about customer experience, operations, data intelligence, the list goes on and on. But what stands out is how innovation has changed how organizations operate. The challenge companies are facing is keeping up with all these fast-paced changes. According to Harvard Business Review report, “since 2000, about 52% of companies on the Fortune 500 list have become obsolete […] those companies lacked the ability to keep up with the digital evolution.”
Looking at modern businesses today, the common factor is either being a tech company or a technology-driven one. Choosing the path on how to innovate and get everyone on the same digital page is something companies must consider. The common factor of companies thriving during these digital transformations is adaptation. Preparing for this change means working together as a team to work with the technology, share what works, and then produce data to help positively drive the transformation. So how can you accomplish all this? Here are the 5 steps:
- Make every process as tech-driven as possible: Tech solutions need to be the top priority of the the business and its processes. Once you have allocated where transformation resources can go, then you can make tech solutions the foundation of strategy and decision-making.
- Build a data infrastructure to support your tech: You can’t have a tech driven business without a solid infrastructure to put all the data on. This infrastructure will analyze, synthesize, and turn all points of reference into actionable data. Once everything is gathered and the key data is identified, strategies and approaches can be developed for the business.
- Focus on new metrics and KPIs: Measuring everything you do is so important, without data you don’t know what you’re doing is working or not working. When it comes to a change in management and operating model, having that strong infrastructure will help you identify new metrics, tools, and dashboards.
- Make innovation an ongoing discussion: Making everyone in the business aware that changes are coming will help with the transition. Create workshops where employees can talk about the changes and what that means for the company. Keep up with the new digital trends that could have an impact in the future.
- Embrace change, even if it defies better judgement: Having a negative and closed off mindset will only put you farther behind. Using these changes as an opportunity to grow as a business, will be the way to thrive.
Keeping up with the digital transformation is possible with the right attitude and adoption of the right technologies! Click here if you want to read the full article from Forbes!