Transforming businesses or services from manual processes to digital processes or even replacing older digital technology with newer digital technology, is the natural progression of digital transformation.
Some expectations report that the digital transformation market is expected to grow at a compound annual growth rate of 22.7 percent from 2019 to $3,294 billion by 2025, according to Research and Markets study.
So how does one assure a successful transition to digital culture? Inside Telecom provides 3 essential tips moving forward.
1. Having the right executive leadership and engagement
It is essential to have an engaged executive owner who is able to go through the hard and complicated situations, align cross-department efforts and resolve conflicts.
A fast decision-making process comes out of strong leadership, therefore informed decisions enable the whole organization to act with agility and speed. For companies to adapt to the course of successful digital transformation, requires working at speed. But this will change many things including the market, the company culture and the success of long-term plans, which all depends on how quickly companies can adapt their strategy to those changes.
Being fast will often be better for the organization than being right. “If you’re good at course correcting, being wrong may be less costly than you think, whereas being slow is going to be expensive for sure.” – Jeff Bezos, Amazon CEO, 2016 letter to shareholders.
2. Building talent and skills
This factor is essential because a company needs to redefine its employee’s roles and responsibilities to align with the digital transformation goals set by the company.
The management should focus on engaging technology and innovation managers, who can remove the gaps between the traditional and digital parts of the business. As such, these roles help raise stronger internal capabilities among colleagues. As well as engaging technology and innovation managers who possess specialized technical skills, imparting knowledge and teaching employees to integrate new digital methods and processes into existing ways of working in order to boost this transformation.
The percentage of success is more possible when organizations measure their workforce planning and talent development. The basic requirements for a successful transformation, according to 27 percent of respondents, are when their companies set cross-functional or enterprise-wide hiring goals based on specific skill needs; nearly twice the percentage of respondents whose organizations do not succeed.
3. Improve consumer experience
Coronavirus has shifted all activities from personal to digital through applications, increasing the percentage of digitization. Thus, integration of new technologies, improved use of data and analytics, the ubiquity of mobile devices, and new digital apps have allowed consumers to get what they want at any moment.
This has changed the way consumers bank and the expectations they have regarding digital solutions and engagement. According to Accenture, 75% of customers buy from a company that recognizes them by their name, have knowledge of their purchase history, and recommends products based on their past purchases, which is the main criteria of transforming digital. Consumers tend to expect organizations to know their personal preferences, leverage their relationship insights, and use data from outside sources to provide real time, contextual recommendations.
In addition, most consumers want their financial institution to use their data, yet 94% of financial institutions can’t deliver on the “personalization promise.” According to a research done by the Digital Banking Report.