How To Start A Digital Transformation Journey?

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Digital transformation, we hear this word so often, yet I see a lot of leaders who are still confused when they hear this term.
If you want a 2-minute explanation of what this means, you can click here.
If you feel that you already know what it means in theory, but don’t know how and where to start it, then this video is for you.

To tackle digital transformation, first, you need to know your current status.
It sounds simple, right?
While it seems so trivial, most companies who embark on a digital transformation journey skip this. Usually, because they think they know their status, but that’s not entirely true most of the time.

Before getting into the details, I want to quickly explain why it’s essential to know your starting position.
Imagine that you need to drive a car to Paris. A motivational speaker will usually say, it’s enough to know your destination. On a conceptual level, this is true, but something is missing from this formula. Look why I am saying this:

If you are in London or New York is not the same effort to drive to Paris. From London, you will drive to the Eurotunnel, where you onboard a train that will take you to the continent, from where you can continue driving.
From New York, you have 2 options: you ship your car via plane or option 2 via boat to one of the ports of Europe from where you can start driving towards Paris.

Both are unusual trips, but you need different strategies with different costs to get to your destination.
Getting back to digital transformation: it is critical to know precisely where you start from. And the most efficient way to do that is to have a digital due diligence (DDD).
Is this another complicated term? If it sounds like that, I want to demystify it.

Digital Due Diligence is the methodology that helps you accurately define your current digital status taking into account your industry specifics, your brand positioning, and all applicable trends in order to show you potential digital growth paths relevant to your situation. So does this mean that digital transformation doesn’t start exactly the same way for each brand?
Yes, it does.

Back to my example before. You need to know whether you are in London or New York, or maybe Tokyo or a completely different city? Once you know where you are, you will be able to build the right strategy. So let me explain how does a digital due diligence look like. It’s built on 3 main pillars: The first pillar is the digital market pillar. If your brand is positioned, let’s say in the machinery industry, you shouldn’t compare yourself to Netflix. However, you should understand the digital KPIs of both your close competitors and both of your industry as well.

The second pillar is related to digital technology: Most companies who start their digital transformation don’t have a strategically aligned technology ecosystem in place. That’s not a problem if you are able to map and analyze the companies technology stack. This audit helps you build a 360-degree view and identify both potential technology gaps and opportunities. (Data)

The third pillar is regarding your digital assets: There are two main types of digital assets: those that assist your internal work processes, such as internal documents, flow charts, dynamic dashboards, etc. and those that serve for external communications: social media material, images, videos, text content and so on. Auditing these have the scope to let you know whether you have a way to manage and create right quality and quantity to support your transformation process.

To sum it up: a digital due diligence helps you position your brand by understanding: the digital market you compete in, the digital technology you need in order to compete and the digital assets required for your growth. Because at the end of the day, digital transformation should be a catalyzer of growth. If you want to dive deeper into digital due diligence, drop me a message on Linkedin. Also, if you are interested in learning more about digital transformation, subscribe here on Youtube or follow me on Linkedin.

Видео How To Start A Digital Transformation Journey? канала Cognitive Creators