Today, social media, mobile, wearables, the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) are disrupting markets. Even though digital transformation (DX) was common among large enterprises in the past years, the pandemic accelerated business evolution across the small verticals too. Being relevant to the market and consumers is paramount for organizations. In this article at IMD, Emeritus Professor Donald A. Marchand, et al. explains the best strategies businesses must adopt to successfully undergo digital transformation.
Why Is Digitization Crucial for Business Evolution?
“The pace of digital disruption is so fast that even the disruptors need to quickly disrupt themselves. This is a huge challenge for organizations, even the most nimble because it involves replacing a successful formula with a risky bet,” explains the author. Therefore, business leaders must create a robust strategy for business evolution to be successful. The strategic initiatives ensure there are measurable, impactful, and concerted efforts towards critical organizational goals.
Effective Digital Transformation Strategies
Digitization strategically positions your company for the future. Therefore, create a foundation for DX based on your company’s goals and priorities.Your organization’s first digitization project is critical because it proves the value and ensures long-term success for your company. So, take proper steps to identify an impactful way to jump-start your transformation efforts.Create a clear roadmap with technology for initial and future initiatives.Identify your core competencies and find partners to accelerate your DX outcomes.Design your roadmap for scalability and flexibility from the start. The willingness and capability to adjust according to results will undoubtedly put you on the path to business evolution success.
The right DX campaigns will lead to faster processing, higher revenues, reduced errors, and a more robust customer experience. Furthermore, digital transformation is a real game-changer in business evolution. It makes organizations advance faster and helps them offer personalized customer experiences. To read the original article, click on https://www.imd.org/research-knowledge/articles/the-stark-choice-of-digital-transformation-evolve-or-be-disrupted/.
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