Deliver on Business Initiatives With the Right Strategy
If you’re tired of the buzzwords, you’re not alone. The idea of a “digital transformation” or digitization or any other kind of coined version of “change” drives many in business to the brink. The reason is that seasoned professionals know that embracing every buzz word doesn’t guarantee success.
You need more than buzz words. You need results.
An already popular study from the Harvard business review pegs the fail rate at around 70 percent for most digital initiatives. 70 percent. 2/3rds. What’s worse is that McKinsey surveyed several businesses, asking them if they thought their businesses would stay “economically viable” if the trend towards digitization continued.
The results? Only 8 percent believed they would…
Only 8 percent of businesses think they could survive the changing tides that technology and innovation bring. That’s shocking.
The lack of faith many businesses have in digitization speaks volumes about a lack of empowered they feel as a result of the digital transformation. It would appear, and the data backs this up, that many feel more at the mercy of a storm rather than aboard a ship skillfully navigating choppy waters. And what’s worse is that many feel success in this market is more a rush towards being a first mover than it is about strategy and initiative. And that’s where the problem lies.
If an enterprise is to not just weather the storm, but come out on top of the digital transformation, they need a different approach. They need to take control. And doing isn’t as difficult as you may think, provided you make the right choices at the start.
How to Best Approach to Digitization
Before you can understand what works, you need to realize what doesn’t. While there’s no one-size-fits-all approach to transforming your business, there are mindsets you can and should avoid. Luckily, the right solutions can help you overcome the common problems that plague digitization change. This is your roadmap to successfully digitizing your enterprise.
Problem: Lacking Clear Expectations
When you ask many executives and department heads what their goals are for their company, you often hear generic responses, “Improve customers service, grow sales, and stay competitive.” But generic mantras won’t get you far. And tacking on “transformation” to every initiative doesn’t constitute change.
Businesses aren’t clear cut, black and white processes with concrete, established boundaries. They’re organic entities with a lot of moving parts. If you shift one area of your company without respect to how it will affect another, you risk doing more harm than good. New processes need to flow across all areas of your organization. Without that, they’ll fall apart before they even get off the ground.
Solution: Clearly Defined Business Goals
The solution is to have clear business strategies. Rather than have generic goals, discuss and create specific, reachable ones. Once you define those goals, you’ll be able to easily backward design a roadmap to get you there. During this process, you should listen to input from all departments so that you can have an understanding of how each area of your business evaluate success. You’ll also see the obstacles that stand in the way of that success.
Deligating a single approach with not work. Successful business transformation rests in having a holistic strategy. It should keep in mind the focus of the goals, how to implement them, and how to balance change with growth. It should also be dynamic and run from the top-down, back up again, and throughout the business as a whole.
Remember: without clearly defined goals, your strategy will lose momentum before it even sets sail.
Problem: Choosing the Wrong Beginning
There are most likely clear strategies you can put to work right now that would reduce costs and keep your business competitive. But are they the right strategies? And how do you know? And which order should you implement them? While it may seem commonsensical to implement quick, simple solutions, that may not be the best approach. Quick fixes can be like patches that take up time and resources but only slow the problem temporarily. To really make a change, you need to think bigger.
Solution: Prioritize Strategies for Change
While creating the strategy for your company’s future success, begin listing needed changes to workflows and processes in your business. Once you know what changes your business could benefit from, see how other processes would be affected by these implementing these changes. Also, look at what problems remain after putting them into practice. You’ll quickly find that some quick fixes may be unnecessary. Or worse, you may discover that they slow down progress.
Problem: Having a “Set-It” and “Forget it” Mindset
With the ease of access to information these days, it doesn’t take much effort to find out what kind of tactics successful companies used to grow and stay competitive. Certain workflows may, again, seem commonsensical at first. And requiring rigorous review and oversight before adding them as solid stepping stones toward progress may seem excessive.
Except there’s a problem with that way of thinking. Every business is different. One strategy and roadmap may work well for one company but will fail to bring results in your enterprise. Expecting solutions to work because they worked for other organizations is a recipe for disaster. You need to take a different approach.
Solution: Create a Custom Roadmap for Digitalization
You need a strategy that reflects your company culture, brand, and mission. And more importantly, you need one that caters to your employees’ needs. Any new processes won’t succeed if employees don’t advocate for them. Designing a roadmap specifically for your business with company culture in mind is a great way to avoid irritating issues. Looking at the data to back up any decisions while using KPIs to further evaluate performance before augmenting initiatives is key.
It’s better to think of business transformation as a continuous process. One that must be constantly evaluated, adjusted, and tested before its full value is realized. And once your new systems take hold and yield results, more employees will aide in championing them on their own. With your company behind new initiatives, successful business transformation is more likely to occur.
Problem: Underestimating the Power of Disruption
Often, important tasks get pushed aside. Even though executives know the value in successfully digitizing your business, they may not fully understand the consequences of putting it off. True. The digital innovation now happens at a far more rapid scale than ever before.
Advancements, data, and analytics mean that more companies are working harder to provide services customers expect. Some changes need to happen quicker than others. And some can be avoided altogether. This results in a kind of “analysis paralysis” where companies believe it’s better to hold off and wait because something better is on the horizon.
Solution: Prioritize Agility
Rather than waiting for a “better” system, create both a business and company culture that values agility. The key to any successful attempt at digitization in your company is to have champions behind it. But for that to happen organically, you need a system that clearly improves the experience of those interacting with it.
The best way to do this is to create workflow processes that are easily adaptable. The beauty in business optimization is that many software solutions are cloud-based. They also promote the use of automation and integrations. And as a result, new systems can be far more easily connected to existing ones. These types of workflows reduce processes, handling menial tasks that often bog down employees’ time.
Remember takeaway: By making digitization easier for your company, you’ll greatly reduce pushback from implementing new systems.
How to Successfully Reach Business Initiatives Using Digitization
Clarity is king with any attempt to digitize your business. This means sitting down to figure out what your company’s goals are and what obstacles stand in the way of reaching them. But even though many of these processes are easily recognizable by executives, the trend for failure still exists. Your ticket to successfully transforming your business is by finding industry experts to help guide your company to the path it needs to be on to reach its goals.
You need a team of specialists in automations and integrations. One with a proven track record of designing roadmaps for businesses to successfully achieve the results they’re looking for with digitization. And you need a team who can work within your company culture to help make sure there are systems in place that garner employees support. One that delivers solutions with a 100 percent adoption rate.
That’s the power of Quandary Consulting Group.
Contact Quandary Consulting Group today for more information on how you can begin taking the first steps to maximize workflows and finally optimize your business. Avoid failure. Achieve your initiatives. Grow your business. Contact Quandary Consulting Group today.