With the fast pace of digital development in the world, it has become critical for a business to look to digital ways to improve their business. Having a high digital quotient does not only refer to IT systems and hardware but also looks at the soft skills of the leaders in your organisation. There are four areas for your company to transform digitally.
Area 1: Strategy
Nowadays, it is critical that your digital strategy and business strategy align. It is important that digital is not just tacked onto your current business but it becomes integrated into all the business areas of your company. Some important to questions to consider when think about your digital and business strategy are:
- Where will the most interesting opportunities and threats occur in your industry?
- On what scale and how fast will the digital disruption be?
- How can you react proactively to the opportunities when they present themselves and how can you reallocate resources to minimise the threats to your business?
Area 2: Organisation
Though it is important the all C-level personnel have a positive attitude to digital, it is also important for mid-level management to be digitally competent. When looking for talent, it would be ideal to find people who are both digitally competent and have sector knowledge. It is also important to do real-time monitoring. This involves tracking and monitoring digital key performance indicators regularly. By doing this you can implement quick changes to improve the customer and employee experience in your business. The top digital companies also use non-traditional structures when it comes to business organisations. They are more horizontal than hierarchal.
Area 3: Culture
What is the culture in your company? Is failure viewed in a positive or negative light? For digital transformation to be effective, you need to have a culture that moves on from failure quickly. Another important characteristic is having a test-and-learn mind-set which encourages better product development. It is also important that the team works well together. It is often heard that teamwork makes the dream work.
Area 4: Capabilities
Does your business have the digital skills, technology, tools and systems to achieve its goals? It is important be able to make decisions using accurately captured data. By using this data, you can make better decisions for your company and the customers it serve. The next aspect to consider is connectivity. Does your brand connect well with their customers through different digital platforms? This connectivity can also help to improve your product development. In addition, we should look at how the business is automated. Are there tasks within your business which can be automated and thereby help your business to be better for your customers and your bottom line.
By working on these areas of your business you can improve the digital quotient of your business.
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