How to Build a Digital Transformation Strategy Around Emerging Technology
- Despite uncertain economic forecasts, spending on digital transformation strategies is set to rise to reach $3.4 trillion by 2026.
- What’s more, the pace of digital transformation strategy has increased in recent years. McKinsey research suggests that “best-in-class transformational speeds” from 2018 were slower than average in 2021.
- As such, senior leaders have to oversee larger and faster innovation cycles. However, emerging technologies could hold the key to unlocking your digital transformation strategy.
- That’s why, in this article, we’re exploring what makes a transformation easier, along with how emerging technologies and digital strategy agency expertise can help you further. Read to learn more.
Your digital transformation strategy at a glance
Push and pull factors
- The divers behind a digital transformation strategy are numerous. As identified by Accenture, businesses stand to realise new efficiencies and value for different stakeholders.
- However, as competitors also seek to realise these gains, digital transformation strategies have become, no longer a competitive edge but an avenue to ongoing business resilience.
- Combined, this means businesses simply can’t ignore the dual benefit-necessity of a digital transformation strategy.
The road ahead
- But how can firms undergo a successful digital transformation? By now, most business leaders have heard of the three-pronged approach of ‘people, process, technology’ model.
- In brief, it’s about planning a strategic direction, identifying tools that enable and enhance the journey, and securing buy-in (as well as training!) from the people you rely on to get you there.
- Of course, this all sounds easy enough in theory. However, there are many risks and pitfalls along the way.
Challenges and solutions within digital transformation strategies
Digital transformation strategy pain points
- Digital transformation strategies largely run into two main problems: implementation delays and budget overruns (often occurring at the same time). Surveys show the average digitalisation delay lasts five months and costs organisations up to £20,200 a day.
- Given these pressures, organisations need to carefully contain the scope of their strategy and identify ways to maintain their operations to protect customer relationships and revenues as a result.
What makes a transformation easier in business?
- Fortunately, there are a number of ways to ease the digital transformation process.
- Namely, digital strategy agency partners and emerging technologies. We explain how below for each:
What are emerging technologies and how can they support my digital transformation?
- Emerging technologies generally refers to cutting-edge tools like machine learning and artificial intelligence algorithms, 3D printing, blockchain-enabled ledgers, augmented or virtual reality experiences, and others.
- There’s been lots of hype around some of these tools over the past few years; however, they could be useful within your business.
- By offering a unique approach or more efficient way to complete certain tasks, you can realise new efficiencies and free up talent from your staff to focus on other business areas.
How can a digital strategy agency support my business?
- Equally, digital strategy agencies can also be an invaluable partner.
- By specialising in digital transformation projects, agency partners can identify and bypass the typical problems business leaders face when undertaking projects themselves. As a result, businesses can achieve their strategy on time and to budget more reliably.
- However, your success with a digital strategy agency relies heavily on which one you partner with, so make sure to do your research and work with a
Modernise your business with help from a leading digital strategy agency
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For more information on our services and working style, make sure to check out our website today.