In past few years, Digital Transformation (DT) is perhaps the most talked about topic in business aisles. It rightly brings the promise to revolutionise the future of business, of society, the way we live, work, interact etc.
Global technology research firm IDC says that by 2020, 600 of the world’s largest companies are likely to allocate up to 10 percent of their annual revenues to fund digital strategies only. Direct spending on DT between 2018-2021 is expected to be $5.9 trillion, the research firm claims. To navigate the digital economy, global entities are quick to incorporate new digital KPIs clearly focused on product/service innovations, capitalization of data, and aiming superior customer experience.
While the value of DT it indisputable, the bigger question that surfaces often, is whether or not these investments are delivering returns? Are digital strategies resulting into better customer experience and customer engagement?
There are enough learnings that can help us lead through a successful digital transformation. While corporations embark upon multi-year, multi-dollar digital transformation journeys, but there are several forces that make these initiates very diluted. Here’re our “Top 5 Takeaways” for a successful digital transformation in a logical sequence: