5 Signs You’re in the Middle of a Digital Transformation Prophet Brand Strategy 1
5 Signs You’re in the Middle of a Digital TransformationDigital Transformation seems to be the buzzword of the moment, but what does it really mean? And, more importantly, what does it mean to your business?
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Digital transformation is a phrase pundits are tossing around plenty these days — so often, in fact, that it’s hard to tell what it really means anymore.
That’s because while many businesses are chasing the ideal transformation, there’s no one-size-fits-all solution.
At its heart, digital transformation refers to a genuine change.
This change can come about only after an organization is ready to embrace digital fluency as a fundamental requirement for the way they do business.
But faced with a wide range of competitive threats and opportunities — not to mention varying levels of digital maturity — it’s not surprising so many companies aren’t exactly sure where they fall on the proficiency scale.
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What we’ve found may surprise you...
Companies that haven’t created a formal, corporate digital transformation strategy are often further along the path than they’d imagined, with bits and pieces of the organization already in full transformation mode.
Here are five clues that a digital transformation is currently underway.
If any of these clues sound familiar, it’s time to develop a strategy to catch up to reality.
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There are a number of isolated, but specific, digital initiatives being launched throughout the organization that are returning measurable business value.
Your digital transformation may be underway if...
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You’re beginning to think the company’s digital vision needs to extend beyond the marketing and IT departments and become a priority throughout the company, with oversight at the highest levels.
Your digital transformation may be underway if...
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You’re seeing more ideas coming from employees that are about using new channels or introducing digital components to your products and services, and you’re ready to start taking these more seriously.
Your digital transformation may be underway if...
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Large competitors are no longer the primary threat. Increasingly, you find you are identifying and analyzing digitally-enabled startups that could threaten your core businesses.
Your digital transformation may be underway if...
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You get the importance of understanding your customers and knowing their wants and needs, and you’re convinced that digital technologies can help improve their experience with your brand.
Your digital transformation may be underway if...
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If any of these sound familiar, it’s evidence that digital transformation is beginning to take root in your organization, albeit in a fragmented way.
The good news is that your company — or at least parts of it — is fostering innovation in digital tools, technologies and thinking. That means engaging with digitally-enabled customers, employees and partners is an emerging priority.
The bad news? You’re not seeing or implementing the strategic “red thread” throughout these initiatives, and you’re not federating a plan that can drive action across the enterprise.
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You’re not alone.
“88% of companies are going through digital transformation,
but only
25% know why.”
According to Brian Solis of the Altimeter Group,
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It’s time to leverage these early wins to step up your digital transformation game across your company.
Taking a step back to establish a strategic framework can help you plan more coherent and impactful digital activities, delivering quick wins as well as long-term competitive advantages.
At Prophet, we’ve found success with brands like Electrolux and T-Mobile, in taking a measured, customer-focused, results-oriented approach.
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Our approach is built around the “Four M’s”:
Methods
Mindsets
Missions
Moves M
Walking through these steps we help identify strategic opportunities and help companies come up with specific in-market transformative initiatives.
Equally important, this framework not only helps drive strategy development but also includes an actionable plan for implementation.
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Digital Transformation is not as intangible or far-off as you might have thought.
And if you are seeing any one of these five signs within your company there may be strong, if disjointed, signs that digital is taking root in your company in transformative ways.
Now’s the time to double down on efforts, establish a strategic framework, and set concrete success metrics and an aggressive path forward.
The more your digital efforts align with a larger strategic vision, the more transformational your activities are likely to be.
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For more information please contact:
And for more on digital transformation, visit www.prophet.com/digital
Paul English Partner
(917) [email protected] Paul English is a Partner based in Prophet’s London office. A digital native, he has spent the better part of the last 20 years helping global brands find the intersection of digital technology, customer insight and business results.
