It’s Time for a New Digital Strategy
(2 minute read)
Although most businesses had some type of digital strategy in place before the pandemic, many found themselves unprepared to deal with rapid change. This fact became glaringly obvious in the current environment, shining a harsh light on processes and technology that need to be rapidly adapted or modified.
Not surprisingly, the organizations that were further along the path to transformation are adapting to the crisis better than their peers. Their business models and working processes allowed them to pivot more rapidly or accelerate changes already underway. But, sadly, research shows this is a minority of companies.
Welcome to the Age of Acceleration
There’s no doubt the current pandemic is causing disruption and economic uncertainty, but businesses have faced similar situations before and weathered the storm. What makes things different this time? It’s the fact that we’re simultaneously in an age of acceleration that is also causing massive disruption in the business world.
The rate of change for business and technology has been explosive, and it’s only going to get faster. Letting your competitors get there first means they’re better able to pivot when opportunities arise. They start doing things months ahead of everyone else – and that leaves your business vulnerable.
To keep up with the unrelenting pace of change, your business needs to invest in digital technologies so you can get information to employees faster, streamline or adapt operations, and enable your workforce to achieve more with less effort.
The Approach to Digital Transformation Isn’t Working
When the pandemic happened, nearly 70% of companies had digital transformation initiatives in place, but most still found themselves unprepared. It’s clear that the issues they’re facing started well before the pandemic, and they haven’t gone away.
It wasn’t due to lack of spending. According to Harvard Business Review, investments in digital reinvention totaled more than $100 billion between 2016 and 2018. In most cases, the expected results failed to materialize. Why? The primary reason was unsuccessful efforts to scale digital innovations beyond early pilot work.
In the past, digital transformation projects meant locking yourself into a multi-year process. Large pieces of functionality took many months to roll out, with payback expected a year or two later. With frozen or eliminated CapEx budgets, that’s not a possibility anymore.
But standing still, locking down and doing nothing isn’t an option, either. When everyone else is tapping the brakes, this may be your best opportunity to accelerate smartly.
It’s Time for Change
The path forward requires a new approach to digital transformation. This new approach must break down barriers, not raise them. It must make your transformation efforts fast, flexible and forgiving.
The new approach delivers Digital Transformation as a Service (DTaaS). It’s designed to replace the traditional series of lumbering projects with a service that provides a smarter way to respond to changes in technology, your industry, and your business. It’s based on three simple concepts:
- A dynamic technology roadmap to plot your course
- A flexible delivery model so you can pivot, as needed
- Subscription pricing – simple, easy, affordable
This new approach can help you break down barriers so your business can continue to grow – even in these uncertain times.
You can learn more about Digital Transformation as a Service by viewing our recent webinar, This Isn’t Working – Rethinking Digital Transformation.