Read our insights for a better understanding of the latest trends in the digital transformation market.
What is the need for digitalization and Digital Strategies?
SID Global Solutions
22 December 2022
Organizations across all industries are facing disruptions. Many are adapting or transforming their operations quickly to respond. As businesses move from COVID-19 recovery to renewal, they are looking ahead and leveraging the changes made during the pandemic. According to SID Global Solution, 69% of boards are hastening digital business initiatives in response to COVID-19. Digitalization is no longer an option; it is essential to sustain and develop the business.
And now, it is more important than ever for three reasons:
- The pandemic highlighted the importance of digital efforts in e-commerce, delivery, virtualizing supply chains, automating processes, and other operations, particularly when physical action was impossible.
- Cost-cutting and improving operations were essential to endure the recession.
The quick reaction to COVID-19 showed that accelerating digital business is essential for business continuity.
How do you Create a digital transformation strategy?
CEOs and boards of directors must prioritize digital transformation in order to create connected platforms and new revenue streams. Executives need to distinguish between transformation and optimization. Gartner’s Strategic Planning Framework outlines three phases for successful transformation: mid-term, long-term, and continual learning, and adjustment. All in all, digital transformation requires short-term, mid-term, and long-term commitment for success.
Develop a strategy: Start by analysing the large-scale objectives and projects that drive your enterprise and using information and technology to maximize their efficiency.
Create a strategic plan: Then, create a plan to reach the long-term goals that have been established, utilizing the technology and data at your disposal.
Implement through operational plans: Execute individual projects and changes, as well as any operational tasks not included in the strategic plan, such as software updates or hardware upkeep. Revisit and revise strategic plans as needed when business context or direction changes.
Executives can speed up digital business growth by taking decisive, swift action.
CEOs and boards need to quicken digital business. SID Global Solution advises leaders to adopt three practices to become nimbler:
- Streamline decision making: Speed up product delivery, governance and other processes by quickening decision making.
- Streamline work: Don’t let complex processes impede decisions. Find the most efficient way to complete tasks.
- Eliminate unneeded tasks: To make your organization more agile, focus on the desired outcome, not the task.
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