Having a digital transformation strategy is integral to the success of any business’s digital transformation. In the digital age, technological advances are happening every day and consumers’ technological demands are constantly increasing, particularly since the Covid-19 pandemic.
As a business owner, it is your responsibility to ensure that your business implements a successful digital transformation strategy to keep up with your competitors and improve customer experience.
This blog will answer the following questions:
- What is a digital transformation strategy?
- Why does your business need a digital transformation strategy?
- What should your digital transformation strategy include?
- How do you create a digital transformation strategy?
- What support can Tribeca offer?
What is a Digital Transformation Strategy?
A digital transformation strategy outlines your business objectives and digital initiatives. Without a digital transformation business strategy, you are unlikely to achieve the results you want from your digital transformation. For further reading, see our ‘What is Digital Transformation?’ blog post
Digital transformation has been accelerated by the Covid-19 pandemic, which has seen an increase in technological demand, particularly in the alternative investment industry. To keep up with this demand, businesses implement digital transformation strategies which utilise technologies such as cloud computing, artificial intelligence and mobile applications.
Digital transformation strategies differ from business to business because each one has different objectives that they want to achieve.
Why Does Your Business Need a Digital Transformation Strategy?
It is important for businesses to have a digital transformation strategy for the purpose of business growth. If your business is unable to keep up with the increased technological demand from the Covid-19 pandemic, you risk falling behind your competitors.
Other reasons for implementing a digital transformation business strategy include:
- Customers now expect the same level of experience in a business environment that they have with technology at home
- It will help employees (particularly in core business areas such as HR) be more efficient and effective
- A digital transformation strategy can help to strengthen business partnerships
- It will allow your business to make better decisions, and faster – if you place data and analytics at the core of your strategy, your business will attain more valuable insights which can then be used to make quicker, but more informed decisions
You can read more about the importance of undergoing a digital business transformation in our recent blog post.
What Should Your Digital Transformation Strategy Include?
All businesses have different needs, objectives and purposes which means that all digital transformation strategies will look different.
There are various types of digital transformation, and what your digital transformation strategy should include will depend on the type your business is implementing:
- Business process
- Business model
All digital transformation strategies should prioritise initiatives, set achievable goals and identify the criteria for success. A successful digital transformation strategy will:
- Include a business assessment
- Research your industry and competitors
- Prioritise digital initiatives
- Include a delivery plan
- Include a budget plan
- Include a resource plan
Your digital transformation strategy should focus on the following:
- Customer experience – by enhancing customer experience, you can improve retention and loyalty
- Employee performance – digital transformation will improve communication, connection and collaboration between your employees and will increase productivity
- Data analytics – If you are able to effectively analyse your data sources, you will gain the insight to build a smarter business
- Gaining a competitive advantage – digital transformation will enable your business to be more efficient, maximise profits, grow your customer base and find new business opportunities
Digital transformation comes in all shapes and sizes; some businesses utilise mobile applications to improve customer experience, such as Marriott, whereas Walmart has improved both their front-end and back-end technologies to become more efficient. Cloud computing is also a popular technology for digital transformation. You can read about the benefits of cloud computing in our recent blog post.
Tribeca offers IT support tailored to your business which means that we can provide you with advice and information on digital transformation strategies.
How Do You Create a Digital Transformation Strategy?
Creating a strategy for digital transformation is a unique experience for each business, but a lot of businesses use SOSTAC which is a tool for marketing and business planning.
SOSTAC outlines 6 steps to managing digital transformation and should be considered when creating your business’ digital transformation strategy:
- Situation analysis – evaluate the internal and external conditions that affect your business
- Objectives – what are the specific, measurable results that you hope to achieve?
- Strategy – outline your plan of action to achieve your digital transformation objectives
- Tactics – what are the specific tools your business will use to meet your objectives?
- Action – how will you bring your digital transformation business strategy to realisation?
- Control – how will you monitor and measure your performance based on your objectives?
Here are some useful tips for creating and implementing your digital transformation business strategy:
- Ensure that your digital transformation strategy aligns with your business objectives, values and visions
- Get your team on board – to have a successful digital transformation strategy, your employees must understand the impact it will have
- Look at examples of other businesses’ digital transformation strategies – remember that your business might have different needs
- Work with professionals who can advise you on your digital transformation strategy and implementation – Tribeca offers advice to businesses in the hedge fund, private equity and alternative investment industries.
Tribeca provides quality IT Support for Financial Services
Implementing a digital transformation strategy can improve employee performance, enhance customer experience and give you an advantage over your competitors. You can find out more about what digital transformation could mean for your business in our recent blog post.
Tribeca offers IT support services tailored to businesses, from Hedge Fund IT Support to Private Equity IT Support. We operate as your business partner and want to be seen as an extension of your business, providing consistent quality and proactive assistance to help you grow and protect your business.
If you want guidance on your digital business transformation, get in touch with us today.