The world is changing. As technology advances faster than we’ve ever seen, it’s never been more apparent that businesses can reap real rewards from keeping up and getting ahead of the digital world.
Companies are realizing that we have access to data that we never did before, and this data has the potential for them to gain financial and competitive advantages.
With so much to gain, it’s no wonder that traditional businesses are doubling down on their digital transformation strategies.
But here’s the kicker: While 87% of companies think digital will disrupt their industry, only 44% are actually prepared for this disruption.
Companies are Struggling with their Digital Transformation Strategy
For example, you might’ve realized that your current legacy technology infrastructure just doesn’t cut it in today’s digital world, and you’re not alone.
In fact, it’s the number one area for concern keeping CEOs up at night, compared to just the #9 concern in 2019.
While companies are spending heavily on digital transformation, one challenge has emerged:
70% of all digital initiatives do not achieve their goals.
Why are companies investing and dedicated to digital transformation, yet are not reaping the results they thought they’d achieve?
How do we actually get prepared for the digital disruption?
Digital Transformation Boils Down to a Few Things:
1. Digital transformations are approached solely as technology projects.
They are regulated to certain departments and roles, rather than a company-wide business initiative that is focused on achieving business priorities
2. This technology-centric approach focuses primarily on the possibilities for efficiency gains or insights.
3. A Technology Centric Approach Only Magnifies Flaws
If business objectives are not aligned, or if the organization’s practices are flawed, a technology-centric approach only magnifies those flaws.
You invest heavily in a digital transformation strategy (that may not be the right strategy).
You may see a few efficiency gains in one area, but no tangible result in the rest of your business.
How to Set Up An Effective, Results-Driven Digital Transformation Strategy
Gensquared has worked with large and small businesses all across Canada to help them with their digital transformations.
What we’ve learned about successful digital transformations is that they start off with a business-centric approach, rather than being viewed solely as a technology project.
It’s important to shift the narrative about the business value of digital transformations.
At the end of the day, it’s less about which technology is used, more about making sure it gets the job done.
The job is to understand your business needs and then translate that back into the technology.
How We Can Help with Your Digital Transformation Project
That’s where we come in and why our approach is different.
We work with you to understand your business objectives and then determine the right technology and partners that will help you achieve them.
Throughout each step of your project, we ensure every outcome is tied directly to your business values so you see results, quickly.
Let’s share a real-world example of what it looks like to take a technology-centric approach.
Data Transformation Strategy: Example (The Hudson’s Bay Company)
When we worked with The Hudson’s Bay Company, Canada’s largest retailer, they knew they wanted to undergo a digital transformation and wanted it to align with their business priorities.
A digital transformation to them was not just a technology project, but a business project.
HBC was looking for a partner that could support a high-profile project within a tight timeline. We were tasked with migrating their entire infrastructure in eight months.
A typical approach would be:
- Focus on achieving the technical deliverables
- Spend time building out a project in multiple phases
- Complete each phase before proceeding to the next
We did it differently.
Gensquared viewed the project as a business one and made sure to align it to HBC’s key business priorities.
- What were they trying to achieve?
- Why was a digital transformation important to them (and in their case, it was an important data migration)?
- Who would need the data?
- What kind of data would they need?
By answering those questions first, we were able to understand their objectives and make sure we were delivering value quickly.
In phase one, we delivered an executive dashboard on the new platform which provided a line of sight to some of their top-level performance metrics.
This immediately built confidence and credibility in their data and provided value to their senior leaders quickly.
The Bottom Line
We’re living in an era where all eyes are on digital technology – what’s coming next and how we’re going to get there.
Before you jump on the bandwagon, it’s vital to make sure you’re setting up your digital transformation for success.
This starts with having a customized strategy for your business. By viewing technology projects as ones that are aligned to your business objectives.
That’s where we do things differently than most companies.
We don’t just execute on a technical aspect of a project; we apply a product mindset for data delivery that keeps you intertwined every step of the way, making sure you see value as soon as possible.