Accelerate your Digital Transformation Journey
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This document provides an overview of accelerating digital transformation. It defines digital transformation, outlines reasons to accelerate it, and discusses key pillars and clear winners. It also covers technologies driving transformation, roles in driving it for boards, executives, business owners and consultants. Finally, it provides a checklist and common points of failure for digital transformation journeys.
Accelerate your Digital Transformation Journey
- 1. ACCELERATE YOUR DIGITAL TRANSFORMATION JOURNEY by Nkemdilim Uwaje Begho A Masterclass for Board Members, C-Level Execs & Business Owners
- 2. COPYRIGHT Be kind, quote the source, don’t share for commercial use This document is copyrighted property of the authors (Future Software Resources Ltd and Nkemdilim Uwaje Begho) and it is for the exclusive use of the person to whom it has been issued. The authors may take legal action against any unauthorized use of this document.
- 3. OVERVIEW Every business begun before the boom of the Internet now faces the same challenge: How to transform to compete in a digital economy?
- 4. OVERVIEW ● Introduction to Digital Transformation ○ Definition ○ Reasons to accelerate your journey ○ Key Pillars of Digital Transformation ○ Clear Winners of the Digital Age ○ Technologies Driving Digital Transformation ● Driving Your Digital Transformation Journey ○ What is your DT Persona ○ The role of a board ○ The role of C-level Executives ○ The role of a Business Owner ○ The role of a Consultant ● Digital Transformation Checklist ● Points of Failure ○ Lack of support from the top ○ Change Management ○ Skimping on the budget ○ Lack of local technical support ○ Lack of skilled staff ○ Ignoring Data ○ Lack of Process Documentation ○ No Business Continuity Planning ○ Insufficient IT Security
- 5. INTRODUCTION The last 10 years have been about changing the way people work. The next 10 years will be about transforming your business - Aaron Levie
- 6. DIGITAL TRANSFORMATION Rethinking your business in the Digital Age Here are my two favourite definitions: Digital Transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. Digital Transformation is turning your business into a 21st century organization that is strategically driven by technology & data and focuses on innovation at the intersection of Technology and Human Behaviour.
- 7. REASONS TO ACCELERATE YOUR JOURNEY Rethinking your business in the Digital Age Here are a few reasons to accelerate on your Digital Transformation journey ● Digital as a Resilience Strategy: The ongoing pandemic has forced us all to rethink strategies and accelerate DT. COVID is a great diagnostic test that has served up major gaps in technology & service delivery. ● Consumer Culture is changing: We are seeing massive changes in Consumer culture and only an amazing Customer Experience (CX), winning Digital Marketing strategies and simple yet innovative products can ensure that customers stay with you. ● The Challengers are here: Challenger Brands are disrupting more and more industries. The order of the day for established brands is accelerate innovation and agility or die.
- 8. KEY PILLARS OF DIGITAL TRANSFORMATION Rethinking your business in the Digital Age 1 Customers - Digital allows co-creation, 2-way communication, and value flow. Leverage your customer networks and invest in your customer experience. 2 Competition - In the Digital Economy collaboration and partnerships are key - even with competitors. Sharing data and resources benefits everyone → e.g Open Banking / Network Economy 4 Innovation - Rapid prototyping must become order of the day. Fail fast and keep innovating. Innovation should be deeply embedded in your culture and organisational DNA in order to win. 5 Value - Adapt your value proposition in a world of ever changing customer needs, consumer behaviour and challengers. Invest in building your future consumer base (Millennials & Gen Z). Invest in developing products. 3 Data - Use data to enhance CX, conversion driven marketing, effective cross selling, decision making, hyper personalization and process optimization. 6 Strategy - Digital first is a business strategy. Technology is no longer a tool, it is a core survival strategy for your business. Strategy should touch on customer experience, process automation and supply chain optimization.
- 9. CLEAR WINNERS IN THE DIGITAL AGE Rethinking your business in the Digital Age Clear winners are brands that have invested in: ● Customer Experience (CX): In the Digital Age the customer calls the shots → invest in your customer experience and remove all friction points → Zappos, Monzo Bank ● Platforms: Go beyond products & build platforms that leverage the network effect → Zoom, Netflix, Air BnB, Uber etc. ● Embedding Innovation in their Culture: Drive innovation from every business unit → Amazon, Google ● In their people & workplaces: There is no Digital Transformation without people they must have the right skills and have a workplace that allows them to collaborate, innovate and be productive → Google, Facebook
- 10. TECHNOLOGIES DRIVING DIGITAL TRANSFORMATION Rethinking your business in the Digital Age 1 Digital Marketing - Web Development, Social Media Management, SEO, SEM, Content Development, Branding & Content Marketing etc. 2 Emerging Technologies - Blockchain,, AI, VR, AR 4 Data Analytics - Big Data, Business Intelligence, Data Mining 5 Automation / Efficiency / Productivity Mgt. - Cloud Services, Video Calls, E-Learning, Intranet, Collaboration Tools, Project Management Tools, Survey Tools, CRM, ERP, BOTs etc. 3 Cloud / Hybrid Infrastructure - Cloud first or Hybrid models 6 IT Security - Firewall, Endpoint Protection, Penetration Testing etc.
- 11. DRIVING YOUR DIGITAL TRANSFORMATION The biggest part of our Digital Transformation is changing the way we think - Simon Sinek
- 12. WHO ARE YOU? What’s your Digital Transformation Persona? ● Digitally Challenged: little or no understanding of digital ● Digital Thinker: little direct interaction with digital but you conceptually understand digital ● Digital Disruptor: You have been deeply embedded in digital ● Digital Leader: You have substantial experience of running a traditional business that leverages digital in a significant way. ● Digital Transformer: You have led or participated in a digital transformation of a traditional business.
- 13. DRIVING DIGITAL TRANSFORMATION Who should drive your Digital Transformation? Anyone driving Digital Transformation should: ● Grasp the potential impact of digital technologies ● See technology as a strategic driver that is fully integrated in your overall business strategy rather than a platform or tool ● Have a Customer Centric approach and care about CX ● Have a clear picture of the role that data plays in futureproofing your business ● Understand the new competitive dynamics disrupting your industry ● Identify the competencies and behaviours needed to lead successfully in a digital age ● Understand the cybersecurity threats, risks and vulnerabilities linked to integrating technology ● Understand the interwoven nature of Digital Marketing & Digital Technologies
- 14. DRIVING DIGITAL TRANSFORMATION Defining the role of a board ● The board is central to determining corporate strategy and championing projects and investments that deliver it, thus Digital Transformation should be driven from the very top of the organisation. ● A board should have at least one board member who is a Digital Transformer and understands Digital Transformation, Technology trends etc. ● The board must engage more frequently and deeply on strategy and risk - annual reviews no longer work. ● The board must understand how digital first challengers can upend business models and be proactive in challenging management
- 15. DRIVING DIGITAL TRANSFORMATION Defining the role of C-Level Executives The CEO, COO, CIO, CMO, CHRO and CFO must all be involved in driving Digital Transformation: ● Digital Transformation is not an IT Initiative - digital is an enabler for purposeful enterprise-wide transformation and innovation ● Traction really starts to take hold when C-Level Execs collaborate and coordinate holistic digital transformation initiatives ● CIOs must become strategic business partners and must be involved in business strategy development and implementation ● CMO must work closely with the Digital Transformation Team / CIO ● C-Level Execs must make transformation a top strategic priority ● Business outcomes need to drive and measure digital transformation success ● Bottom line optimization is great, but should not be the only factor that drives your Digital Transformation
- 16. DRIVING DIGITAL TRANSFORMATION Defining the role of Business Owners Depending on the size and stage of your business, business owners should: ● Understand Digital Transformation and Technology ● Engage frequently and deeply on strategy and risk - don’t leave it all to your CIO / CTO ● Understand how applications interconnect and how extensible they are ● Understand where and how the applications house your data ● Understand what technology risks and threats you are exposed ● Understand what competitors and challenger brands are doing ● Be in tune with global trends
- 17. DRIVING DIGITAL TRANSFORMATION The role of a Consultant Depending on whether you have the in-house capacity to design your strategy, oversee and manage the implementation you should consider finding an IT Partner that can support your transformation and: ● Is able to conduct an IT Audit ● Has a deep understanding of your business processes and industry landscape & regulations ● Is able to develop a strategic digital transformation plan for you ● Is able to select & deploy applications that can integrate into your processes seamlessly and ensure interoperability ● Has a deep understanding of the Technology you deploy and is not only focused on selling
- 18. DIGITAL TRANSFORMATION CHECKLIST “At least 40% of all businesses will die in the next 10 years... if they don’t figure out how to change their entire company to accommodate new technologies.” - John Chambers
- 19. Digital Transformation Checklist: ● Audit to define current state and target state: (Processes, existing tech, infrastructure, network, security, strategies, consultants, applications people, leadership, customer centricity etc.) ● Customer Journey Mapping ● Strategy Development ○ Customer Centricity ■ Product & Service Delivery ■ Customer Service ■ Omni-Channel Experience ■ Frictionless ○ Technology ■ Cloud, Hybrid or local host ■ API Strategy ○ Data & Data Analytics ○ Cyber Security
- 20. Digital Transformation Checklist: ● Strategy Development ○ People ■ Change Management & Communication ■ Employee Experience & Culture ■ Maximize staff Efficiency ■ Recruiting & Talent Management ■ L&D Strategy → Upskilling ○ Budget: ■ Ensure you calculate future cost ■ Eradicate double spend caused by overlaps ● Implementation: Design for operations approach to implementation, development and delivery powered by analytics, lean techniques and automation. ● Tracking: Auditing your organization at strategic intervals will allow you to track your digital progress.
- 21. POINTS OF FAILURE There is no alternative to Digital Transformation, visionary companies will carve out new strategic options for themselves - those that don’t adapt will fail. - Jeff Bezos
- 22. Lack of Board / C-Level Buy in ● The most common point of failure is lack of board and / or C-Level buy in ● The lack of collaboration in the C-Suite ● Not seeing Digital Transformation as an investment
- 23. Cheap is expensive - DT is an investment strategy ● Like everything in life cheap usually turns out more expensive → don’t save on your technology - invest in IT! ● Digital transformation efforts are still often viewed as cost centers instead of investments. To change the perception, leadership teams need ROI metrics, and ways to tie innovation projects to business outcomes.
- 24. Change Management is key - make sure that everyone is carried along ● Ensure your people understand your digital transformation vision & strategy ● Ensure that you involve teams in process mapping and application / technology selection ● Be strict when introducing new systems - be a role model in using them → signal the right thing through your actions in order to cultivate the right behaviour
- 25. Support is key - make sure that you have adequate IT support services ● IT without support is a NO NO! ● Ensure good support is available locally ● Ensure that you sign SLAs that focus on support services for all applications / systems you deploy and include upgrades & updates where necessary ● Understand the modalities of your support agreement properly, calculate cost of support when your organisation scales
- 26. Get your workforce 21st century ready, keep their skills up to date & figure out how to retain talent ● Technology changes every 5 seconds → your people don’t ● You need to upskill & train continuously using an integrate LMS ● Assess training needs during Performance Reviews and make digital skills core competencies ● Are you investing in the right talent? Do you have succession planning? ● What are you doing to mitigate against high turnover of technology staff?
- 27. Data is the new gold - don’t play with it: ● What if all your data was gone when you woke up this morning? ● Data is the new gold → without it you are nothing - start acting like it ● Collect Data Points, build institutional knowledge ● Have a list of your critical data and where it is housed and the risks it is exposed to ● Have rules around data processing, entry, management, transfer and retention to ensure clean and useful data
- 28. Document like your life depends on it - standards, policies, processes, procedures they should all live in documents: ● Have a playbook and a policy for everything ● As you transform don’t forget to update your policies, processes & procedures accordingly ● Develop standards, update them as the technology changes and make sure they are well documented ● Let your people imbibe and stick to your processes & policies
- 29. Think about Business Continuity ● Are you set up to run your entire operations remotely ● Do You have a Disaster Recovery & Business Continuity Plan ● What are your biggest technology related risks? ● How do you assess, mitigate and keep track of risks
- 30. Think about data and IT security risks ● You will get hacked - what is your response plan? ● What rules do you have around downtime - ensure vendor SLAs align with internal KPIs ● Have you conducted a vendor risk and supply chain risk assessment? ● Have you ever conducted penetration testing & vulnerability scans ● Do you know the IT Security status of your digital assets? ● Are your people your biggest IT security risk? Do you conduct risk assessments?
- 31. Think about data and IT security risks ● Do you document incidents & find the root cause ● Do you have the right governance in place ● How do you rationalize your cyber security spend? Do you have overlapping applications?
- 32. What Next? ● Think about your Digital Transformation Journey ● Engage your Team - Craft your Vision ● Start Working on your Digital Transformation Strategy ● Implement - Implement - Implement ● Transform - Transform - Transform ● Optimize - Optimize - Optimize The Future is DIGITAL….The Future is NOW!
- 33. There is no knowledge that is not power. Questions?
- 34. CONTACT US [email protected] www.futuresoft-ng.com @futuresoftng 2nd Floor Chic Afrique House, 3 Thorborn Avenue, Sabo, Yaba, Lagos, Nigeria.